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  • UGRO Capital Empowers 135K MSMEs, Releases ESG Impact Report Aligned with UN SDGs

    • First-time entrepreneurs at the forefront: 78% of borrowers; 61% are first time borrowers. 
    • Women-led ventures surge to 74%, Single owners who are female are 9%
    • INR 642 Cr disbursed to 3,369 green-sector MSMEs; 42% of borrowers invested in ESG initiatives
    • Aligned with 11 UN Sustainable Development Goals, embedding ESG screening to advance gender equality, clean energy, decent work and climate action
    • Launched under the #BharosaMSMEpar movement, inviting every Indian to pledge support for MSMEs

    UGRO Capital Limited, a leading DataTech NBFC focused on MSME lending, today released the third edition of its Social Impact Report, demonstrating how targeted credit drives measurable economic, social and environmental outcomes for India’s most dynamic yet underserved businesses. Produced in partnership with Dun & Bradstreet India, the report reflects UGRO’s expanding reach, serving over 135,000 MSMEs through 200+ branches nationwide and underscores its commitment to a sustainable, inclusive MSME ecosystem.

    Over the past three years, UGRO Capital has grown its customer base from just over 23,000 in March 2022 to more than 135,000 by January 2025, boosting its Assets Under Management nearly four-fold from INR 2,932 Crore to INR 11,067 Crore while deepening financial inclusion across India’s heartlands. Notably, 78% of these borrowers are first-generation entrepreneurs tapping formal credit for the first time, and women-led enterprises have surged to 74%  of total portfolio. 9% of UGRO’s portfolio is one woman owners. Beyond metros, AUM in Tier 3+ geographies climbed from INR 1,144 Crore to INR 2,596 Crore, reflecting a strong focus on rural and small-town growth. In line with its ESG framework, UGRO channelled INR 642 Crore to 3,369 green-sector MSMEs spanning renewable energy, WASH, and sustainable manufacturing and 42% of borrowers invested in energy and waste-efficiency initiatives.

    Talking about the report, Mr. Shachindra Nath, Founder and Managing Director of UGRO Capital, said, “This report is more than just numbers, it reflects our purpose. MSMEs are the backbone of India’s economy, yet 75% rely on informal credit. This report validates our mission to democratize access to finance through data-led innovation. It also brings to life our campaign belief – MSME Accha Hai and now invites every Indian to show their support through #BharosaMSMEpar. Our emotion became evidence; now it becomes action.”

    Ms. Irem Sayeed, Chief Credit Officer, UGRO Capital, added, “Our ESG-led lending framework ensures growth that is both inclusive and resilient. From clean-energy enterprises to women-led ventures, every loan becomes a lever for change. The 42% rise in women’s employment within our borrower network shows the multiplier effect of thoughtful financing.”

    The report reaffirms UGRO’s alignment with 11 UN Sustainable Development Goals, including decent work, gender equality, clean energy, innovation, and climate action. Its embedded ESG screening protocol ensures responsible disbursals without compromising growth momentum. The research—combining telephonic and in-person interviews across 200+ branches in metro and Tier 2/3 centers was enriched by platform analytics and public financial disclosures to ensure robustness and representativeness.

    The launch of this Impact Report also aligns with UGRO Capital’s #BharosaMSMEpar campaign, a nationwide call for every Indian, from consumers to policymakers, to pledge support for MSMEs. Because when Indians back these businesses with their trust, they power a billion dreams.

    About UGRO Capital Ltd (NSE: UGROCAP I BSE: 511742) 

    UGRO Capital Limited is a DataTech Lending platform, listed on NSE and BSE, pursuing its mission of “Solving the Unsolved” for the small business credit gap in India, on the back of its formidable distribution reach and its Data-tech approach. 

    The Company’s prowess in Data Analytics and strong Technology architecture allows for customized sourcing platforms for each sourcing channel. GRO Plus module which has uberized intermediated sourcing, GRO Chain, a supply chain financing platform with automated end-to-end approval and flow of invoices, GRO Xstream platform for co-lending, an upstream and downstream integration with fintechs and liability providers, and GRO X application to deliver embedded financing option to MSMEs. 

    The credit scoring model GRO Score (3.0) a statistical framework using AI / ML driven statistical model to risk rank customers is revolutionizing the MSME credit by providing on-tap financing like consumer financing in India. 

    UGRO has executed Co-lending model in India which is prevalent in the West through Co-Lending relationships with total of 17 Banks and NBFCs and built a sizeable off-balance sheet asset of 42% of its AUM through its Co-lending and Co-originating partners and GRO Xstream platform. The Company is backed by marquee institutional investors (raised INR 900+ Cr of equity capital in 2018, INR ~340 Cr in 2023 and INR ~1,265 Cr in 2024) and aims to capture 1% market share over the next three years.

    UGRO Capital Appoints Anuj Pandey as CEO to Lead MSME Lending Strategy
    UGRO Capital has appointed Anuj Pandey as its new CEO. A founding team member and former Chief Risk Officer, Pandey will now lead UGRO’s MSME lending operations across India. The move comes as the company crosses ₹12,000 crore AUM, acquires Profectus Capital, and completes a large capital raise.
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  • Zomato’s Deepinder Goyal Sets Sights on Skies with Ambitious Regional Airline Plans

    Zomato co-founder Deepinder Goyal is aiming for the aviation sector in a daring move that might revolutionise regional air travel in India. Surobhi Das, co-founder of LAT Aerospace, disclosed in a LinkedIn post that the two have been discreetly developing a game-changing aviation firm that seeks to provide high-frequency, reasonably priced air transport to neglected areas of the nation.

    Goyal is prepared to take on the aviation industry in his own right. He supports Surobhi Das, a former Zoman, in starting LAT Aerospace. Goyal is LAT Aerospace’s non-executive founder.

    According to media sources, Goyal has contributed $20 million of the $50 million that the company has raised.

    According to Goyal, imagine buses in the sky: they are reasonably priced, often run, and made to connect areas that the aviation sector has neglected.

    He stated further that the LAT Aerospace’s planes will land and take off at small “air-stops” that are constructed closer to residential areas and are no larger than a parking lot. No security lines, no chaos. Simply enter and take off. It’s a challenging industry, but the market is undoubtedly broken.

    How the Concept was Born?

    Das emphasised that years of practical experience navigating India’s current air travel system served as the inspiration for the idea. In her posting, she stated that Das and Goyal consistently returned to the same inquiry: Why is regional air travel still so disjointed, expensive, and largely unattainable for those who reside in a metropolitan area?

    The concept evolved as a substitute for traditional air travel, offering a frequent, low-cost, demand-based system that is effectively a “bus network in the sky”.

    LAT Aerospace’s Innovative Flying Model  

    LAT Aerospace is creating a whole new ecosystem rather than only introducing new aircraft. It is anticipated that their aircraft will fly out of small “air-stops”—landing and takeoff areas no bigger than a parking lot—that are located nearer to residential and business areas.

    Many of the inconveniences of conventional air travel would be eliminated as a result, including lengthy journeys to large airports, onerous security checks, and delays.

    The act of flying would become much more ordinary and informal if passengers could just walk in and board their flight. Aerospace engineers, systems designers, and aviation enthusiasts are being invited to join the endeavour as it looks to grow its staff.

    Goyal’s Incomparable Skills can Turn this Mission Impossible to Possible

    Although much remains to be seen in terms of public acceptance, technological viability, and regulatory approval, Goyal’s history of creating one of India’s most well-known software firms lends credibility to this bold aviation venture.

  • Curefoods Serves Up IPO Plans, Targets INR 800 Cr Fresh Issue in Market Debut

    Curefoods India, a cloud kitchen startup based in Bengaluru and supported by Accel India, Iron Pillar, Alteria Capital Fund, and Binny Bansal, has submitted draft documents to SEBI in order to raise money through an IPO.

    The IPO will include an offer-for-sale of 4.85 crore equity shares by current shareholders in addition to the new issuance of shares valued at INR 800 crore.

    In the offer-for-sale, investors Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), and Chiratae Ventures India Fund IV will be selling their shares, along with those of Global eCommerce Consolidation Fund, Alteria Capital Fund, and Curefit Healthcare.

     Curefoods, controlled by Ankit Nagori, may think about raising up to INR 160 crore in a pre-IPO transaction. The fresh issue size will be lowered by the specified amount if it is successful in closing the pre-IPO placement.

    With 27.80% and 17.32% interests, respectively, promoter Ankit Nagori and Flipkart co-founder Binny Bansal’s 3State Ventures Pte will be the company’s largest shareholders when fully diluted. This came after Accel India V (Mauritius) (7.17%), Chiratae (8.23%), and Iron Pillar (13.53%).

    How Company Plans to Utilise Proceeds?

    Using INR 152.5 crore of the proceeds from the new offering, the multi-brand food services company intends to expand some of its current cloud kitchens, buy machinery and equipment, and open additional restaurants, kiosks, central kitchens, and cloud kitchens under the Krispy Kreme brand.

    Additionally, it will use the proceeds of the offering to pay down a debt of INR 126.9 crore. The total amount of its debt as of April 2025 was INR 239.1 crore.

    The remaining funds will be used for general corporate reasons, sales and marketing campaigns, leasing payments for existing properties, investing in subsidiaries, acquiring more shares in subsidiaries, and inorganic growth through unnamed acquisitions. The IPO’s legal consultants are Trilegal and Shardul Amarchand Mangaldas.

    Financial Dynamics of Curefoods

    In more than 70 Indian cities and towns, Curefoods India runs its food services business through 5 central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses.

    From a loss of INR 171.9 crore in the previous fiscal year, it reported a considerably smaller loss of INR 170 crore for the year that ended in March 2025.

    From INR 585.1 crore in the previous fiscal year to INR 745.8 crore in the fiscal year 2025, revenue grew by 27.5%. For the Curefoods India IPO, JM Financial, IIFL Capital Services, and Nuvama Wealth Management have been named as the book running lead managers.

    Sharief Bhai Biryani, one of Curefoods’ ten brands, made up 19.85% of its FY25 sales, somewhat surpassing EatFit’s 19.47% share. CakeZone and the pizza joint Olio came next.

  • Torrent Pharma Set to Snap Up JB Pharma in INR 25,689 Crore Mega Deal with KKR

    According to an exchange filing, Gujarat-based pharmaceutical mammoth Torrent Pharma declared on June 29, 2025, that it has finalised deals with international investment titan KKR to purchase a majority share in JB Chemicals.

    According to the possible purchase details, the company intends to buy J. B. Chemicals and Pharmaceuticals (JB Pharma) at a fully diluted equity valuation of INR 25,689 crore. The two businesses will then merge.

    The international behemoth employs Tau Investment Holdings, the promoter company of JB Pharma, an investment vehicle owned by KKR, to acquire stock in the pharmaceutical giant. Tau Investment is KKR & Co. Inc.’s separate legal company. As of June 29, 2025, Tau Investment held 47.84% of J. B. Chemicals and Pharmaceuticals, according to BSE records.

    Deal to be Completed in Two Phases

    There will be two stages to the JB Pharma takeover agreement. Through a share purchase agreement (SPA), Torrent Pharma would purchase a 46.39% stake in the first phase for a total of INR 11,917 crore, or INR 1,600 per share.

    The business will launch a mandatory open offer to purchase up to 26% of JB Pharma shares from public stakeholders at an open offer price of INR 1,639.18 per share as an extension of the first phase. 

    At the same price per share as KKR selling its position, Torrent also intends to purchase an additional 2.80% of JB Pharma from certain workers who own stock in the business. Additionally, the business revealed its intentions to merge Torrent with JB Pharma through a plan that would give 51 shares of Torrent Pharmaceuticals to each shareholder who owns 100 shares of JB Pharma.

    “Torrent Pharma is happy to have on board the JB Pharma heritage and build on the platform for the future,” said Samir Mehta, the company’s executive chairman, in an official statement.

     He further added that together with the CDMO and global reach, Torrent’s extensive presence in India and JB Pharma’s rapidly expanding India business present enormous opportunities to grow both revenue and profitability.

    The Acquisition will Strengthen Torrent’s Market Share

    Through the acquisition, Torrent will increase its market share in the IPM and get long-term access to the CDMO industry. Additionally, it would provide more scalability and consolidation in important global markets.

     Co-Head of Asia Pacific, Head of Asia Pacific Private Equity, and CEO of KKR India, Gaurav Trehan, stated that the growth of JB Pharma under KKR’s leadership is evidence of the company’s capacity to grow top-tier businesses. Adding further, he stated that KKR is honoured to have worked with the management of JB Pharma.

  • Infra.Market Raises $150M from MARS Growth Capital, Backed by MUFG and Liquidity

    Infra.Market is India’s fastest-growing building materials platform, offering end-to-end solutions across the construction value chain, today announced that MARS Growth Capital, a joint venture between Liquidity, the global AI-driven private credit firm, and MUFG Bank, Ltd has extended terms of the existing financing of $100 million USD by another five years and also enhanced the financing amount by an additional $50Mn. This additional financing by MARS in Infra.Market takes its total investment up to $150 million.

    Northcote Luxe FinBrokers were the exclusive advisors to Infra.Market for this transaction.

    Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market is a building materials platform, offering end-to-end solutions across the construction value chain. With a robust network of 250+ manufacturing units and strategic investments in RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad, the company also operates through 10,000+ retail touchpoints across India. Infra.Market is the only platform delivering 15+ product categories including Concrete, Walling Solutions, Steel, Aggregates, Pipes & Fittings, MDF, Plywood, Laminates, Tiles, Paints, Modular Kitchens, Designer Hardware, Electricals, Appliances, and Consumer Durables, among others, ensuring reliability, scale, and quality across every stage of construction

    Infra.Market caters to both institutional customers (B2B) and retail outlets (B2R) in the building materials sector. Infra.Market has today established itself as second largest player by revenue in the Ready  Mix Concrete (RMC), second largest player by capacity in Autoclaved Aerated Concrete (AAC) blocks and second largest player by capacity in flooring tiles in India. 

    Infra.Market is targeting the $ 255 billion USD (INR 21,934 billion) building materials market, with a focus on the infrastructure, industrial and building construction sector. 

    This is the company’s second fundraising for the year. The company had raised approximately $125 million (INR 10 billion) in a Series D financing round earlier this year. 

    Souvik Sengupta, Founder, Infra.Market says, “We continue to build on our vision of creating India’s largest building materials platform, offering end-to-end solutions across the construction value chain, not only in India, but also globally. We are seeing growth opportunities as we are rapidly expanding our market presence, and create a best in class construction materials company out of India.”

    Commenting on the transaction, Ron Daniel, Co-Founder & CEO, Liquidity Group, says, “We are proud to deepen our partnership with Infra.Market as the company continues to redefine what’s possible in India’s infrastructure sector. This $150 million potential commitment reflects our conviction in Infra.Market’s vision and execution, as well as the transformative impact it is having across the construction value chain. By combining Liquidity’s technology-driven approach and underwriting capabilities with Infra.Market’s scale and ambition, we are enabling sustainable growth and supporting Infra.Market’s emergence as a global infrastructure leader. We look forward to powering Infra.Market’s expansion in India and beyond over the next five years.”

    About Infra.Market

    Founded in 2016, Infra.Market is India’s fastest-growing building materials platform, offering end-to-end solutions across the construction value chain. With a robust network of 250+ manufacturing units and strategic investments in RDC Concrete, Shalimar Paints, Emcer, Millennium Tiles, and Amstrad, the company also operates through 10,000+ retail touchpoints across India. Infra.Market is the only platform delivering 15+ product categories including Concrete, Walling Solutions, Steel, Aggregates, Pipes & Fittings, MDF, Plywood, Laminates, Tiles, Paints, Modular Kitchens, Designer Hardware, Electricals, Appliances, and Consumer Durables, among others, ensuring reliability, scale, and quality across every stage of construction.

    About Mars Growth Capital

    Founded in 2021 and with $1.1bn AUM, MARS Growth Capital is a joint venture between Japan’s largest bank, MUFG Bank, Ltd. and Liquidity, the largest AI-driven private credit firm in the world. Leveraging Liquidity’s decision-science technology, MARS Growth Capital deploys non-dilutive financing solutions in the range of $3-100 million to mid-market, late-stage, and pre-IPO technology companies in APAC, and Europe.

    About Liquidity

    Liquidity is the leading AI-driven private credit firm globally. With multiple credit funds and facilities, as well as a growth equity arm in Singapore focused on North America, Asia-Pacific, Europe and the Middle East, Liquidity operates globally, with offices in London, New York, Singapore, Tel-Aviv, Abu Dhabi and San Francisco. The firm’s patented machine learning and decision science technology enables it to deploy more capital through more deals faster than any firm in capital markets history, establishing it as the fastest-growing provider of credit and equity financing to mid-market and late-stage companies. Liquidity is backed by leading global financial institutions, including Japan’s largest bank, MUFG, Spark Capital and KeyBank. 

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  • Daily Indian Funding Roundup & Key News – 27 June 2025: ZILO, Agilitas Raise Funds; Wakefit IPO Progress in Focus

    Here’s a quick look at the latest startup fundings and key news highlights from across India on 27 June 2025.

    Daily Indian Startup Funding Digest – 27 June 2025

    Company Investment Investors Use of Funds
    ZILO $4.5 million Info Edge Ventures (lead), Chiratae Ventures Enhance supply‑chain, scale beyond Mumbai, expand inventory to ~100,000 styles
    Agilitas ₹40 crore ($4.8 million) – tranche 1 Virat Kohli (personal investment) Build sports manufacturing & retail vertical, include Kohli’s One8 brand, deepen Kohli’s involvement

    ZILO Raises $4.5 Million to Scale 60-Minute Fashion Delivery

    Quick fashion delivery startup ZILO has raised $4.5 million in seed funding led by Info Edge Ventures and Chiratae Ventures. Founded by Padmakumar Pal and Bhavik Jhaveri, the Mumbai-based company aims to expand beyond the city, enhance its hybrid supply chain, and scale its catalogue to nearly 100,000 styles. The platform promises 60-minute delivery and partners with over 250 fashion brands.

    Virat Kohli Invests INR 40 Crore in Agilitas, Joins as Strategic Partner

    Cricketer Virat Kohli has invested INR 40 crore in Bengaluru-based Agilitas, founded by ex-Puma MD Abhishek Ganguly. The investment marks the first tranche of Kohli’s involvement, with plans to integrate his brand One8 and take on a strategic role. Agilitas aims to build a fully integrated sports retail and manufacturing platform and has previously acquired Mochiko Shoes and Lotto India rights.

    Virat Kohli Teams Up with Agilitas in a Game-Changing Deal
    Indian Premier League winner Virat Kohli of Royal Challengers Bengaluru has partnered with sports goods manufacturer Agilitas after his contract with Puma was over. A media house cited sources indicating that Kohli is thought to have contributed INR 40 crore to the initial instalment. Notably, Abhishek Ganguly, the former head
    StartupTalkyNitin Konde

    Key News Highlights – 27 June 2025

    Flipkart Launches New Seller Success Programme

    Flipkart has rolled out its New Seller Success Programme, offering first-time sellers 60 days of complimentary onboarding support, covering cataloguing, order fulfilment and pricing tools. The initiative, launched earlier this year, already shows promising results in empowering small and regional merchants to better navigate and grow on its platform.

    Wakefit Files DRHP, Narrows FY24 Losses Dramatically

    D2C furniture and mattress brand Wakefit has filed its Draft Red Herring Prospectus (DRHP) for an IPO aimed at INR 468.2 crore, combining a fresh issue and offer-for-sale. In FY24, the company narrowed its loss sharply to INR 15 crore, down from ₹145.7 crore, while revenues grew 21.9% to ₹986.4 crore.

    Pine Labs Chief Earns ₹9.5 Crore & Gets 2.3 Crore ESOPs Ahead of IPO

    Fintech firm Pine Labs CEO Amrish Rau received ₹9.5 crore in total compensation for FY25, including salary, bonuses and ESOP gains, along with 2.3 crore ESOPs, as outlined in its DRHP. The company, which aims to raise around INR 2,600 crore in its upcoming IPO, will use proceeds for international expansion, tech development and debt reduction.

    Jio BlackRock Broking Secures SEBI Nod; JFS Shares Jump ~4%

    Jio BlackRock Broking, the JV between Jio Financial Services and BlackRock, has received SEBI approval to begin operations as a stockbroker and clearing member in India. The licence complements its existing asset management and advisory units, and the news prompted a 4–5% rise in Jio Financial’s stock.

    JSW Paints to Acquire 74.76% Stake in Akzo Nobel India for INR 8,986 Crore

    JSW Paints has signed definitive agreements to acquire a 74.76% stake in Akzo Nobel India (maker of Dulux) for up to INR 8,986 crore, valuing the business at INR 12,000 crore. The deal, awaiting CCI approval and followed by an open offer, elevates JSW to the fourth-largest player in India’s ₹80–90 thousand crore paints market.

    Daily Indian Funding Roundup & Key News – 26 June 2025
    On 26 June 2025, Indian startups raised big funds. Raphe mPhibr got $100 million, Wiom $40 million, and ShopOS $20 million. At the same time, Pine Labs filed for an IPO and Net1 exited MobiKwik with a loss. The day saw strong investor interest and key shifts in the startup space.
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  • PhysicsWallah Partners with CSC Academy to Launch Digital University for Rural India, Focus on AI and Cybersecurity Training

    Education company PhysicsWallah (PW) has partnered with CSC Academy (CSCA), a not-for-profit organisation under the Common Services Centres (CSC) of the Ministry of Electronics and Information Technology (MeitY). Through this partnership, the two entities will try to establish a Digital University that will offer accredited online degree programs and certifications, with Common Services Centres (CSCs) serving as Digital Learning Centres, aiming to expand access to quality higher education across rural and underserved regions of India.

    Furthermore, the partnership attempts to leverage PW’s expertise in creating various educational and skill development programs with CSCA’s nationwide network of CSCs. These programs will be delivered through PW’s online, offline and hybrid modes as well as Common Service Centres as learning hubs.

    This partnership will also try to focus on skill-based training, co-developing courses and certificate programs in emerging areas such as Cyber Security, Artificial Intelligence, and Behavioural Science. Additionally, in an attempt to aid rural capability development, PW will train CSCA and Village Level Entrepreneurs (VLEs), who will further support the academic delivery at the local level.

    Prateek Maheshwari, Co-Founder of PhysicsWallah, said, “At PhysicsWallah, we believe education should be accessible to every learner, regardless of geography or background. Our partnership with CSC Academy attempts to bring structured learning and trusted guidance to students in rural and underserved communities. This initiative will try to build an inclusive educational ecosystem that leaves no student behind.”

    Pravin Chandekar, CEO of CSC Academy, said, “At CSC Academy, our mission has always been to bridge the digital and educational divide in rural India. This collaboration with PhysicsWallah will attempt to bring affordable education to learners in the remotest corners of the country. Together, we’re not just delivering content, we’re trying to deliver hope, opportunity, and a pathway to prepare for the future.”

    By attempting to combine PW’s academic capabilities with CSCA’s grassroots network, the partnership is trying to create a future where no learner is left behind, regardless of geography.

    About PhysicsWallah (PW) 

    PhysicsWallah (PW), an education platform, was founded in 2020 by Alakh Pandey and Prateek Maheshwari. Headquartered in Noida, Uttar Pradesh, PW aims to democratize education through online, offline and hybrid platforms. Initially launched as a YouTube channel in 2016, PW now offers education to students through its YouTube channels, including vernacular languages. PW aims to create a hybrid education ecosystem in the country by establishing tech-enabled offline and hybrid centres in cities nationwide. PW’s offerings span various educational segments, including test preparation, a skilling vertical, higher education, and education abroad. PW has raised funding from investors, including Hornbill Capital, Lightspeed Ventures, Westbridge and GSV Ventures.

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  • Wakefit Rolls Out IPO Plans, Targets to Raise INR 468 Cr

    Wakefit Innovations Ltd, a home and furnishings company, has submitted preliminary documents to the Securities and Exchange Board (Sebi) requesting permission to acquire capital through an initial public offering (IPO).

    According to the draft red herring prospectus (DRHP) submitted on June 26, the planned IPO of the Bengaluru-based company consists of an offer for sale (OFS) of 5.84 crore equity shares by the selling shareholders, along with a fresh issue of equity shares totalling up to INR 468.2 crore.

    Nitika Goel, Peak XV Partners Investments VI, Redwood Trust, Verlinvest S.A., SAI Global India Fund I LLP, Investcorp Growth Equity Fund, Investcorp Growth Opportunity Fund, and Paramark KB Fund are among the selling shareholders as part of the OFS, along with the promoters Ankit Garg and Chaitanya Ramalingegowda.

    How Wakefit Plans to Utilise Proceeds?

    Wakefit plans to use the INR 82 crore proceeds from the new issue to open 117 new COCO Regular Stores and one COCO Jumbo Store; INR 15.4 crore to buy new machinery and equipment; and INR 145 crore to pay license fees and lease and sublease rent for already-existing stores.

    The remaining sum would be utilised for regular business operations. In addition, INR 108.4 crore will go towards marketing and advertising costs to raise brand awareness and visibility.

    Additionally, the business might think about doing a pre-IPO placement of up to INR 93.6 crore. By implementing such a placement, the size of the fresh issue will be reduced.

    Wakefit’s Products and Business Operations

    Founded in 2016, Wakefit is one of the newest domestic companies in India’s home and furniture industry. The company distributes a variety of mattresses, furniture, and furnishings through both internal and external channels, including a number of marketplaces like multi-branded stores and major e-commerce platforms.

    Its full-stack vertical integration allows it to manage all facets of business operations, from product conception, design, and engineering to manufacturing, distribution, and customer experience and engagement.

    Two of Wakefit’s five manufacturing facilities are located in Bengaluru, Karnataka; the other two are in Hosur, Tamil Nadu; and the fifth is in Sonipat, Haryana.

    Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025.

    Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering.

    In the near future, startups like SoftBank-backed OfBusiness and contract maker Zetwek hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025.

    This comprises companies that aim for $500 million initial public offerings (IPOs), such as edtech company PhysicsWallah, AI unicorn Fractal, construction materials portal Infra.market, and leader in rapid commerce Zepto.

    With solid institutional support and a broad range of digital payment and issuance tools designed for India’s quickly digitising commerce sector, Pine Labs’ initial public offering (IPO) is anticipated to be a notable fintech listing in 2025.

  • Fighting Fraud in Real Time: Govt Collaborates with Google Pay, PhonePe, Paytm

    In order to detect and prevent transaction fraud, the central government is collaborating with Third-Party Application Providers (TPAPs) such as Google Pay, PhonePe, and Paytm to create improved security measures.

    The initiative’s goal is to stop fraudulent transactions using TPAPs. TPAP systems may cause minor delays and send out fraud alerts in order to facilitate this.

    According to reports, the Centre is collaborating with third-party UPI apps like Google Pay, PhonePe, Paytm, and others to put in place improved security features that can instantly identify and stop questionable P2P and P2B transactions.

    The campaign aims to reduce fraudulent transactions conducted through TPAPs, specifically targeting schemes that impact consumers with lesser levels of digital literacy, according to a media report that cited persons familiar with the situation.

    Enhancing Security Checks

    The government’s measure is intended to make sure that all transactions—regardless of their value—are subject to more stringent checks and balances, even if they take a few more seconds.

    Platforms like Google Pay, Paytm, and others may purposefully create small delays, send fraud alerts, and ask customers for more confirmation before completing transactions that seem suspicious in order to make this easier.

    A representative of the IT ministry informed a news outlet that the administration is using every signal it can. Even though it’s still early, the government hopes to find a tangible way to significantly reduce payment fraud via UPI apps.

    Additionally, according to the official, Google Pay, PhonePe, and Paytm have implemented a risk-based strategy that enables them to limit or prevent transactions for individuals who are categorised as having medium, high, or extremely high financial risk.

    According to a TPAP executive, they have collected enough signals to identify potentially dangerous transactions with the aid of artificial intelligence.

    Online Payment and Bank Frauds on the Rise in India

    Despite a sharp reduction in the number of reported cases, the Reserve Bank of India (RBI) recorded a sharp increase in the value of bank frauds for the fiscal year 2024–2025.

    Across Indian banks and financial institutions, 23,953 fraud instances of INR 36,014 crore were reported; this represents an almost threefold increase in value compared to INR 12,230 crore the year before.

    The categorisation of 122 fraud cases from previous years, valued at INR 18,674 crore, which were re-reported after a Supreme Court ruling in March 2023, is mostly to blame for the increase.

    The majority of losses resulting from fraud were still borne by public sector banks (PSBs). Even while they reported fewer frauds than private lenders (6,935 incidents versus 14,233), the total amount involved was far larger, at INR 25,667 crore, or 71.3%.

    Nearly 60% of all fraud cases involved private sector banks, which claimed losses of INR 10,088 crore. Although they continued to be modest participants in terms of fraud value, foreign banks, small finance banks, and payments banks consistently increased the number of instances.

  • Intel Hits the Brakes on Auto Unit, Plans Massive Job Cuts

    According to various media reports, chipmaker Intel is closing its automotive branch and terminating the majority of its workforce. In the communication, the corporation stated that it intends to shut down its automotive Intel architecture division.

    It further stated that although it will complete current obligations to clients, “the majority” of the employees in that company will be let go.

    Intel clarified in a written statement to a media house that, in order to best serve its customers, the company is once again concentrating on its core client and data centre technologies.

    Intel has made the decision to shut down its automotive division under its client computing segment as part of this effort. The company is trying to make sure that its clients have a seamless transition.

    Intel Already Made Heavy Investment in Automotive Semiconductors

    Over the years, Intel has made significant investments in automotive semiconductors. More than 50 million automobiles have utilised Intel’s processors in infotainment systems, instrument clusters, and other automotive applications.

    The business unveiled AI-enabled chips in 2024 with the goal of improving voice assistants and in-car navigation. Additionally, it revealed ambitions to introduce its Arc GPU into automobiles.

    Intel currently seems to be leaving the market despite these changes. The change is a component of CEO Lip-Bu Tan’s larger restructuring initiatives, which are intended to reduce expenses and streamline operations.

    Layoff a Common Feature of Intel

    The automotive unit’s closure comes as Intel announced more widespread layoffs. The company’s Santa Clara headquarters will lay off 107 workers, according to a recent WARN warning it issued in California.

    According to an Intel representative who spoke to a media outlet, Intel will be able to improve customer service and execution by simplifying its organisation and giving its engineers more authority.

    There will likely be further layoffs in Intel’s foundry group. Tan informed staff in April that in order to increase operational efficiency, Intel would need to “reduce the size” of its workforce by the second quarter of 2025. With additional cost reductions scheduled for 2026, the chipmaker is aiming to save $500 million this year.

    Year 2025 Marked as Year of Layoffs

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

    Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

    According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.