What if you can make a YouTube video and share it with just as much ease as typing a prompt? Yes, right! YouTube is joining the AI trend for the same. It is pushing big AI upgrades to keep its creators, advertisers, and viewers hooked. Example, turning words into videos, podcasts into highlight reels, and even speech into songs. YouTube announced that it is working with major AI tools like Veo 3 Fast, Ask Studio, and DeepMind’s music AI model Lyria 2. Does that mean YouTube is becoming an all-in-one tool for content creators and podcasters? Well, learn more.
Key Features That YouTube Announced
To compete with its rival (Meta, xAI, TikTok, and more), YouTube has come up with major updates like:
For Video Creators (YouTubers)
Veo 3 Fast
According to Bloomberg, people are watching a lot of video podcasts, and it’s about 100 million hours per day. This massive number has driven YouTube to add such interesting features:
Now you can add backgrounds, props, and special effects to short videos like YouTube Shorts.
From the upcoming year, podcasters can use the tool to turn their audio into matching video clips.
Auto-generate highlight reels for your video podcasts for easy sharing.
Ask Studio (AI Helper)
Now this AI gives you comprehensive feedback and analytics on your content in a very conversational manner.
It is now marketed as a “creative partner” or “trusted companion” for YouTubers.
AI Dubbing Improvements
Notably, YouTube has successfully translated about 60 million+ videos into 20 different languages.
YouTube is testing and training its AI to make the dubbing of its videos look and sound more natural.
Speech-to-Song Feature
With DeepMind’s music AI model Lyria 2, you can turn different words and phrases from your videos into any background music.
For Brands & Advertisers
AI in Google Ads
Now, YouTube will make personalized suggestions about creators, influencers/brands to work with.
AI in YouTube Shopping
It has become easier to tag products in your videos, so if you’re a creator or seller, you can directly link items you’re promoting.
For Viewers & Safety
With AI comes different risks, like:
Lots of fake and misinformation.
Rise of Deepfakes, meaning AI uses faces of people or voices without permission.
These two are recipes for lawsuits.
YouTube’s Response:
YouTube’s chief product officer, Johanna Voolich, said in a blog post on Tuesday, “Twenty years ago, YouTube launched with the idea that everyone should have the opportunity to create and find a global stage. Since then, we’ve seen creators shape culture and entertainment in ways we never thought possible.”
How Do These AI Features Benefit the YouTube Community?
For Content Creators → More powerful, easy-to-use tools for editing, making Shorts on the go, dubbing, and relevant background music.
For Brands → Better AI-powered ads and product placements than before.
For Viewers → More creative and entertaining content.
However, Challenges Remain → Risks of fake, abusive AI content and non-consensual videos, which YouTube is apparently trying to address.
Frauds in the corporate world are a problem. According to PwC India, about 59% of Indian organizations have faced financial fraud in 2024. And it happens rarely that the one who committed comes to surrender themselves. Gameskraft Technologies’ (an online gaming platform in Bangalore) former Chief Financial Officer, Ramesh Pradbhu, admitted that he secretly took ₹250 crore from the company for his own futures and options (F&O) trading. That’s what happens when guilt kicks in; there’s no other option but to come clean and submit to fate. While all this was happening, what was the company doing without verifying its accounts? Is the faith of the investors in the company shaken? Learn more.
How Did Ramesh Prabhu Steal ₹250 Crore From Gameskraft?
Ramesh Prabhu, between FY20 (2019-20) and FY25 (2024-25), faked company records and diverted about ₹231.39 crore to his personal bank account.
He controlled the transactions (done to his personal account in RBL Bank) himself. To cover the crime, he created false mutual fund statements to make it look like a genuine investment.
Ramesh Prabhu later used the money to invest in F&O (a high-risk stock market trading) and lost the money.
How Ramesh Prabhu Got Caught?
The act was never caught until March 2025. Several media reports suggest that he wanted to personally benefit from the money, and when he makes profits, he would return. Instead, he suffered major losses and now feels guilt. He sent a confession email (in March 2025) directly to Gameskraft. In which he admitted what he did.
According to Gameskraft, Ramesh Prabhu:
₹231.39 crore was stolen in unauthorised transactions between FY20 and FY25.
₹211.53 crore wrongly booked as “investments” in company books.
₹270.43 crore ultimately written off in FY25 accounts.
What Action Did Gameskraft Take?
First things first, Ramesh Prabhu has been untraceable since March. Gameskraft officially filed a complaint (FIR) at Marathahalli Police Station on September 9, 2025. It is still unclear why the company took so long to file a complaint. Here are the serious charges the company booked him under the Indian Penal Code (IPC):
Theft
Criminal breach of trust
Forgery
Falsification of accounts
Financial Impact on the Company
The company, by all means, is answerable to all of its venture capital investors. After fact-checking the fraud, Gameskraft wrote off ₹270.43 crore in its FY25 financial statements as losses. If we look at the financial performance of the company in FY25:
Revenue: ₹3,896 crore (up 12% from FY24’s ₹3,475 crore).
Profit Making: ₹706 crore (down 25% from FY24).
Especially, the ₹270 crore was reported under “exceptional items,” which means a big-time loss that is not part of the business.
Bigger Challenges for Gameskraft
The online gaming industry has already taken a major hit in India since the government passed the Promotion and Regulation of Online Gaming Act, 2025. For Gameskraft, learning about the fraud is another slap on the face. The company had to shut down some of its major platforms, such as:
Nithin Kamath, Founder and CEO of Zerodha, recently shared insights on LinkedIn about what makes the brokerage firm stand out, why it remains profitable, and why it has avoided the public markets. His remarks were in response to a Reddit user questioning Zerodha’s approach.
Zerodha’s Success Built Over 25 Years in the Stock Market
Kamath stressed that Zerodha’s achievements cannot be explained by shortcuts.
“Hmmm… so you forget that we have spent 15 years getting here. And maybe another 10 years, before Zerodha, I was involved in the markets in some form. So, 25 years in all,” he wrote.
He added that consistency, passion, and being in the right place at the right time shaped the company’s growth. “Things in business compound over time, especially if you like or love what you are doing and if you are lucky to be in the right place and time,” Kamath explained.
Zerodha’s Low-Cost Startup Model and Middle-Class Roots
Reflecting on its early days, Kamath recalled how Zerodha began as a partnership firm to reduce costs. “When we started Zerodha, we started off as a partnership firm because the exchange deposit requirement was lower, INR 90 lakh compared to INR 1.5 crore,” he said.
The company relied on free and low-cost platforms in its initial phase. NSE’s Now trading platform came at no cost to brokers, while a back-office vendor provided services at almost zero cost in return for testing the product.
Kamath highlighted the frugal approach: “The money we have spent on Zerodha is maybe ~Rs 10 lakh, and that is all the money that has gone into the business till date. Rs 2.5 lakh for our website, Rs 5 lakh for our office interiors, and Rs 2.5 lakh for miscellaneous.”
Coming from a modest background, Kamath added, “We had no rich uncles. Dad was a bank manager, and Mom taught Veena.”
Timing and Luck Behind Zerodha’s Growth
According to Kamath, Zerodha’s rise coincided with India’s broader economic expansion. “Our rise coincides with India’s rise. We were present at the right place and time with the right products and initiatives,” he said.
He stressed the importance of timing in entrepreneurship, drawing parallels with Nvidia’s CEO. “Jensen Huang survived in the business for 30 years until he hit the right place and time. For a long time, people might have questioned what he was doing until very recently,” Kamath noted.
Why Zerodha Has Not Launched an IPO
One of the most debated topics is why Zerodha has avoided going public. Kamath explained that staying private helps the firm focus on customers instead of investors. “Now that there is no pressure to give any exit to any investor, we can continue doing what is right for the customer, sometimes even at the cost of the business,” he said.
He pointed to initiatives such as the company’s “no spam” and “no tracking” policies.
“I believe that the philosophy with which we run Zerodha will be our real moat as a business. It is very tough to stick to it as a public company,” Kamath concluded.
Conclusion
Kamath’s note shows that Zerodha’s success comes from simple beginnings, steady growth, and a focus on customers over investors. By avoiding an IPO and keeping costs low, the company continues to stick to its core values and long-term approach.
India’s startup and business ecosystem on 16th September 2025 was abuzz with significant developments across healthtech, fintech, consumer electronics, and enterprise IT. From PharmEasy’s INR 1,700 crore debt raise to Nothing’s $200 million Series C, and Mukesh Ambani’s plans to take Reliance Retail public, the day highlighted both large-scale corporate moves and early-stage innovations shaping the future of Indian and global markets.
Daily Indian Funding Roundup – 16th September 2025
Company
Amount
Round
Lead investor(s)
Sector
PharmEasy
INR 1,700 crore
Debt funding
360 One, with participation from Alkram Ventures, MVS Ventures, Bennett Coleman, and others
Healthtech / Pharmacies & Diagnostics
Genovation Technological Solutions
$150,000
Pre-seed
Six individual investors + one foreign institutional investor
Deeptech / AI (privacy-first)
uKnowva
$0.5 million
Pre-Series A
Co-led by Parv Network, Growth91, and Aapna Infotech
HR Tech / Human Capital Management
Pelocal
$5 million
Series A
UNLEASH Capital Partners and Unicorn India Ventures, plus angel investors
Fintech / Payments Orchestration
Amaani
$3 million
Seed
Peak XV’s Surge
Consumer / Beauty & Wellness
BeyondSquare Solutions
$4 million
Series A
Avant Global Corporation
Enterprise IT / Financial Reporting / Compliance
Nothing
$200 million
Series C
Tiger Global, with participation from GV, Highland Europe, EQT, Latitude, I2BF, Tapestry, Nikhil Kamath, Qualcomm Ventures
Consumer Electronics / Hardware & AI Devices
MarqVision
$48 million
Series B
Peak XV Partners, Salesforce Ventures, Coral Capital, HSG, Michael Seibel, YC, others
AI / Brand Protection / IP & Counterfeits Monitoring
Scalekit
$5.5 million
Seed
Together Fund, Z47; angel investors: Adam Frankl, Oliver Jay, Jagadeesh Kunda
SaaS / AI Infrastructure
PharmEasy raises fresh debt to clear Goldman Sachs loan after 90% valuation cut
Healthtech unicorn PharmEasy has raised INR 1,700 crore in debt funding led by 360 One, with participation from Alkram Ventures, MVS Ventures, Bennett Coleman, and others. The funds will be used to repay its Goldman Sachs loan. The move comes after a valuation cut of about 90%, reflecting both financial strain and efforts to restructure its obligations.
Genovation Solutions raises $150K in pre-seed round
Deeptech startup Genovation Technological Solutions, which builds privacy-first AI systems, has raised $150,000 in a pre-seed round at a $6 million valuation, with participation from six individual investors and one foreign institutional investor. The funding will go into accelerating product development, scaling R&D, and expanding market presence.
uKnowva raises $0.5 Mn in pre-Series A round
HR tech / human capital management platform uKnowva has secured $0.5 million in a pre-Series A round co-led by Parv Network, Growth91, and Aapna Infotech. The proceeds will be directed toward bolstering its sales & marketing, geographic expansion via its partner network, and enhancing its AI-led roadmap.
Fintech startup Pelocal secures $5 Mn in Series A funding
Pelocal, a fintech company offering an AI-powered payments orchestration platform (notably integrating conversational/WhatsApp-based workflows), raised US$5 million in Series A funding. The round was led by UNLEASH Capital Partners and Unicorn India Ventures, with angel investor participation. The funds will help accelerate product development, expand use cases, and boost go-to-market efforts.
Amaani raises $3 Mn from Peak XV’s Surge
Consumer company Amaani, reimagining beauty & wellness from the Middle East, raised $3 million in seed funding from Peak XV’s Surge — the fund’s first consumer-seed investment in the MENA region. The funds will be used to scale its debut brand AÏZA, launch new global consumer beauty brands built around Arab heritage infused with global innovation.
BeyondSquare raises $4 Mn in Series A led by Avant Global
Enterprise IT product company BeyondSquare Solutions raised $4 million in a Series A funding round led by Avant Global Corporation. The investment will be used to strengthen FinAlyzer (its financial reporting, consolidation & compliance product), enhance automation and compliance intelligence, and scale to serve enterprises globally.
Nothing raises $200M from Tiger Global, Nikhil Kamath, others at $1.3B valuation
UK-based smartphone / consumer electronics startup Nothing has secured US$200 million in a Series C round led by Tiger Global, with participation from existing backers (GV, Highland Europe, EQT, Latitude, I2BF, Tapestry) plus new investors including Nikhil Kamath and Qualcomm Ventures. The funding comes at a US$1.3 billion valuation. Nothing will use the capital to expand into AI-driven devices, hardware-software integrated experiences, scaling up its product lines beyond smartphones.
MarqVision gets $48M in Series B led by Peak XV
LA-based AI startup MarqVision, which offers a managed service platform to detect, monitor, and remove counterfeits, impersonations, piracy across ecommerce, marketplaces and social media, has raised $48 million in a Series B round led by Peak XV Partners, with participation from Salesforce Ventures, Coral Capital, HSG, Michael Seibel, and others. The funds are to be used to drive global expansion, product innovation, and reinforce its AI brand protection services.
Scalekit raises $5.5M in seed round led by Together Fund and Z47
SaaS startup Scalekit, building modular, drop-in infrastructure for SaaS and AI-first teams, raised $5.5 million in a seed round led by Together Fund and Z47, with participation from angel investors Adam Frankl, Oliver Jay, and Jagadeesh Kunda. The funds will be used to accelerate product development, expand its SaaS infrastructure offerings, and scale operations globally.
Key Business News for 16th September 2025
Mukesh Ambani plans Reliance Retail IPO
Mukesh Ambani is preparing to list Reliance Retail in an IPO that may value the company at around $200 billion. To aid that, Reliance has demerged its FMCG arm (Reliance Consumer Products) into a separate subsidiary and is rationalizing its store network (including closing under-performing outlets) to boost margins. The move also aims to provide exit opportunities for major investors like GIC, ADIA, Qatar Investment Authority, KKR, TPG, and Silver Lake.
CRED and IndusInd Bank launch 18-Carat Gold Credit Card for Premium Users
Fintech company CRED, in partnership with IndusInd Bank, has unveiled Sovereign — an 18-karat gold-plated, invite-only RuPay credit card with guilloché engraving, targeting premium users. The card offers rewards such as 5% on online purchases and 1% on offline/UPI spends via CRED Scan and Pay; zero joining fees; two-minute digital onboarding; and access across CRED’s ecosystem including merchants, flights, hotels, etc.
Fiverr (a popular online marketplace for freelancers worldwide) is in the news for laying off 30% of its workforce in the wake of AI (what they call restructuring to an AI-first company). The company announced the news on September 15, 2025, and about 250 of its employees were let go. The CEO of Fiverr, Micha Kaufman, calls the move “Startup Mode.” What does it mean? Is the company restructuring from its roots? Does AI-first mean more layoffs to come, and all dependency on machines and fewer people than they are now? Learn more details below.
Why Fiverr Laid off 250 Employees?
According to Fiverr’s CEO, Micha Kaufman, Fiverr is rebuilding itself as an AI-first company. It means the company is building the core of its business around Artificial Intelligence (AI). What does it do?
It’s just as other companies are restructuring themselves. More lean, faster, and more productive teams only.
Fiverr is planning to have fewer managers and layers of staff and more AI tools to drive as many functions of the company as possible.
Market Comparison
Salesforce had a similar approach. The company cut out all the automated jobs, like customer support and logistics, and invested heavily in AI systems and machine learning.
Similarly, Fiverr has already automated some of its processes, like ordering, payments, and delivery. It also clarified that the amount saved from the layoffs will be reinvested in the business (AI upgrades).
As it’s a self-service platform, it doesn’t need much staff in the first place, and the layoffs won’t affect Fiverr’s operations or users.
Micha Kaufman’s letter to shareholders
Micha Kaufman Take On AI
Back in May, in an internal email, Micha Kaufman said, “AI is coming for your jobs. Heck, it’s coming for my job too.”
He cautioned the employees, saying that, “Unless you become an exceptional talent — a master — you will face the need for a career change in a matter of months.”
During the layoff heat, he sent a letter to employees saying, “We are launching a transformation for Fiverr, to turn Fiverr into an AI-first company that’s leaner, faster, with a modern AI-focused tech infrastructure, a smaller team, each with substantially greater productivity, and far fewer management layers.”
Final Thoughts…
Micha Kaufman was clear with his standpoints and openly stated how AI is coming for his job, too. The layoffs in Fiverr’s case are not a sudden or drastic one. The cautions were all there months prior.
According to reports, the government is eager to introduce satellite communication (satcom) services by January 2026. The Digital Communication Commission (DCC, formerly known as the telecom commission), the highest decision-making body of the telecom department (DoT), is scheduled to meet shortly to discuss the country’s satcom rollout, according to sources cited by The Hindu Businessline.
According to a senior government official, the administration hopes to roll out services (satcom) in December or January since that is when the final spectrum pricing decision will be made. According to reports, the DCC, which is chaired by the telecom secretary, was supposed to make a decision by July of this year regarding the pricing and distribution of satcom spectrum.
The conference was postponed, though, and a new date is currently being decided. In addition to establishing rules and licences for satellite earth station gateways, which link satellite networks with terrestrial ones, the DCC will lay out the pertinent policies for satcom services.
Commenting on the move, Amit Mahajan, Director, Paras Defence & Space Technologies stated, “The Government’s plan to launch Satellite Communication (Satcom) services in India by January 2026 marks a defining moment in our digital and industrial future. Reliable, secure, and high-capacity Satcom will not only transform connectivity in remote and underserved regions but also reshape how enterprises operate across sectors such as logistics, energy, financial services, and manufacturing. For industries advancing towards automation, Industry 4.0, and real-time data exchange, communication infrastructure forms the backbone. Satcom has the potential to bridge gaps where terrestrial networks cannot reach—enabling resilient supply chains, smarter mobility, and more efficient governance systems.”
New Satcom Rules Yet to be Finalised
The Telecom Regulatory Authority of India (TRAI) suggested in May that satcom operators be given administrative spectrum assignments for a duration of five years, with the possibility of an additional two-year extension, even though satcom regulations have not yet been approved.
With a minimum yearly spectrum fee of INR 3,500 per MHz, TRAI also recommended pricing the spectrum at 4% of the operators’ adjusted gross revenue (AGR). Government dues from telecom providers are calculated using a certain revenue computation called AGR. Additionally, the regulator proposed charging NGSO-based operators an extra INR 500 annually for each urban user. However, rural areas will not be subject to this fee.
TRAI further demanded that all permitted organisations sharing spectrum coordinate in good faith. It recommended that the Centre look into user terminal subsidies in underserved areas and establish a 30-day window for spectrum assignment following an operator’s in-principle clearance.
DoT Wants Satcom Tenure to be Less Than 5 Years
According to reports, the DoT wants the satcom spectrum tenure to be kept under five years in case a new technology emerges. Such controversial topics are anticipated to be discussed at the next DCC meeting. Some of the largest corporations, both local and foreign, are rushing to obtain satcom licences in the nation in the meanwhile.
Elon Musk’s Starlink, Jio-SES, and Eutelstat OneWeb, supported by Bharti Enterprises, have been given preliminary permissions to operate in the nation, while Amazon’s Project Kuiper and Apple partner Globalstar have applied for licences.
Quick
Shots
•The Digital Communication Commission
(DCC), chaired by the telecom secretary, to finalize spectrum pricing &
policy.
•Rollout expected in Dec 2025–Jan
2026, pending spectrum pricing decisions.
•DCC to decide on rules, licences, and
earth station gateway regulations for satcom connectivity.
•Administrative spectrum assignments
for 5 years (+2-year extension).
On September 15, the fintech company CRED, based in Bengaluru, announced Sovereign, an exclusive society for India’s elite, which includes a custom 18-karat gold credit card with guilloché engraving. The CRED-IndusInd Bank RuPay Credit Card was also introduced by the corporation.
With CRED Scan and Pay, this lifestyle-focused card delivers a 5% reward on all online purchases and a 1% reward on offline and UPI purchases. Credit cards may only be issued by banks in India, which is why IndusInd Bank and the fintech have partnered. In a standard co-branded card agreement, CRED will handle the sales and marketing.
Benefits of CRED’s New Credit Card
More than 500 CRED Pay merchants, 2,000 CRED Store products, flights (facilitated by the ixigo platform), and more than 8 lakh hotel reservations (facilitated by Expedia) may all be made with the card. Earned reward points are instantly applied at checkout and are worth one rupee each. The founder of CRED, Kunal Shah, stated before the launch that the card was created to fill a basic market need: the lack of reward flexibility.
The majority of other e-commerce and payment companies also use co-branded cards from companies like Amazon, Flipkart, Swiggy, PhonePe, and Paytm. “Work with this merchant, work with that merchant,” Shah stated during the press conference, indicating that all the cards were moving in that way. Customers, however, desire freedom.
This card is about rewards based on preference rather than conditions. He went on to say that flexibility is now essential due to the change in consumer behaviour. Shah went on to say that 60–65% of all card spending is already going online, compared to 25–30% only a few years ago. “Credible consumers of the new generation prefer to experiment with a variety of brands rather than being confined to a small number of imposed allegiances.”
CRED Attracting Affluent and Digital-First Consumers
The card has a two-minute digital onboarding process and no membership costs. The offering is positioned to appeal to India’s rapidly expanding market of wealthy, tech-savvy consumers, claims IndusInd Bank. Shah, a well-known angel investor, expressed optimism about the new products’ prospects, particularly those of the Sovereign Gold Card.
“Look closely since it’s likely that you won’t notice it. “Most people won’t understand it,” he stated. Cred, the sixth-largest UPI app, was first introduced as a platform for paying credit card bills. The business has evolved into a diversified payments fintech with a range of financial services capabilities.
Quick
Shots
•Issued as a CRED-IndusInd Bank RuPay
Credit Card, with CRED handling sales & marketing and IndusInd Bank
issuing.
•Access to 500+ CRED Pay merchants,
2,000+ CRED Store products, flights (via ixigo), and 8 lakh+ hotels (via
Expedia).
•Focus on reward flexibility vs. other
co-branded cards with restricted merchant tie-ups.
•The card is free to join, aimed at maximizing
adoption among aspirational users.
Tata Group is going through an internal disagreement and is making headlines. It is about the leadership that will steer the company after 2027. N. Chandrasekaran, Executive Chairman of Tata Sons, is in the spotlight as to whether he will continue to be the leader after his term ends (in 2027). Noel Tata, who is the Chairman of Tata Trusts (which owns 65.9% of Tata Sons), suggests that he not to. Interestingly, N. Chandrasekaran led the company towards success and played a pivotal role. Now, did the suggestion get approved? And what did the Trustees of Tata Trusts say? Learn more.
People Involved in the Decision for Tata Sons
N. Chandrasekaran
N. Chandrasekaran has been the Executive Chairman of Tata Sons (the main holding company of the Tata Group) since January 2017. His term is going to end in 2027, and so it became a topic of discussion at the Tata Group. Since he took the role, the company has done significantly better under his leadership. He has worked to:
Reduced debt by over ₹30,000 crore.
Tata Steel and Tata Motors are profitable now.
Led TCS to become one of the world’s leading IT services providers.
Encouraged investments in digital, aviation, semiconductors, etc.
Noel Tata
Noel Tata is the Chairman of Tata Trusts and owns 65.9% of Tata Sons (meaning the decisions of Tata Sons can be widely controlled by Tata Trusts). He took over the role last year after Ratan Tata passed away.
Noel Tata developed and expanded renowned fashion retail brands like Westside and Zudio. He also took Trent from small revenue numbers to making a whopping ₹12,000 crore by 2024.
Concerning the leadership at Tata Sons, Noel Tata does want N. Chandrasekaran to continue.
He would rather split the Chairman’s job into 3 separate roles:
CEO (Chief Executive Officer)
MD (Managing Director)
Deputy CEO
Suggested that Chandra stay as a non-executive chairman (more like an advisor or a guide to the company. And finally, a managing director from one of the Tata companies can become Group CEO.
The Trustees of Tata Trusts
It is a group of powerful people who guide Tata Sons since Tata Trusts is the majority owner. Its members are:
Venu Srinivasan (TVS Motor)
Vijay Singh (former defence secretary)
Jehangir H. C. Jehangir
Jimmy Tata
Mehli Mistry
Pramit Jhaveri (ex-Citi India CEO)
Darius Khambata (lawyer)
And they rejected Noel’s proposal and suggested that Chandra continue as the Chairman for another 5 years (third term). Even if he crosses the official retirement age of 65, because:
They all believe that N. Chandrasekaran’s leadership has been very successful.
Tata Sons has become profitable under him.
The projects he started need his guidance (like semiconductors, aviation, and energy storage).
Current Tata Sons Board Members Look Like
N. Chandrasekaran (Chairman)
Noel Tata (Tata Trusts nominee)
Venu Srinivasan (Tata Trusts nominee)
Saurabh Agrawal (Group CFO)
Harish Manwani (Independent Director)
Anita Marangoly George (Independent Director)
Notably, Tata Trusts can nominate up to one-third of the Tata Sons Board. However, the decision is not yet final, and importantly, Chandra has the trustees’ faith and backing.
Due to a “client” funding crisis and difficulties in attaining the proper product-market fit (PMF), EV ride-hailing startup MyPickup has ceased operations. MyPickup’s founder, Abhijeet Jagtap, announced the news on LinkedIn. He said that during “non-peak times”, the startup was having trouble achieving PMF.
Jagtap founded MyPickup in 2022 to provide daily commuters with a subscription-based electric autorickshaw service. By removing the need to arrange rides every day, removing surge fees, and offering an environmentally friendly fleet, the firm claimed to be tackling the everyday commute problem. MyPickup was limited to providing services in Bengaluru at the time of its closure.
As a founder, Jagtap understated the time to PMF and capital needed to carry out such an idea, he wrote in the piece. In May of this year, the Inflection Point Ventures-backed business reported having 19 vehicles and facilitating about 4000 journeys.
From Creating EV Commuting Solutions to Downfall-Journey of MyPickup
An EV three-wheeler fleet was made available via MyPickup for daily shared commuting. Users could enter the time, place, and number of days they wanted to commute.
The app computed a weekly subscription charge using these details. In a week, users could reserve slots for a minimum of five rides and a maximum of ten rides. The startup provided shared rides with no cancellations. Additionally, the same driver was assigned for a single subscription cycle. Last year, MyPickup secured INR 1.5 Cr from Ideaschool, an accelerator at Inflection Point, to grow its business. MyPickup stated at the time of the fundraising that it will use the money to improve its scheduling algorithm, increase the number of EVs in its fleet, and create a special app for its drivers.
At the time, MyPickup claimed to have a monthly run rate of INR 1.5 Lakh and ran a fleet of 7 electric cars, serving 45 customers. In order to give users ride-booking choices, the firm first operated over WhatsApp before launching its own website. It continued to introduce new features throughout time in an effort to increase its clientele and improve user experience. MyPickup released its iOS and Android mobile apps for users after raising money from IPV.
Adding New Features-Still Not Enough to Increase Clientele For MyPickup
Jagtap said at the app’s debut that it would make cancelling and rescheduling easier for users. In order to provide a smooth client experience, the firm at the time also updated subscription costs and algorithms.
The startup intended to create safety features, including GPS monitoring, SOS systems, and webcams for parents who wanted to use MyPickup for school pickup and drop-off. In an effort to increase its clientele, it was also considering providing on-demand services via the ONDC platform. But according to Jagtap, none of this mattered. In his post, he claimed that “our four pivots also did not give the level of customer experience we wanted to create.”
Quick
Shots
•Struggled with achieving
product-market fit (PMF) and faced a client funding crisis.
•Abhijeet Jagtap Founder admitted
underestimating the time and capital required to scale the business.
•Offered subscription-based electric
autorickshaw services for daily commuters with fixed drivers per cycle.
•Raised INR 1.5 Cr from Ideaschool
(IPV accelerator) in 2023; reported 19 EVs and 4,000 trips by May 2025.
According to various media reports, Mukesh Ambani, who announced that Reliance Industries’ telecom division, Reliance Jio, would go public next year, is also working on listing Reliance Retail, which may be valued at around $200 billion.
With the demerger of the fast-moving consumer goods (FMCG) division, Reliance Consumer Products, which will now be a direct subsidiary of Reliance Industries, the process of shrinking and simplifying Reliance Retail, the biggest retailer in the nation, has already begun.
According to sources, the FMCG demerger and the rationalisation of Reliance Retail’s store network—which includes eliminating underperforming locations—are being carried out to increase the company’s margins with the goal of obtaining a favourable valuation so that it can enter the market.
Providing a Healthy Exit Opportunity to Investors
Although it is still early, there are signs that a public offering is imminent, with Reliance Jio’s listing coming a year later in 2027. Investors like Singapore’s GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority, KKR, TPG, Silver Lake, and others will have exit opportunities as a result of the listing.
Reliance Smart, Freshpik, Reliance Digital, JioMart, Reliance Trends, 7-Eleven, Reliance Jewels, and other formats will remain part of Reliance Retail following the split of Reliance Consumer. After receiving all necessary regulatory permissions, the demerger of Reliance Consumer is anticipated to be finished by the end of this month.
Financial Dynamics of Reliance Retail
Reliance Retail has been streamlining its shop network over the last few quarters by shutting down underperforming locations. Reaching a double-digit operating margin is the goal. Reliance Retail reported $2.9 billion in operating profit on $38.7 billion in revenue in FY25. In FY25, its EBITDA margin was 8.6%; in the June quarter, it increased slightly to 8.7%. According to sources, although the discussions are still in their early stages, there might even be a consolidation of the models.
Dunzo Write-off & Market Strategy
All of Reliance Retail’s investments in the now-defunct hyperlocal delivery business Dunzo have been formally wiped off. The conglomerate’s 78,923 equity shares of Dunzo, which were internally valued at INR 1,645 Cr in FY24, were worth nothing during the fiscal year under review, according to Reliance Industries Ltd.’s (RIL) FY25 annual report.
According to the report, the now-defunct business generated INR 1 Cr in operating revenue in FY25. This comes more than seven months after Reliance Retail, the biggest shareholder in the hyperlocal firm, wrote off its $200 million investment in it, according to various media reports.
Kabeer Biswas, the CEO and cofounder of Dunzo, left his position that same month to join Flipkart’s Minutes, a fast commerce startup.
Quick
Shots
•Mukesh Ambani eyes $200 billion IPO
valuation for Reliance Retail.
•Reliance Jio listing expected in
2027, Reliance Retail IPO likely before that.
•FMCG arm Reliance Consumer demerged
into a direct subsidiary of Reliance Industries.
•Retail rationalisation underway –
closing underperforming stores to improve margins.
