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  • NPPA Orders Drug Makers to Cut Medicine Prices After GST Reduction

    On 12 September, the National Pharmaceutical Pricing Authority (NPPA) ordered all producers of pharmaceuticals and medical devices to lower their goods’ maximum retail prices (MRPs) right away.

    The government’s decision to rationalise the goods and services tax (GST) rates on medications and formulations, which was recommended at the 56th meeting of the GST Council, prompted this action. The goal of the NPPA’s move, which goes into effect on September 22, is to guarantee that the public directly benefits from the GST cut.

    On September 12, the NPPA issued a formal memorandum outlining precise guidelines for the pharmaceutical sector. It stated that in order to comply with the new GST rates, all manufacturers and marketing firms must update the maximum retail price of their medications and medical equipment.

    Till Now, No Penalties for Non-Compliance

    Although the NPPA statement does not outline sanctions for non-compliance, it does have the power to keep an eye on medication and medical device costs and to take corrective action if necessary. Under the Essential Commodities Act of 1955, failure to comply with NPPA’s price notifications may result in prosecution, which carries penalties such as fines and jail.

    Manufacturers must provide dealers, merchants, state drug controllers, and the government with an updated or supplemental price list to guarantee a seamless implementation. The public finds the NPPA’s directive to be extremely important, according to a number of media sources.

    The authority is making sure that the drop in the GST rate results in lower pricing for customers by requiring the modification of MRPs, which will make necessary medications and medical equipment more accessible and reasonably priced. Patients nationwide will profit from this judgement because it has a direct effect on their out-of-pocket medical costs.

    Raising Awareness: How the Public will be Informed

    In order to guarantee that the public is informed of these developments, the regulator has also underlined the necessity of extensive communication. Manufacturers and marketing firms are directed to notify dealers, retailers, and customers about the lower GST rates and the associated updated MRPs using all available means, such as print, electronic, and social media.

    To guarantee compliance, industry associations have also been requested to place ads in both national and local media. For the stakeholders in the pharmaceutical business as well as the government, the choice is very important. By using fiscal policy to lessen the financial burden of healthcare on citizens, the government shows its dedication to consumer welfare and health fairness.

    The NPPA has given the industry advice on how to handle the changeover. The memo makes it clear that if businesses can guarantee price compliance at the retail level, they are not required to return or re-label existing product that was released prior to September 22.

    Quick
    Shots

    •New pricing to apply from September
    22, 2025.

    •Decision taken at the 56th GST
    Council meeting.

    •Manufacturers & marketers must
    update MRPs to reflect new GST rates.

    •No direct penalties announced yet,
    but non-compliance may invite action under Essential Commodities Act
    (fines/jail).

  • GI Council Warns of Cashless Care Disruption Amid Insurer-Hospital Disputes

    With the General Insurance Council (GI Council) demanding that the Association of Healthcare Providers (India) (AHPI) reverse its threat to halt cashless services for policyholders of Star Health Insurance, the dispute between hospitals and insurance firms has intensified once more.

    In order to maintain patient care, the council requested that AHPI go back to the negotiation table and participate in a positive manner. AHPI, which represents more than 15,000 hospitals, issued a warning earlier this week that its member hospitals will cease providing cashless care to Star Health subscribers unless Star Health resolves hospitals’ complaints by September 22, 2025.

    Patients can be admitted and treated in cashless facilities without having to pay in full in advance because the insurer pays the hospital directly. For thousands of consumers, losing that perk would be a huge setback. The Indian non-life insurers’ trade association, the GI Council, vehemently disagreed with AHPI’s position. It further stated that it fully supports Star Health in this disagreement, arguing that such capricious behaviour jeopardises policyholders’ interests and runs the danger of eroding confidence in the health insurance system.

    AHPI Already Warned Various Other Insurance Providers

    It is not the first time that AHPI has shown its strength. It had already issued similar warnings against Niva Bupa Health Insurance, Care Health Insurance, and Bajaj Allianz General Insurance only this month.

    Charges of payment disputes and claim rejections are at the heart of the controversy. One thing is certain as the tug-of-war goes on: patients are caught in the middle. Trust in India’s health insurance system runs the risk of being severely harmed if insurers and hospitals cannot reach an agreement.

    With 13,308 complaints against it in FY2023–24, Star Health & Allied Insurance was the most frequently complained about company, according to the Council of Insurance Ombudsman’s annual report. A resounding 10,196 of these complaints were particularly about policyholders’ claims being rejected in whole or in part.

    Why AHPI has Taken This Step?

    Star Health has been charged by AHPI with continuously pressuring hospitals to reduce tariffs at the expense of patient care. Additionally, it claimed that the insurance occasionally removes cashless services from hospitals without warning and imposes inexplicable deductions from claims that have already been granted.

    According to the group, “patients and their families have suffered greatly as a result of such practices.” Conversely, insurers contend that hospitals are arbitrarily raising treatment prices and inflating bills. They assert that a large number of hospitals refuse to defend their prices, forcing insurers to foot the bill. The GI Council claimed to have tried mediation before.

    On September 2, a meeting with AHPI was planned to address the problems. AHPI, however, rescheduled the discussions until a later time, which has not yet been determined.  According to the council, AHPI has nevertheless moved forward with its unilateral approach, indicating a preference for disruption over cooperation in order to enhance customer service and safeguard the interests of patients.

    Quick
    Shots

    •GI Council urged AHPI to withdraw
    cashless care threat against Star Health; backs insurer to protect
    policyholders.

    •Loss of cashless facility would force
    upfront payments, hurting thousands of customers.

    •AHPI issued similar warnings recently
    against Niva Bupa, Care Health, and Bajaj Allianz.

    •Hospitals accused of inflating bills
    and refusing to justify treatment costs.

  • Adani Group to Invest $3 Billion in 2,400 MW Power Plant in Bihar

    Adani Power said on 13 September that it will invest USD 3 billion (about INR 26,482 crore) to build a 2,400 MW ultra-supercritical power plant in Bihar. In a statement, the Adani Group firm said that it and Bihar State Power Generation Company Ltd (BSPGCL) had inked a 25-year Power Supply Agreement (PSA) for the supply of electricity from the project that would be built at Pirpainti in the state’s Bhagalpur district.

    On behalf of North Bihar Power Distribution Company Ltd. (NBPDCL) and South Bihar Power Distribution Company Ltd. (SBPDCL), BSPGCL granted Adani Power a Letter of Award in August, which was followed by the PPA. With the lowest delivery rate of INR 6.075 per kWh, Adani Power was able to secure the project.

    Adani’s 3 Billion Investment in Design, Build, Finance, Own, and Operate

    The firm stated that it intends to use the Design, Build, Finance, Own, and Operate (DBFOO) model to invest roughly USD 3 billion in the construction of the new plant (800 MW X 3) and its accompanying infrastructure. In 60 months, the business hopes to have the factory in operation.

    The power plant’s coal linkage has been assigned in accordance with the Government of India’s SHAKTI Policy. During construction, 10,000–12,000 people will be directly and indirectly employed by the project, and after it is operational, 3,000 people will be employed.

    Adani Power, the biggest private thermal power producer in India, is a division of the billionaire Gautam Adani-led conglomerate. It can generate 18,110 MW of thermal power when installed.

    Expansion of Adani Energy Solutions

    To expand its network, Adani Energy Solutions (AESL), which manages distribution, transmission, smart metering, and cooling, would invest more than $17 billion. By FY30, the corporation wants to have 30,000 km of transmission lines, up from 19,200 km in March 2025.

    By FY32, Adani Power plans to invest $22 billion to increase its capacity from 17.6 GW in FY25 to 41.9 GW. With facilities in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, in addition to a 40 MW solar unit in Gujarat, the firm is the biggest private generator of thermal electricity in the nation.

     India is one of the power markets with the greatest rate of growth in the world, according to the group, with installed capacity predicted to more than double to 1,000 GW by FY32 from 475 GW in FY25. Due to the demand from data centres, electric vehicles, urbanisation, and industrialisation, it predicted that there were over $500 billion in investment prospects in the area. With 172 GW of renewable capacity in FY25, the nation ranked fourth in the world.

    Quick
    Shots

    •$3 billion (INR 26,482 crore) under
    the DBFOO (Design, Build, Finance, Own, Operate) model.

    •25-year PSA signed with Bihar State
    Power Generation Company Ltd (BSPGCL).

    •Project awarded in Aug 2025 at lowest
    tariff of INR 6.075/kWh.

    •Plant to be operational in 60 months.

  • SEBI Eases Rules for Foreign Investors and IPOs to Boost Market Participation

    SEBI announced changes on 12 September that will eliminate redundant paperwork for low-risk foreign investors such as sovereign wealth funds, central banks, and retail funds, and loosen minimum dilution requirements for IPO-bound businesses. The easing coincides with an increase in international outflows, which are being fuelled by high US tariffs, poor profitability, and high valuations. In 2025, foreign investors withdrew $11.7 billion from Indian debt and stocks.

    By requiring two executive directors and separating the tasks of regulatory compliance (risk, investor complaints) and vital operations (trading, clearing, settlement), it also strengthened stock exchange governance. The minimum public offer for issuers with a market capitalisation of INR 1–5 lakh crore has been increased from INR 5,000 crore and 5% to INR 6,250 crore and at least 2.8% of the post-issue market capitalisation.

    The 25% minimum public shareholding requirement will now be met by companies listing with less than 15% public float in 10 years, compared to 5 years for those launching with 15% or more. Once the government notifies them, the lenient deadlines will also apply to businesses that have not yet complied with the current regulations.

    New Rules for Anchor Investors and Public Float

    The regulations governing anchor investors have been relaxed. With life insurance and pension funds holding a portion of the reserved pool, the overall quota has increased from one-third to 40%. A third will be set aside for mutual funds, and any money that isn’t subscribed to by insurers or pension funds would go back to them.

    With a minimum allotment size of INR 5 crore, the number of acceptable anchor investors has also increased. In order to increase India’s appeal to foreign investors, SEBI approved the Swagat-FI framework, which grants single-window access to “trusted” foreign portfolio and venture investors, including sovereign funds, central banks, and regulated retail funds, with a 10-year registration and KYC cycle instead of a 3-year one.

    Additionally, they will not be subject to the 50% aggregate contribution cap that applies to resident Indians, OCIs, and NRIs. In addition, the India Market Access portal was introduced by SEBI and market infrastructure organisations to offer comprehensive instructions on FPI registration, documentation, and compliance.

    To promote inflows from smaller cities and female investors, the regulator changed distributor incentives and lowered the maximum exit load in the mutual fund industry from 5% to 3%.

    SEBI’s Push to Boost Mutual Fund Participation

    With the introduction of a scale-based method for shareholder approval, SEBI has streamlined the rules governing related-party transactions. In addition to increased commissions for onboarding new female investors, distributors can receive up to 1% of the initial application value, or INR 2,000, for new investors from cities outside of the top 30.

    Low-value transactions do not need to be disclosed, while high-value acquisitions now need a vote. Transactions above 10% of turnover require clearance for businesses with a turnover of INR 20,000 crore. From INR 1,000 crore to INR 5,000 crore, the bar for companies having a turnover of INR 40,000 crore has been lifted dramatically.

    Quick
    Shots

    •For issuers with market cap INR 1–5 lakh crore →
    minimum public offer raised to INR 6,250 cr & 2.8% stake.

    •Companies with <15% float get 10 years (vs 5
    years) to meet 25% public shareholding.

    •Foreign investors exempt from aggregate
    contribution limits faced by residents/NRIs/OCIs.

    •New one-stop guide for FPI registration,
    documentation, and compliance.

  • Kavin Bharti Mittal to Shut Down Hike After India’s Real-Money Gaming Ban

    Following India’s complete prohibition on real-money gambling (RMG), Bharti Airtel scion Kavin Bharti Mittal is closing his 13-year-old firm Hike. In order to concentrate on international markets, including the US, UK, and Australia, Mittal had already announced ambitions to leave India.

    In a statement on the mailing platform Substack, Mittal stated, “After regrouping with our investors and the team, I’ve made the difficult decision to wind down Hike completely.” He said that the company’s US operations, which were only started nine months ago, are going well. But following the ban in India, expanding internationally would necessitate a complete overhaul, which is not the most efficient use of time or money.

    According to Mittal, Rush employed over 100 people and functioned as a group of “SWAT teams” in India, the US, Dubai, and Singapore, as he told Moneycontrol last month. Small, highly competent, and agile teams that swiftly resolve complicated or urgent issues are frequently referred to as SWAT teams in the corporate world.

    Hike’s Network and Growth in India

    Before shutting it down in January 2021, Hike, which began as a messaging service in 2016 to compete with market leader WhatsApp, reached 40 million monthly active users. Later, the business changed course and started developing Rush, a casual RMG platform. In addition to including Web3 technologies that allow user ownership and play-to-earn principles, it included 14 mobile games with a financial component.

    India’s Real-Money Gaming Ban and Its Impact

    The new online gaming law in India forbids online money games in which a user deposits money, either directly or indirectly, in the hopes of making a profit. “RMG was never the destination,” Mittal said in the piece, but rather a “way to test unit economics and traction in India while working towards a bigger vision.” “In hindsight, starting in India locked us into the model and regulatory headwinds, turning a temporary path into a more permanent one,” he stated. Although it may be ahead of its time, Mittal stated that the “vision for Gaming Nation is real.”

    “In gaming and Web3 Company 2.0, the world will eventually shift towards a nation-type model. We don’t want to recreate India, where we hoped for clarity that never materialised, but crypto legislation is still evolving globally,” he said. He went on to say that there are greater chances to use outstanding talent and money, as well as more pressing issues to address. Sunil Bharti Mittal, the founder and chairman of Bharti Enterprises, the parent company of Bharti Airtel, is the father of Kavin Bharti Mittal.

    Quick
    Shorts

    •Hike was planning expansion in US, UK, Australia,
    but ban forced full wind-down.

    •Rush (Hike’s gaming unit) had 100+ employees across
    India, US, Dubai & Singapore.

    •India’s new online gaming law bans
    money-deposit-based games.

    •Launched in 2016 as a messaging app; Hike hit 40M
    MAUs before shutting in Jan 2021.

  • Easy Home Finance Raises Funds via NCD Issuance to Boost India’s Affordable Housing, Franklin Templeton AIF India Participates as Lead Subscriber

    Easy Home Finance Limited (“Easy”), a leading tech native housing finance company in India, has availed long-term financing through NCD issuance with Franklin Templeton Alternative Investments Fund, India (Franklin Templeton AIF). This marks a significant step forward in  Easy’s mission to accelerate access to affordable housing finance for underserved families across the country. 

    The investment has been funded through Franklin India Credit AIF, an alternative investment fund focused on private credit opportunities. 

    Franklin Templeton AIF’s investment reflects its conviction in Easy’s technology-first, inclusive approach to lending — combining AI-enabled underwriting, multilingual digital journeys, and an embedded distribution model that bridges Bharat and India. The investment will support Easy’s expansion in high-potential housing districts and enhance its capital strength. 

    The investment has been structured and funded through Franklin India Credit AIF, an alternative  investment fund focused on high-quality private credit opportunities  

    “Franklin Templeton’s backing is a clear validation of our robust credit architecture, inclusive business model, and disciplined growth strategy,” said Bikash Mishra, Chief Financial Officer, Easy Home  Finance. “This long-term partnership enables us to deepen our reach and serve more aspiring  homeowners with certainty, speed, and simplicity.” 

    Founded in 2018, Easy has enabled over 15,000 families to achieve homeownership through its mobile-first lending platform and is on track to double this number by FY26. Operating across 13  Indian states that collectively represent more than 85% of national mortgage demand, Easy is  helping bridge the credit access gap in Tier II & III towns and peri-urban clusters. 

    Easy is making the journey for the customer simpler — allowing customers to avail a home loan  disbursement without visiting a branch. The company’s alignment with government initiatives such  as Pradhan Mantri Awaas Yojana (PMAY) 2.0 positions it as a key enabler in India’s affordable  housing roadmap, with a focus on homes under ₹50 lakh. 

    A spokesperson for Franklin Templeton Alternative Investments, India commented, “We are pleased to extend funding to Easy, which is seamlessly blending digital innovation with  financial inclusion. At Franklin Templeton, we believe in building a long-term association that aligns with India’s structural growth story — and housing is a fundamental pillar of that vision.” 

    Northern Arc Capital Limited acted as the exclusive advisor in facilitating this transaction. Since 2009, Northern Arc has been focused on enabling financial inclusion], facilitating over ₹2.2 trillion in  financing and impacting more than 124 million lives directly and through its originator and retail  lending partners as of June 30, 2025. 

    About Easy Home Finance

    Easy Home Finance is a tech-native housing finance company committed to making home  loans simple, fast, and transparent for India’s underserved households. Regulated by the National  Housing Bank, Easy leverages smart technology and inclusive design to enable digital mortgages  across Bharat. It is backed by marquee institutional investors including Xponentia Capital,  Harbourfront Capitat, Claypond Capital and Sumitomo Mitsui Banking Corporation (SMBC) ARF 

    About Franklin Templeton Alternatives 

    With more than 40 years of experience in alternatives and nearly 400 alternative investment  professionals around the world, Franklin Templeton is one of the largest managers in alternative assets  globally. The firm’s specialist investment managers, each with deep domain expertise, provide a  diverse range of alternative asset capabilities including private equity secondaries and co-investment  funds (Lexington Partners), private credit (Benefit Street Partners and Alcentra), real estate (Clarion  Partners), as well as hedged strategies, venture capital and digital assets. Franklin Templeton manages  over US $257 billion# in alternative assets as of 31 July 2025. 

    About Franklin Templeton 

    Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries  operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission  is to help clients achieve better outcomes through investment management expertise, wealth  management and technology solutions. Through its specialist investment managers, the company  offers specialization on a global scale, bringing extensive capabilities in equity, fixed income,  alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in  major financial markets around the world, the California-based company has over 75 years of  investment experience and US$1.62 trillion in assets under management as of July 31, 2025. 

    Franklin Templeton Alternative Investments (India) Pvt Ltd is the investment manager of Franklin India  Credit AIF – Scheme I (Fund), the first Cat-II AIF launched by Franklin Templeton in India (Franklin  Templeton AIF). Franklin Templeton AIF shall seek to achieve its investment objective by identifying  and investing in securities of Portfolio Companies through a robust investment management process. 

  • Government Expands Fast-Track Merger Route to Cover More Companies

    In an effort to facilitate business dealings and spur the practice of “reverse flipping”, which involves Indian start-ups and other companies moving their domicile from abroad to the country, the government has expanded the fast-track route for approval of mergers and amalgamations to include more categories of companies.

    More company types are now eligible for the fast-track merger process under Section 233 of the Companies Act of 2013 thanks to changes to the relevant rules that the Ministry of Corporate Affairs (MCA) has notified. The National Company Law Tribunal is not involved in this approval process.

    How Fast-Track Merger will Help the Companies?

    When the total borrowings, including loans, debentures, and deposits, are less than INR 200 crore and there is no default, the revisions have made it possible for mergers between (unrelated) unlisted companies to proceed more quickly.

    Additionally, unless the transferor company is listed, the fast-track scheme will now apply to a variety of additional transactions, including mergers between a holding company (listed or unlisted) and its subsidiary (listed or unlisted). Additionally, if the transferor companies are not listed, mergers between subsidiaries of the same holding company may receive expedited clearances.

    Key Changes in MCA Rules

    Up until a year ago, inbound cross-border reverse mergers needed NCLT permission. To expedite the approval of such bids, the government modified Rule 25A for cross-border deals on September 17 of last year. To eliminate any ambiguity, the most recent revision has brought this rule into compliance with Rule 25, which deals with expedited approvals, according to sources.

    Since many Indian-born or Indian-connected start-ups have chosen to establish their headquarters here, cases of combining a foreign holding company with its Indian fully owned subsidiary have increased in frequency in recent years. The possibility of exiting at a greater valuation in India was one of the attractions.

    According to analysts, global firms who intend to relocate their operations to India in order to take advantage of the thriving capital markets for possible listings and to combine group companies stand to gain from the move to expedite and simplify clearances for such mergers. Flipkart, Dream11, Meesho, PhonePe, Zepto, Razorpay, Pepperfry, and Groww have all relocated their parent firms from foreign jurisdictions back to India throughout the last two to three years.

    Government Push for Flexible Corporate Restructuring

    The enlarged and modified regulations, according to experts, demonstrate the government’s intention to increase the flexibility of business restructuring procedures. At the moment, only start-ups and “small” businesses, as determined by turnover, etc., are eligible for fast-track merger approvals.

    Special start-up promotion programmes and easier access to funding have also contributed to the rise in popularity of reverse flipping. It has been helpful to loosen some of the limits on round-tripping. The expedited approach would still require requesting approval from the MCA’s regional director.

    Quick
    Shots

    •Boost ease of doing business & encourage
    reverse flipping (Indian start-ups shifting domicile back to India).

    •Revision brings Rule 25A (cross-border mergers) in
    line with Rule 25 (fast-track mergers).

    •Start-ups like Flipkart, Dream11, Meesho, PhonePe,
    Zepto, Razorpay, Pepperfry & Groww have shifted parent firms back to
    India.

    •Global firms may relocate to India to tap into
    thriving capital markets & higher valuations.

  • Sunil Mittal’s Family Office Ends Talks to Acquire Stake in Haier India

    After failing to agree on a valuation, the family office of billionaire Sunil Mittal has pulled out of talks to buy a 49% share in Haier Appliances (India). The Chinese parent business of Haier India, Haier Group, was looking for a valuation of roughly $2 billion (INR 17,100 crore).

    However, various media reports claimed that the bids the company received were much lower, with offers of about $600 million (INR 5,280 cr)—much less than the ask. Owing to these developments and due to a decline in valuation, Korean electronics powerhouse LG Electronics India may reduce the size of its initial public offering (IPO) from INR 15,000 crore to perhaps INR 12,000-13,000 crore, according to a source. Instead of selling a 15% interest as originally planned, the Korean corporation may now sell less than 15%.

    Chinese Companies Scaling Back in India

    According to media sources, Haier India may also think about going public, but no decision has been made yet. The Chinese business has been considering an exit for a number of months, and it has even had initial discussions with the biggest conglomerate in India, Reliance Industries Ltd (RIL). The proposed transaction was a part of a larger trend of Chinese companies reducing their exposure to India.

    The Sajjan Jindal group agreed to purchase the majority of MG Motor India from Chinese automaker SAIC Motor last year. The Ant company used block transactions to withdraw its $246 million investment in Paytm in May.

    Haier’s Journey in India

    Since its 2004 entry into the Indian market, Haier has had a 14% market share in the refrigerator industry. It is still seen in single digits in air conditioners, televisions, and washing machines.

    Its net sales in the calendar year 2023 (CY23) were INR 6,305.5 crore, up from INR 5,429 crore in 2022, and its net profit was INR 155.6 crore, up from a loss of INR 63.5 crore in 2022. The global statistics and business intelligence firm Statista projects that the Indian household appliances market will reach $64.3 billion in 2025 and increase at a 7.3% cumulative annual growth rate (CAGR) through 2030.

    Quick
    Shots

    •Haier sought around $2B (INR 17,100
    crore), offers came in at around $600M (INR 5,280 crore).

    •LG Electronics India may cut IPO size
    from INR 15,000 crore to INR 12,000–13,000 crore.

    •Haier exploring IPO; Reliance was in
    early talks. Part of broader trend of Chinese firms scaling back in India.

    •Sajjan Jindal group buying MG Motor
    India stake; Ant Group exiting Paytm with $246M block deal.

    •Haier’s net sales around 6,305.5
    crore (vs. INR 5,429 crore in 2022); Net profit INR 155.6 crore (vs. INR 63.5
    crore loss in 2022).

  • Top 10 Most Valuable Unicorns in India 2025: India’s Leading Billion-Dollar Startups Ranked

    According to the Hurun Global Unicorn Index 2025, the number of privately held unicorns worldwide has increased by 70 from the previous year to a record 1,523 companies valued at over $1 billion each. India now boasts 73 unicorns in 2025, up from just one in 2011, securing its place as the third-largest startup ecosystem globally.

    According to the Hurun India Unicorn Report 2025, the nation welcomed 11 new unicorns this year, including well-known ones like Rapido, DarwinBox, Moneyview, and others.

    Unicorns Raining Job Opportunities for Indians

    OfBusiness and PhysicsWallah were the top unicorn employers. With well-known female founders like Garima Sawhney (Pristyn Care), Vineeta Singh (Sugar Cosmetics), and Ruchi Kalra (OfBusiness), the ecosystem is becoming more diversified.

    Aadit Palicha and Kaivalya Vohra of Zepto, both 22 years old, are notable for being the youngest unicorn founders. With 26 unicorns valued at $70 billion, Bengaluru is the geographic leader in India. Delhi-NCR comes in second with 12 unicorns worth $36.3 billion, while Mumbai has 11 unicorns worth $22.8 billion.

    With Zerodha ($8.2B), Razorpay ($7.5B), and Lenskart ($7.5B) at the top of the list of India’s most valuable unicorns in 2025, fintech and e-commerce remain the main drivers of the country’s startup scene.

    Unicorns Making Large in India’s Startup Ecosystem

    Navi Technologies, Vivriti Capital, Rapido, Netradyne, Jumbotail, DarwinBox, Moneyview, Veritas Finance, Juspay, and Drools are some of the other notable acquisitions. With these newcomers, India’s unicorn count currently stands at 73 in 2025, representing a variety of industries from sustainability and finance to technology and mobility.

    Due to the effects of the Promotion and Regulation of Online Gaming Bill, 2025, real money gaming businesses Dream11, MPL, Gameskraft, Games24x7, Zupee, and WinZO have currently been removed from the list. The number of investors has increased dramatically, from 182 in 2021 to 1,014 in 2025. With 42 wagers, Peak XV Partners is in first place. With AI, SpaceTech, and New Energy growing from nine businesses in 2022 to 19 in 2025, the emergence of new-age industries is remarkable.

    In just three years, the valuation of New Energy startups alone has increased by 1,389%, while SpaceTech has established a $1.8 billion presence. With 26 unicorns totalling $70 billion, Bengaluru remains the hub of India’s startup scene. For Indian start-up founders, IITs and IIMs continue to be the best breeding grounds. IIM Ahmedabad has the most postgraduate founders (27), whereas IIT Delhi has the most undergraduate founders (42).

    Quick
    Shorts

    •India ranks 3rd globally with 73
    unicorns in 2025, up from just 1 in 2011.

    •11 new unicorns this year: Rapido,
    DarwinBox, Moneyview, and more.

    •Youngest founders: Aadit Palicha
    & Kaivalya Vohra of Zepto, both just 22.

    •Bengaluru (26 unicorns, $70B),
    Delhi-NCR (12, $36.3B), Mumbai (11, $22.8B).

  • Why the Internet Is Going Bananas Over Google’s Nano Banana Trend, How You Can Too?

    Remember how the Google CEO, Sundar Pichai, made everyone go ‘aww’ announcing the launch of Nano Banana on the platform ‘X’ on International Dog Day (26 Aug, 2025)? The Nano Banana trend is taking off now, but the true trendsetter was Sundar Pichai’s dog, Jeffree. The tool made him look like a cowboy, a surf star, a chef, and a ‘woof-sain Bolt’ (pun intended). Sundar may have dropped 3 bananas on the launch of Nano Banana, but here’s how the internet is going bananas. So, how can you be part of the trend? Want good prompts to play around with the tool a little? Learn more.

    Sundar Pichai's annoucement of Nano Banana on 'X'
    Sundar Pichai’s annoucement of Nano Banana on ‘X’

    What Is a Nano Banana Tool?

    • It’s Google Gemini’s free AI image editing tool; the trend now calls it collectible toy figurines. So what does it do?
    • The trend started with people turning their images (normal ones like images of themselves or their pets) into 3D figurines, which are little collectible toy models.
    • Basically, these figurines are presented as real-life miniature toys on a clear acrylic (plastic) base. And these images are shown next to the packaging box, just like the ones in the toy stores.
    • These quickly pleased the crowd on Instagram and platform ‘X’ and became a big buzz.

    Note: The tool runs on Google Gemini 2.5 Flash (it’s an AI image generator). The tool helps you create these cool shareable images all for free.

    Example:

    Upload an image of your dog or yourself, and ask the tool to make them look like a tiny toy, like with a box beside it.

    Image generated via Nano Banana. Image Credits Google India
    Image generated via Nano Banana. Image Credits Google India

    How to Use the Nano Banana Trend (Step-By-Step)

    • Open Google Gemini → You can access the tool on Android/iOS or on the official website.
    • Log in with your Google Account.
    • Upload the image you want → Better use a picture of your pet, your family, or yourself, or anyone.
    • Enter a prompt → Tell the tool (AI) what you want, like how you want the image to look.

    Now here’s a prompt shared by Google:

    “Create a 1/7 scale commercialized figurine of the characters in the picture, in a realistic style, in a real environment. The figurine is placed on a computer desk. The figurine has a round transparent acrylic base with no text on the base. The content on the computer screen is a 3D modeling process of this figurine. Next to the computer screen is a toy packaging box, designed in a style reminiscent of high-quality collectible figures, printed with original artwork. The packaging features two-dimensional flat illustrations.”

    Once you are done with the prompt, you are good to click “Run” (meaning generate). 

    Note: You can tweak the prompt anytime you like (in case you want to be more specific about the outfits, the pose, background, etc.).

    13 Prompts Famous Prompts to Play Around With the Tool

    1. A plush toy version of the character, with an oversized head and soft, fuzzy fabric, + a plain background and soft lighting.
    2. Turn this photo into an anime figurine + vibrant pose + neon background + manga-style background.
    3. Turn the image into a superhero action figure + dynamic stance + a cape and comic book packaging beside the figurine.
    4. Turn the image into a 3D video game character + standing on a platform + pixelated environment + video game props.Turn the image into a businessperson figurine, suit + laptop + books.
    5. Turn the image into a designer pet collectible + collar.
    6. Turn the image into a historic figure figurine + old map + on a “Limited Edition” base.
    7. Turn the image into a cartoon-style toy + oversized shoes + a playful background.
    8. Turn the image into a star collectible + in a stadium holding a trophy.
    9. Turn the image into a sci-fi hologram model + transparent glowing lines.
    10. Turn the image into a fantasy warrior + holding a sword + a magical forest in the background.
    11. Turn the image into a pop star figure + singing on a mini stage + concert lights in the background.
    12. Turn the image into an astronaut collectible + on a moon base + galaxy backdrop.
    13. Turn the image into a pet figurine + with tiny accessories like food bowls or toys.