The world is still dreaming about flying taxis and driverless cars, while Dubai is making AI-driven transport a reality. This is what the world’s first Chief AI Officer, Sol Rashidi, has to say. Not only that, but she also explained how Dubai is an ideal location for AI transportation. One might think, how is an AI so safe to drive a car? If so, when can the models be available in the market? Here’s everything that Rashidi spoke about at the Dubai World Congress and Challenge for Self-Driving Transport event. Read more.
The Dubai World Congress and Challenge for Self-Driving Transport Event
World’s First Chief AI Officer: How Dubai Puts People First in AI
Who Is Sol Rashidi?
Sol Rashidi is the world’s first Chief AI Officer (in 2016). She held executive-level positions at multiple Fortune 500 companies worldwide. She recently spoke at the Dubai World Congress and Challenge for Self-Driving Transport. It’s a two-day event (September 24–25, 2025). There, she emphasised how Dubai is such a perfect place to test and grow AI-powered transportation (meaning driverless cars and flying taxis). And much more.
Why Transportation + AI Is a Big Deal
According to Sol Rashidi, the use of AI in transportation is exciting, but the world thinks otherwise.
She also acknowledges that it’s such a sensitive industry because of the safety concerns.
Despite her excitement, Sol Rashidi believes that safety comes first, without which the idea won’t work.
The “What-If” Testing
According to her, the driverless vehicles shall only be approved after every failure scenario is tested.
Example: “What if the brakes fail?” “What if the camera doesn’t work?” “What if the road sensors break?” “What if there’s a bug and AI fails?” And more.
She says, if there are 200 different uses of AI, then each one of them should be tested a hundred times for “what ifs.”
Dubai’s People-First AI Approach
Here she praises that Dudai is a unique and perfect place to test the AI transportation designs.
She stated that, in Dubai, the AI is specially designed to work with people and not forced.
Dubai is putting its people’s trust first and working towards its safety with AI.
From Small Tests to Real Life AI
Many places can be ideal for pilot projects (meaning trials), but the deal is to move from:
Pilot → Production → Mass Adoption
For this to be successful, there comes the role of data management, governance, and security.
And for the masses to adopt AI, safety and trust need to be built first. That’s the reason why Sol Rashidi thinks Dubai is well prepared.
What’s Already Happening in Dubai
In some areas (selected) of Dubai, testing of autonomous taxis has already started.
The city is preparing for the future of AI transport. Additionally, the city may witness the launch of commercial driverless taxi services by early 2026.
A major cyberattack is worrying Tata Motors. The impact is so big that it has affected the shares, causing the price to fall by 4% after the news broke. The attack was done on Jaguar Land Rover (JLR, which is owned by Tata), not on Tata Motors itself. JLR factories have stopped production as of now because the loss could be over £2 billion (about ₹21,000 crore). But one might wonder, why was the effect shown on Tata Motors? What is the company doing to fix the situation? Will the share price of Tata Motors continue to decline? Learn the details.
Why Is This Cyberattack So Serious?
JLR Production Stopped:
The issue is so big that the company asked the production team to halt its operation until September 24.
Later, the date was extended to October 1 because the issue wasn’t fixed.
Since everything has stopped, practically, there are no sales and revenue for the company.
Weekly Losses:
The company is taking weekly losses. According to JLR, it is losing approximately £50 million ($68 million, around ₹560 crore) every week due to the production halt.
It has asked most of its employees (currently, there are about 33,000 employees on board) to stay home until the cyberattack problem is solved.
Layoffs can be possible if the same financial situation continues.
No Insurance Coverage:
Well, several companies opt for cyber insurance to safeguard themselves from losses due to such attacks.
Apparently, JLR is still negotiating a policy with Lockton (it’s the world’s largest independent insurance broker). However, nothing is final yet.
And so, JLR is bearing the entire losses.
The Scale of Loss:
Notably, JLR made a good profit of £1.8 billion in FY2025 (Profit After Tax).
Let’s say that if the cyberattack costs the company £2 billion (without any insurance), then the profit of the entire last year is wiped out, plus some more.
Impact on Tata Motors:
JLR is a crucial part of Tata Motors. The company gave it a huge amount of money, say 70% of Tata’s total revenue.
That is the reason why the shareholders are worried, and the price of its stock is coming down.
And it is expected to go down more than 4%.
Stock Market Reaction (Tata Motors Share Price)
On the day of this news:
The stock opened at ₹673 per share.
It fluctuated between ₹675.35 and ₹655.30 on the BSE.
That’s roughly a 4% fall in a single day.
According to Anshul Jain, Head of Research at Lakshmishree, Tata Motors, quoted by Mint, said, “A breakdown below this zone will accelerate selling momentum and likely drag the stock toward 608 in the coming sessions. Until it reclaims short-term averages decisively, the stock remains vulnerable to downside pressure.”
Oversubscribed 3.5X, the fund signals confidence in India’s startup ecosystem at a time of global venture slowdown, with strong founder-LP backing, global institutional participation, and a fast, conviction-led investment model.
Zeropearl VC, India’s leading solo GP-led pre-seed and seed venture fund, today announced the final close of its maiden corpus at ₹159 crore (approx. USD 18 million). The fund, founded by veteran investor and IIT Bombay alumnus Bipin Shah, was oversubscribed more than 3.5 times its original ₹80 crore target, with commitments exceeding ₹280 crore before Shah chose to close at a disciplined level. Staying true to his conviction-led philosophy, he deliberately capped the fund at ₹159 crore, preferring to remain highly selective, backing only about 0.5% of companies he evaluates each year, and targeting performance consistent with his realised IRR of over 50% from the past decade.
The launch comes at a pivotal moment. While global venture capital activity has slowed, India continues to consolidate its position as the world’s third-largest startup ecosystem, with entrepreneurs in Tier-2 and Tier-3 cities as well as in frontier sectors such as AI, climate tech and healthtech driving a new wave of innovation. Zeropearl VC’s launch underlines that the earliest stage of funding, where conviction matters more than metrics, is attracting meaningful capital and credibility in India.
Shah, formerly a Partner at Titan Capital, is among India’s most prolific early-stage investors, with over 14 years of experience and a record of evaluating more than 50,000 startups, personally meeting 5,000 founders, and investing in over 250 companies at the seed and pre-seed stages. His portfolio includes early bets on standout successes such as Mamaearth, Credgenics, InVideo, Giva, and CityMall, along with notable outcomes like Beardo (acquired by Marico), Oziva (acquired by HUL), and SuprDaily (acquired by Swiggy).
An alumnus of IIT Bombay, Shah credits his education with shaping his passion for startups, saying, “My five years at the Entrepreneurship Cell, including leading Eureka!, Asia’s largest business plan competition, gave me exposure to multiple founder journeys, helping me develop empathy and belief in their potential. Back in 2012, I saw a huge gap in pre-seed funding in India, and since then, I’ve dedicated my life to supporting founders at this stage.”
His decision to take only ₹159 crore of the ₹280 crore committed reflects this discipline, keeping the fund tight, highly selective, and geared toward replicating the superior outcomes that have defined his career.
The fund has drawn unprecedented support from the startup ecosystem, with more than half its capital, 52%, coming from 31 successful founders, including 18 unicorn leaders and 21 entrepreneurs from IPO-listed or IPO-bound companies. These founder-LPs, many of whom were part of Shah’s earlier portfolio, bring more than just capital. They provide operational guidance, mentorship, and the collective wisdom of entrepreneurs who have scaled their companies from inception to IPO. The remaining commitments came from global funds-of-funds and select family offices, further validating the credibility of Zeropearl VC’s model.
Positioning itself as one of the first large-scale solo GP funds in India, Zeropearl VC is designed around speed, clarity, and conviction. Unlike larger venture firms where founders may face layers of gatekeeping, the fund offers direct access to decision-makers and a commitment to deliver clarity within seven days of an application. By prioritising selectivity and disciplined deployment, Shah aims to maintain the ability to generate the kind of superior returns, north of 50% IRR, that have defined his last decade of investing. Shah has already begun putting the model into action. Fund I has backed twenty companies to date, with seven publicly announced: Gully Labs, Cura Care, Zanskar, Catalogus, Akinna, Supply6, and Tryo, while evaluating more than 800 pre-seed opportunities each month.
Reflecting on the journey, Shah said, “Starting over again wasn’t easy, but this fund is both a fresh beginning and a tribute to the founders who dared to take early risks on themselves. Zeropearl VC is built to back the next wave of leaders shaping India’s future.”
Founders who have committed capital to the fund echoed that confidence. Among them is unicorn LP Aman Gupta, Co-founder & CMO of boAt, who shared: “I’ve known Bipin for 7 years, and what has always stood out is how deeply founder-friendly he is. At the pre-seed stage, when no one is picking up your call and it’s just you against the world, Bipin is that guy who shows up. Now, as he takes the solo GP plunge, I’m excited to back him and see him build a genuine pre-seed institution.”
With Fund I, Zeropearl VC plans to invest in 45 startups across sectors, with the ambition of seeing the majority raise significant follow-on rounds within 12 to 15 months, a goal supported by Shah’s track record of enabling two-thirds of his past portfolio companies to secure follow-on capital in a similar timeframe. Looking ahead, the firm intends to deepen collaborations with global venture funds, family offices, and institutions, while also expanding founder-LP engagement through structured workshops, peer learning circles, and networking sessions. The vision is to create not just a fund but a platform, one that identifies India’s most promising startups at their earliest stage and supports them through their formative years with both capital and counsel.
About Zeropearl VC
Zeropearl VC is India’s leading pre-seed solo GP fund with a corpus of ₹159 crore (USD 19 million). Founded by Bipin Shah, IIT Bombay alumnus and veteran investor, the Gurugram-headquartered firm partners with ambitious founders from Day Zero through a conviction-led, fast-decision model. Supported by 31 successful founder-LPs, unicorn entrepreneurs, IPO-linked leaders, and global funds-of-funds, Zeropearl VC combines capital with mentorship, making it one of India’s most founder-friendly early-stage venture firms.
With 9x MOIC and 40% IRR, Carpediem exits Flipspaces, valuing the company at ~USD 120 million
Flipspaces scaled revenues 11x, expanded into the U.S. market, and delivered projects for marquee clients, including TCS, during Carpediem’s investment period.
The exit strengthens Carpediem Fund I’s track record, which includes other successful investments such as Yaantra and Sukkhi, keeping it on course to deliver a realised IRR of over 30%.
Carpediem Capital, a private equity firm dedicated to creating SME leaders in India’s consumption and services sectors, has announced its full exit from Flipspaces, a tech-enabled commercial design-and-build leader, delivering 9x returns for Carpediem Capital Fund I.
Carpediem partners with high-potential SMEs that build consumer brands or bring structure to fragmented service sectors, typically through significant minority or control stakes, and often as the first or sole institutional investor.
The exit was concluded in August 2025 through a secondary sale to PE funds and family offices, as part of a larger Series C primary funding round led by Iron Pillar, with participation from other investors including Synergy Capital Partners, Prudent Investment Managers, Panthera Growth Partners, Crescent Enterprises’ CE-Invests, and SMBC Asia Rising Funds. In total, funds amounting to USD 50 million were raised. The transaction valued Flipspaces at ~USD 120 million, delivering an impressive ~9x multiple on invested capital (MOIC) and ~40% IRR for Carpediem.
Carpediem first invested USD 1.8 million in Flipspaces in December 2018 during its Series A round, acquiring a significant minority stake through equity shares. The investment thesis was driven by the founding team’s entrepreneurial strength, Flipspaces’ advanced tech-enabled approach with VR visualisation technology, its end-to-end design-and-build solution, and the opportunity to organize a highly fragmented, execution-heavy market.
Since Carpediem’s investment, Flipspaces has achieved 11x revenue growth, expanded into international markets such as the U.S. (now contributing ~20% of revenues), strengthened its proprietary tech stack, and delivered projects for marquee clients, including TCS. Today, Flipspaces operates with 400 in-house employees, having served over 1,000 clients, covering 8.5 million sq. ft. of commercial space globally.
Carpediem supported Flipspaces’ entry into new geographies, including the U.S. market and large enterprise accounts, opening avenues for scalable growth. The firm strengthened the company’s leadership depth by appointing a Finance Head and introducing robust corporate governance frameworks to enhance reporting and tracking efficiency. By leveraging its network, Carpediem connected Flipspaces with large real estate companies and SME clients, fostering long-term relationships and repeat business opportunities.
Nurturing First-Generation Founders
Carpediem’s approach is, its partnership with first-generation entrepreneurs, entering early stage and catalysing their growth journeys:
Yaantra: Carpediem successfully exited Yaantra, a mobile repair and refurbishment company, through its USD 40 Mn sale to Walmart-owned Flipkart in February 2022.
Thea Kitchen (Biryani Blues): NCR’s leading biryani QSR chain with 67 outlets, Biryani Blues, with Carpediem’s support, enhanced operations, expanded its footprint, secured strategic investment from Rebel Foods, and drove growth across delivery and dine-in channels.
Adinath Agro Processed Foods: Built by first-generation entrepreneur brothers, the company was backed by Carpediem to scale sauce and ketchup production, deepening reach in regional markets.
Sukkhi: One of India’s leading fashion jewellery brands, Sukkhi has evolved from a marketplace seller to an omni-channel brand with an expanding offline presence, backed by Carpediem’s strategic support.
Nysaa Retail (1-India Family Mart): Led by first-generation founders, the company received not only expansion capital but also guidance for their retail strategy from Carpediem’s leaders, who joined the board.
Sindhuja Microcredit: Carpediem’s Series A investment fueled a women-centric rural microfinance platform, empowering 28,000+ women entrepreneurs and extending critical financial inclusion across underserved regions.
Hithendra Ramachandran, Managing Director, Carpediem Capital, said,“Flipspaces has been one of the standout performers in our portfolio, validating our thesis of backing businesses that bring structure to fragmented service sectors. This success reflects Carpediem Capital’s approach of not merely being a provider of capital, but as a true partner in building businesses. The management team at Flipspaces has shown the rigour and resilience to manoeuvre profitable growth despite facing existential challenges during the pandemic days.”
Kunal Sharma, Co-Founder, Flipspaces, added, “Carpediem has been more than an investor. They have been a true partner in our journey. Their belief in us, strategic guidance and active support have enabled us to innovate, expand and build a strong presence across domestic and international markets. With our new investors joining in, we’re ready to take the next big leap and redefine what’s possible in commercial interiors, while remaining deeply grateful to Carpediem for the foundation and trust we built together.”
Flipspaces’ high-return exit, alongside other successful exits like Yaantra and Sukkhi, underpins Carpediem Capital Fund I’s path toward realized IRR track record of over 30%.
About Carpediem Capital
Carpediem Capital is an Indian private equity fund manager focused on investing in emerging SME leaders within the Indian consumption market. The fund primarily targets two key consumption driven themes: companies building consumer brands and those providing organized services to traditionally unorganized and fragmented sectors.
Led by a team of senior professionals with extensive investment and operational experience, Carpediem Capital has a deep understanding of the sectors in which it invests. The fund specializes in making significant minority and control investments in rapidly growing SME companies. As a committed partner, Carpediem often serves as the sole or largest institutional investor, working closely with entrepreneurs to implement transformative strategies and build successful companies.
Hyderabad (82%), Bengaluru (79%), and Pune (79%) lead the top-city rankings, while Visakhapatnam (76%), Nagpur (71%), and Chandigarh (68%) dominate beyond metros. • Ahmedabad (60%), Kolkata (55%), Jamshedpur (54%), Madurai (52%), and Rajkot (48%) show comparatively lower levels of digital adoption, highlighting the diversity in payment behaviours across cities
Everyday categories like personal grooming (83%), education (81%) and dining (80%) lead the adoption charts, while groceries (68%) and fuel (63%) are fast catching up
Nearly 80% business revenue of young retailers is coming from digital transactions; Seasoned entrepreneurs (age 50+) are catching up fast with 68%
Smaller businesses (<₹1 Cr turnover) have 79% digital retail transactions, outpacing mid- and large-sized businesses
Digital retail transactions spanning UPI payments to merchants, credit cards, and debit cards have become an integral part of everyday retail spending, with usage continuing to rise across India. The top 29 cities in India are rapidly closing the digital gap, with digital spends now accounting for 74% of all retail transactions, up from 45% two years ago. In other words, out of every ₹100 spent on retail in these cities, ₹74 is paid digitally. This surge reflects a deep behavioural shift among consumers, who are increasingly choosing convenience and speed of transacting digitally, as revealed by NeoGrowth’s latest NeoInsights study released today.
The findings come at a time when India’s digital economy is poised to contribute nearly one-fifth of national income by 2029-30, making digital inclusion a key pillar of the country’s growth agenda. Government and industry data underscore the scale of this transformation, showing that nearly half of India’s total private consumption expenditure is now made through digital payments. With a larger share of private consumption now digital than in many advanced economies, it is a strong indicator of the country’s rapid progress towards a fully digital economy.
NeoGrowth, a new age digital lender known for offering quick and hassle-free business loans to MSMEs, drew insights from the banking behaviour of over 21,000 MSME retail outlets across 29 cities, covering an estimated ₹35,000+ crore in annual revenue. The 9th edition of NeoGrowth’s NeoInsights Report titled ‘How India Pays’ studied digital payment behaviour in the retail space. As India shifts to becoming a digitally empowered economy, in FY25 alone, digital retail transactions touched a staggering ~Rs 98 lakh crore, growing 23% year-on-year. By leveraging trends from the digital payments ecosystem, NeoGrowth has been able to create inclusive, data-led lending solutions tailored to India’s diverse MSME landscape.
Arun Nayyar, Managing Director and CEO of NeoGrowth said: “Digital payments in India have moved on from being an urban privilege to becoming a national standard. What we are witnessing is a behavioural transformation, powered by technology. From kiranas to kiosks, India’s retailers are redefining adoption and efficiency in digital modes of transacting. This is accelerating the formalisation of the economy by creating digital trails. At the same time, it’s generating rich data and laying the groundwork for more democratic access to credit. We believe this shift is not just about convenience of payment, it’s about trust in a future-ready ecosystem.”
**% of Digital Retail Transactions refers to the volume of Digital Retail Transactions, divided by business revenue.
How India Pays? Insights Into India’s Digital Economy by NeoGrowth
City-Wise Adoption
The study revealed India’s digital payment habits are now deeply embedded in everyday life. From personal grooming (83%) to grocery runs (68%) to vehicle maintenance (80%), digital retail transactions rule across both discretionary and essential categories. While groceries (68%) and fuel (63%) are fast catching up.
Cities such as Hyderabad (82%), Bengaluru (79%), and Pune (79%) lead digital payments adoption in the top cities, while Visakhapatnam (76%), Nagpur (71%), and Chandigarh (68%) rank highest among the cities beyond metros.
In contrast, cities such as Ahmedabad (60%), Kolkata (55%), Jamshedpur (54%), Madurai (52%), and Rajkot (48%) still rely more on cash. The gap, however, is not due to lack of access – it may be a behavioural aspect. A higher dependency on cash-based transactions, coupled with resistance to changing familiar payment patterns, may have contributed to slow digital uptake.
Younger Retailers Lead the Way
By offering customers the choice to pay via UPI, credit cards, or debit cards, retailers play a decisive role in driving digital payment adoption. Young entrepreneurs in their 20s and 30s lead the way with nearly 80% of their business revenues now coming from digital modes. Interestingly, seasonedretailers aged 50s and above are also quickly closing the gap, with digital usage in their stores surging from close to 40% to nearly 68% in just two years.
Small Businesses Embrace Digital First
Contrary to traditional assumptions, the study finds that smaller businesses are ahead in the digital adoption curve. Retailers with turnover below Rs 1 crore stand at 79% of digital retail transactions, outpacing larger players. The larger players with a turnover of over Rs 5 crores stand at 63% of digital retail transactions. Early-stage businesses (under three years old) also show a high inclination to integrate digital payments into their operations from the outset.
For today’s retail entrants, digitally-enabled payments are not an add-on but a must-have, which positions them as key accelerators of India’s rapidly evolving digital payment ecosystem. This consistent digital footprint is not just reshaping how these businesses operate – it is also enhancing their route to formal credit. By leveraging this behaviour, NeoGrowth is able to underwrite and disburse business loans to MSMEs, helping them scale and have long-term growth.
Policy and Infrastructure Tailwinds
India’s transition to a digitally driven payment ecosystem is being shaped not just by evolving consumer and small business behaviour, but also by strong policy support. The Indian Government recently approved a Rs 1,500 crore UPI incentive scheme under the Zero MDR (Merchant Discount Rate) policy that keeps UPI and RuPay transactions free for merchants and customers. The JAM trinity and the expansion of BharatNet have laid a strong foundation. This, coupled with rising smartphone and internet penetration and the ease of app-based payments, is making digital transactions fast becoming second nature across the country.
As India marches towards its centennial as an independent nation, the digital economy is poised to contribute one-fifth of the country’s overall economy by 2030, surpassing traditional sectors such as agriculture and manufacturing. The ‘How India Pays’ report underscores that this digital revolution is not only urban, but increasingly Bharat-led, youth-powered, and retailer-enabled.
**% of Digital Retail Transactions refers to the volume of Digital Retail Transactions, divided by business revenue
About NeoGrowth
NeoGrowth is a new-age lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). It is a Middle Layer Non-Banking Financial Company (NBFC-ML), offering a wide range of products tailored to the dynamic needs of small businesses. Its data science and technology-led approach enable it to offer quick and hassle-free loans to MSMEs across 75+ segments across 25+ locations in India. NeoGrowth offers a unique daily repayment option to its customers with multi-channel repayment modes. It has served and engaged with 1,50,000+ businesses and supported them with their growth ambitions. It not only helps small businesses grow but also drives financial inclusion, making a positive social impact.
Founded by industry veterans, its Board of Directors comprises experts who guide the leadership team toward its strategic goals. NeoGrowth was founded by Dhruv Khaitan and Piyush Khaitan a decade ago and is backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, 360 One Asset, FMO, and Leapfrog Investments.
About NeoInsights
Having served the needs of 1,50,000+ MSMEs since inception, NeoGrowth has deep customer connections across 70+ segments PAN India. Over the years, the company has gathered a large pool of data on MSMEs and the intelligent insights derived from this data are key to creating an enabling credit ecosystem for the MSMEs. Under NeoInsights, the company leverages its primary data and other sources to identify new and interesting trends in India’s evolving ecosystem, published in various formats, to ignite new ideas and share MSME sector trends with the industry.
**% of Digital Retail Transactions refers to the volume of Digital Retail Transactions, divided by business revenue
Edtech unicorn PhysicsWallah (PW) is ramping up its offline presence in India and select overseas markets, as it prepares to hit the capital markets with a fresh equity issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crore.
As of March 31, 2025, the company operated 198 offline centres across 109 cities in India and the Middle East, under three formats including PW Vidyapeeth, PW Pathshala and PW Other Centres. The rapid offline expansion marks a significant shift in the company’s model, which started as a pure-play digital learning platform. Between FY23 and FY25, its offline footprint grew at a staggering CAGR of 165.9%, underscoring its ambitions to dominate both online and offline learning markets.
The company has earmarked ₹460.55 crores from the IPO proceeds for setting up new offline and hybrid centres in India. Of this, ₹234.37 crores will go towards Vidyapeeth centers that focus on JEE, NEET, and foundation courses; ₹49.89 crores towards hybrid Pathshala centers, where students attend live-streamed online classes with on-site faculty support; and ₹176.29 crores towards “Other Centers,” which will cater to diverse segments including defence, chartered accountancy, government exams, and vocational skills.
All new centres will operate on a leasehold basis, with the company yet to finalise exact locations. However, potential expansion into tier-2 and tier-3 cities such as Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai has been indicated in the DRHP. The final choice of cities will depend on demographic demand, lease economics, and other prevailing business conditions.
PW’s offline push is being guided by data-driven insights from its vast online student community. By leveraging digital engagement metrics, the company identifies potential demand clusters before deciding whether to launch new Vidyapeeth or Pathshala centres or enter new course categories through PW Other Centres. This hyperlocal hub-and-spoke strategy is designed to provide local access to quality coaching while reducing student migration to bigger cities.
The fundraising will also allow PhysicsWallah to strengthen its brand presence in cities where it already operates, while broadening course offerings across offline channels. The emphasis on defence, accounting, and government exams signals a diversification beyond its traditional stronghold of engineering and medical entrance preparation.
While several players have scaled back operations or pivoted in response to funding constraints, PW is doubling down on physical infrastructure. The strategy mirrors the broader industry trend of “phygital” models, where offline presence complements digital reach, offering students both accessibility and credibility.
Analysts point out that offline centres could offer a more predictable revenue stream compared to online courses, where price sensitivity and free alternatives remain high. Moreover, offline centres open up ancillary opportunities such as test series, doubt-solving workshops, and region-specific exam preparation.
The expansion into hybrid Pathshala centres also reflects a balancing act. By blending live-streamed online delivery with local faculty support, PW aims to keep costs manageable while ensuring a personalised student experience. This format may help the company penetrate deeper into tier-3 markets where affordability and access to high-quality teachers remain challenges.
With 198 offline centres already operational and growing, PhysicsWallah could set a template for how digital-first education firms scale sustainably in India’s vast, fragmented market.
IPO Subscription Opens on 30th September and Closes on 3rd October
Zelio E-Mobility, a rapidly expanding electric two and three-wheeler manufacturer that has been doubling its growth year-over-year, today announced its ₹78 crore SME IPO – a move that signals not just expansion, but a bold declaration of intent in India’s rapidly evolving electric vehicle ecosystem. The IPO opens for subscription on Tuesday, 30th September, and closes on 3rd October.
In FY25, the company posted revenue of ₹172 crore, EBITDA of ₹21 crore, and PAT of ₹16 crore. Its net worth stood at ₹26.67 crore, while ROE/ROCE was 59.96%. Between FY23-25, the company delivered a revenue CAGR of 83% and a PAT CAGR of 128%, underscoring its strong growth trajectory.
The IPO is structured as a combination of a Fresh Issue and Offer for Sale, comprising a total of 57,60,000 equity shares of ₹10 each. This includes a Fresh Issue of 46,20,000 equity shares to raise new capital for the company, and an Offer for Sale of 11,40,000 equity shares. It is scheduled to open for subscription on 30th September 2025 and close on 3rd October 2025, with anchor investor allocation on 29th September 2025.
The IPO will have a price band of ₹129–₹136 per share, with a lot size of 2000 shares and multiples thereof, making the minimum application value per lot ₹2,58,000–₹2,72,000.
Commenting on the IPO, Kunal Arya, Managing Director of Zelio E-Mobility, said, “We are doubling our growth every year, but the market is growing even faster. With demand outpacing our capacity, this IPO comes at the right time to accelerate expansion and innovation. The proceeds will enable us to build world-class facilities, launch new models, strengthen after-sales support, and meet the rising expectations of our customers. We are grateful to our team, partners, and customers for their support, and this milestone is a step forward in our journey to drive India’s transition to electric mobility.”
Hem Securities Ltd. has been appointed as the Book Running Lead Manager, and Maashitla Securities Pvt Ltd will act as the Registrar to the Issue. The company’s promoters are Niraj Arya, Kunal Arya, and Deepak Arya. Proceeds from the IPO will be primarily utilised for repayment and pre-payment of borrowings, funding capital expenditure towards setting up a new manufacturing unit, meeting working capital requirements, and general corporate purposes.”
About ZELIO E Mobility Ltd.
ZELIO E Mobility Ltd. headquarter in Haryana, founded in 2021 with a mission to create vehicles that drive our present towards a sustainable future. ZELIO E-Mobility offer a range of sturdy and comfortable e-scooters, available in a variety of vibrant colours. Known for their stylish looks, powerful features, and excellent mileage, ZELIO E-Mobility’s products are designed to win hearts across the nation. With over 300+ dealers nationwide, ZELIO E-Mobility’s strength lies in its extensive research and development. This focus on innovation ensures that their products are industry-leading in terms of technology and user experience. ZELIO E-Mobility is committed to providing easy-to-handle, environmentally friendly vehicles supported by reliable customer service.
Elon Musk leaves no stone unturned to surprise the world yet again. He officially started his new company, Macrohard, on August 22, 2025, and is now hiring. The name Macrohard is a dig at Microsoft. Elon first mentioned it on October 25, 2021, marking the 20th anniversary of Microsoft Windows XP, interestingly. The company is set to compete with the tech giant Microsoft. So, where does Elon’s Macrohard stand right now? Is it his new AI venture? What is he hiring for? For all that, learn more.
What is Macrohard?
Though the name Macrohard is a playful dig at Microsoft, Elon Musk seems to be serious about this company.
Macrohard will focus on AI software and aims to directly compete with Microsoft.
Why Musk Thinks Macrohard Can Work Differently From His Other Companies?
The bigger picture of Macrohard is to focus on AI software development because:
After succeeding in the cars and space industry, Elon wants to excel in the software industry as well.
Elon’s Tesla (cars) and SpaceX (rockets) operate with physical products, requiring large factory setups to manufacture them.
On the other hand, a software company doesn’t need massive factory setups, studios, or physical products to produce.
Elon Musk reposting the job posting
What the Team Is Working On?
Yuhuai Wu, cofounder of Musk’s xAI, stated that they are making a new team altogether to work on “computer control agents.”
He said that these agents will then focus on projects like Macrohard and Grok 5 (it’s Elon Musk’s next chatbot. Reports suggest it will be live by the end of 2025).
Why Competing With Microsoft Is Tough?
It is evident that Microsoft is tough to compete with. The company generates billions from its major products, including Windows and Office, among others.
Microsoft is a major investor in AI (like its own Microsoft Copilot and $14 billion in OpenAI).
Elon Musk reposting the job posting
Hiring
It doesn’t happen often, but Elon shared the job post himself, writing, “Help build Macrohard, the AI software company!”
This means that Elon and his team are actively looking for people to join Macrohard.
Why People Are Watching Musk’s Macrohard?
Musk’s style of surprising the world continues because:
Tesla changed the car industry.
SpaceX changed rockets and the space travel industry.
Now he eyes the AI software. If the project succeeds, it is believed to change the future of how AI is built and run.
In an effort to establish the nation’s first international phone brand, London-based smartphone manufacturer Nothing, which is well-known for its transparent device designs, is increasing investments in India and focusing on young people in the most populous country in the world.
On September 25, the unicorn firm revealed its plan, stating that it would establish a joint venture with Optiemus Infracom, an Indian manufacturing company that plans to invest over $100 million in the nation over the following three years.
Additionally, the U.K. corporation is moving its subbrand, CMF, to India and intends to establish the South Asian nation as its global centre for product manufacturing and export. Chief Executive Carl Pei explained why he believes there is significant development potential in the industry by stating that the government has been actively promoting the “Make in India” initiative for the past ten years.
Nothing CEO Points India as Emerging Market
Pei also emphasised the growing maturity and talent of the Indian market. The brand sees a huge chance to establish India’s first smartphone or smart-hardware company that can expand internationally, he told The Wall Street Journal. ‘It has never been done here before,’ he continued.
In the very competitive global smartphone market, few companies outside of China have been able to compete with companies like Apple and Samsung in recent years. According to Pei, India is Nothing’s largest market, followed by Europe, but the company does not anticipate achieving a 2% market share there this year.
Nothing is placing bets that its Gen Z clientele will propel it to new heights. Nothing in its industry has the youngest user base, according to Pei. Its users are 26 years old on average. Their first or second phone is still being delivered to them. It’s been a calculated approach, and so far it’s working well, since occasionally kids can be a little rebellious and don’t want the same product as their parents and uncle.”
The industry is nothing new to Pei. In 2013, he co-founded OnePlus, a smartphone maker based in Shenzhen, China. Prior to founding OnePlus with former Oppo vice president Pete Lau, he had experience working for Chinese electronics manufacturing firms Meizu and Oppo.
Nothing Rapidly Expanding its Network
Pie’s most recent business endeavour, Nothing, was last valued at $1.3 billion and has been expanding quickly since its creation in 2020. The consumer technology company’s sales are expected to double from 2024 to $1 billion this year.
China has been the source of all exports to markets outside of India, but the company is beginning to export goods from both nations, Pei said. According to Counterpoint Research, Nothing grew at the fastest rate in India during the second quarter for the sixth consecutive quarter. According to Chow, the company is working to develop a devoted clientele over the long haul while advancing AI-powered services and products. “Scale is the short-term challenge.”
Quick Shots
•Moving subbrand CMF to India, positioning
the country as a global hub for manufacturing and exports.
•CEO Carl Pei highlights India’s emerging
market potential and talent pool, backed by the Make in India initiative.
•Nothing aims to be India’s first globally
expanding smartphone and smart-hardware brand.
•The brand’s average user age is 26, with a
strong focus on first- and second-time phone buyers.
According to state minister TRB Rajaa, Reliance Consumer Products Limited will invest INR 1,156 crore to establish an integrated manufacturing facility in Tamil Nadu. The plant will be established in SIPCOT Allikulam Industrial Park in Thoothukudi, Tamil Nadu, the State Industries Minister wrote in a post on X.
Over the next five years, 2,000 jobs in Tamil Nadu will be created by the Reliance facility, he said. According to Rajaa, this 60-acre factory will concentrate on producing a variety of goods, including biscuits, atta, spices, edible oil, and regional munchies. For TN, it will create 2,000 local jobs over the next five years.
Investments Pouring In for TN
Two Central Government Public Sector Undertakings (PSUs), Cochin Shipyard Ltd and Mazagon Dock Shipbuilders Ltd, had previously announced plans to invest a total of INR 30,000 crore to build state-of-the-art Greenfield commercial shipyards in Tamil Nadu, significantly enhancing the state’s industrial landscape.
MoUs would create 55,000 jobs and signal Tamil Nadu’s notable ascent as a global centre for shipbuilding and maritime innovation, according to a social media post published by BJP politician Amit Malviya.
According to the BJP leader’s post, Cochin Shipyard Ltd. has invested INR 15,000 crore and created 10,000 jobs (4,000 direct and 6,000 indirect) in Phase 1. Mazagon Dock Shipbuilders Ltd.: 45,000 employees (5,000 direct, 40,000 indirect) | INR 15,000 crore investment.
Together, these two Ultra Mega MoUs will create 55,000 jobs and solidify Tamil Nadu’s position as a global centre for shipbuilding and maritime innovation, Malviya continued. This is a wave of growth, sustainability, and future possibility, not just an investment. “We appreciate Prime Minister Narendra Modi’s vision and steadfast support of Tamil Nadu’s development, he opined.
Raja praised Chief Minister MK Stalin’s leadership for these advancements and added that Tamil Nadu continues to draw major national FMCG companies to the state under the Dravidian Model leadership of Chief Minister Thiru. MK Stalin avargal, and the state is not ignoring any significant sector.
Reliance Retail to go Public Soon
As the oil-to-telecom giant founded by billionaire Mukesh Ambani prepares for an IPO for its retail division, Reliance Industries Ltd has moved all of its consumer goods brands to a new wholly-owned company.
The brands that were previously in the ownership of Reliance Retail Ltd., Reliance Retail Ventures Ltd., and Reliance Consumer Products Ltd. have been transferred to the so-called New Reliance Consumer Products Ltd., or RCPL. These brands include clothing, fashion, food, personal care, and beverages.
Quick
Shots
•The facility will be set up in SIPCOT
Allikulam Industrial Park and will span 60 acres.
•The project is expected to create
2,000 jobs in Tamil Nadu over the next five years.
•The plant will manufacture a range of
FMCG products including biscuits, atta, spices, edible oils, and regional
snacks.
•Tamil Nadu’s industrial push
continues with INR 30,000 crore investment from Cochin Shipyard and Mazagon
Dock Shipbuilders.
Shubham Kumar
