On June 26, the stocks of electronics manufacturers Voltas and Whirlpool saw notable increases.
This occurred in response to a report that asserted Panasonic’s withdrawal from loss-making categories in India, including refrigerators and laundry machines.
According to a media outlet, which cited persons familiar with the situation, Japanese electronics giant Panasonic Holdings is cutting back on its consumer electronics operations in India and is leaving the refrigerator and washing machine markets where it was unable to gain a sizable market share.
Company Declared the Move in an Official Statement
The media outlet has been informed by a Panasonic spokesperson that the company is indeed exiting the two segments in India. The company is closing its production line for these products at its facilities in Jhajjar, Haryana, according to the report.
At the moment, the company works as a contract manufacturer for other companies. Panasonic in India is rebuilding operations to concentrate on future-ready growth segments like home automation, heating, ventilation, and air conditioning (AC), business-to-business (B2B) solutions, electricals, and energy solutions, in accordance with our global strategy and changing market dynamics, a spokesperson said in an official statement.
In addition to continuing to offer complete customer support, including parts and warranty coverage, Panasonic will assist dealers with inventory disposal.
Panasonic in Restructuring Mode
According to various media reports, Panasonic’s reorganisation exercise will involve significant layoffs, with the number likely to be in the high double digits. Following this, the business will keep operating in India in the television, air conditioner, and other categories.
When questioned about the potential layoffs, a representative of the company stated that the company is fully committed to supporting and aiding the impacted employees and that it is a difficult but necessary step.
By increasing their market share, the other competitors in the categories will probably gain from the departure of a significant player from the market. Voltas shares increased more than 2% to trade at INR 1,341 apiece, while Whirlpool shares surged more than 5% to reach their day’s high of INR 1,455 apiece.
Additionally, the business stated that it will help dealers get rid of the leftover refrigerator and washing machine inventory. Existing customers will continue to get warranty coverage, spare parts, and after-sales service.
Panasonic’s action is in line with a broader worldwide trend in which established electronics companies are simplifying their consumer portfolios in order to give priority to high-growth sectors.
The business is currently establishing itself as a major force in commercial HVAC (heating, ventilation, and air conditioning) systems, sustainable energy technologies, and smart home ecosystems in India.
Almost five years after opening the digital marketplace, FMCG conglomerate ITC has shut down its online store. The “ITC Store”, which was established in November 2020 during the height of the COVID-19 pandemic to take advantage of the spike in online sales, has ceased accepting orders.
The independent online store has “served its purpose”, an ITC representative told a media house. According to reports, the FMCG major is currently embracing a multi-platform digital distribution strategy that encompasses modern trade, e-commerce, and rapid commerce.
The corporation is bolstering its position in general trade and concentrating on digitally enabled sales, according to the report.
Focusing Distribution on Major E-Commerce Players
Interestingly, ITC’s items can also be found on speedy commerce and e-commerce sites like Amazon, Blinkit, and Instamart. In sectors like food and personal care, the company’s portfolio includes brands like Aashirvaad, Sunfeast, Bingo!, Fiama, Vivel, and Classmate, among others.
A representative for ITC added that the company has improved its selection and mix on these platforms, which has resulted in a notable increase of more than 50% in these channels (rapid commerce and e-commerce).
The growth coincides with India’s urban environment quickly adopting quick commerce, as evidenced by the arrival of up to 19 new competitors in a variety of categories in recent months.
Quick commerce’s success has also increased competition, forcing well-established companies like Zepto, Swiggy Instamart, and Zomato’s Blinkit to make significant investments in order to expand their product lines, provide discounts, and grow their network of dark stores.
Several Packaged Companies Opting for Online Distribution Channel
In order to meet the increased demand for online shopping following COVID-19, a number of other packaged goods businesses, such as Nestlé, Amul, Dabur, and Marico, established their own e-commerce platforms.
However, the initiative’s primary goal was to attract new clients rather than compete with established giants of e-commerce or rapid commerce. By selling directly to consumers, these businesses were able to reduce distributor and retailer margins by owning their own web platform.
Additionally, it made it possible for tiny businesses to stock their whole product line, something that isn’t possible on bigger e-commerce sites like Amazon or Blinkit.
By providing up to 40% off of their items, which ranged from soaps to necessities, the majority of these businesses aimed to increase their clientele. Nevertheless, ITC was forced to halt operations and reassess its strategy after it seemed to have failed. “Not processing any orders currently” is the message that is currently displayed on ITC’s website.
For failing to give all stakeholders equitable access to corporate filings and to take action against brokers who make frequent changes during trading, capital markets regulator SEBI fined the BSE INR 25 lakh on 25 June.
Following an inspection that took place between February 2021 and September 2022, the market regulator issued the order. SEBI ruled in a 45-page ruling that BSE had violated standards by allowing its paid clients and internal listing compliance monitoring (LCM) staff to view business announcements before they were posted on its website.
In order to preserve market integrity and avoid unfair information advantages, the regulator also noted that the data dissemination procedure lacked controls to guarantee simultaneous and equal access to all players.
SEBI Notifies Various Shortcomings of BSE
The Securities Contracts (Regulation) SECC (Stock Exchange and Clearing Corporations) Regulations, 2018, which require stock exchanges to provide equitable and transparent access to all users, were broken by BSE, according to SEBI’s remark.
Additionally, it pointed out that the BSE failed to set up a really basic syndication (RSS) feed, which would have reduced the possibility of unequal access to company filings. SEBI held that such corrective action was only done after the examination revealed shortcomings, even if the exchange later created a time gap to remedy the matter.
SEBI also pointed out significant flaws in BSE’s oversight of client code changes, which are only allowed when there are actual mistakes.
Concerns regarding potential abuse and a lack of due diligence in trades between unaffiliated institutional clients were raised by the BSE’s failure to take disciplinary action against brokers who made frequent adjustments and ‘error accounts’.
Comments Made by SEBI’s Quasi Judicial Authority Santosh Shukla
In the ruling, Santosh Shukla, SEBI’s quasi-judicial authority, stated that stock exchanges play a crucial role as the initial line of supervision when managing materially price-sensitive information concerning listed firms and their securities.
In order to maintain compliance with its responsibilities as a leading, internationally renowned stock exchange, BSE must have internal controls over how to handle and manage such corporate announcements.
Shukla stated that the concept of impartiality, transparency, and fairness in information dissemination from the first-level regulator BSE has been significantly compromised by the availability of information about listed companies to LCM employees of BSE and its paid subscribers prior to its release to general investors through its website.
Additionally, he argued, BSE has demonstrated carelessness and laxity in failing to enforce standards regarding client code modifications.
Kotak Asset Management Company (AMC) has been hauled to NCLT by an Essel Group subsidiary, which is claiming INR 12.99 crore in unpaid debts. The case was filed in May and was heard by the Mumbai bench of the NCLT.
The petition has been submitted in the case by Konti Infrapower and Multiventures, a unit of the Essel Group. According to Konti Infrapower’s argument, Kotak AMC received an advance of INR 12.99 crore in order to fulfil certain obligations resulting from the Non-Convertible Debentures (NCD) issue.
Following the conclusion of SEBI’s regular yearly examination of the AMC, the AMC was required to reimburse the sum.
In its plea, Konti Infrapower stated that the applicant, via demand notice dated 19 February 2025, among other things, called on the Corporate Debtor to release the outstanding amounts as a pro tem measure because the Corporate Debtor had failed and neglected to fulfil its contractual obligations as stipulated under the Agreement dated 6th April 2019. As of right now, the Corporate Debtor has not paid the Financial Creditor.
Findings of SEBI’s Investigation
The agreement stated that the money given to Kotak AMC would be returned to Konti Infrapower following the conclusion of SEBI’s initial examination of the AMC, according to the petition copy. The SEBI inspection took place between April 2019 and March 2020, and a report was issued by SEBI after the inspection.
Additionally, the funds that were loaned were to be reimbursed following the fulfilment of the payments under the underlying NCDs to Kotak AMC unit holders. According to Konti Infrapower, on July 6, 2022, it sent two letters to Kotak AMC requesting the release of the agreed-upon payments. On July 28, 2022, Kotak AMC responded, saying SEBI’s inspection was not finished.
According to Konti Infrapower, a report dated March 28, 2023, has been prepared following the completion of the SEBI inspection of Kotak AMC, which is the catalyst for the company’s money repayment.
Additionally, Kotak AMC paid back unitholders and liquidated its NCDs. The issue concerns the Rs 20-crore NCDs that were subscribed for by Kotak AMC of Essel Group companies using listed equity shares of Zed Entertainment Enterprises Limited as the underlying security.
Kotak AMC Sold NCDs of INR 20 crores to Specific Investors
In February 2019, Kotak AMC sold the NCDs for INR 20 crores to a few additional investors, and the IN 12.99 crore advancement was solely related to this portion. According to a representative for the Essel Group, Konti Infrapower had raised funds from Kotak Mutual Fund in the form of NCDs.
In September 2019, Kotak Mutual Fund received the full payment under the NCDs. The spokesman also mentioned that in April 2019, Konti Infrapower had made a separate payment to Kotak AMC Ltd that Kotak AMC was to reimburse to Konti Infrapower after reaching specific milestones.
Kotak AMC has fallen behind in its payments, and the aforementioned funds are due and payable. Consequently, Konti Infrapower has petitioned Kotak AMC to start the corporate insolvency resolution process (CIRP). The matter is pending in the Mumbai NCLT.
The online dating app Bumble intends to fire about 240 workers, or nearly 30% of its workforce worldwide. Bumble said in a securities filing that the cutbacks were agreed to by the board this week as the company reorganises its operations to better execute its strategic priorities.
A large portion of the $40 million in cost savings the Austin, Texas-based company anticipates from the labour cutbacks will go towards product and technology development.
In a statement sent to a media outlet on June 26, Bumble stated that these decisions were not made hastily and that it was “deeply grateful for the contributions of every employee impacted.”
The company is now focussed on moving forward in a way that strengthens its core business and positions it for future growth.
Further Details Still Remain Confidential
When the layoffs will take place and which responsibilities would be impacted were not immediately made clear by Bumble. However, its securities filing indicated that the process would continue into the following quarter.
It stated that it anticipates spending between $13 million and $18 million, mostly in its third and fourth fiscal quarters, on layoff-related expenses, including severance for affected employees.
Whitney Wolfe Herd, the founder and CEO of Bumble, stated in a June 25 letter to staff members that “Bumble, like the online dating industry itself, is at an inflection point.” She pointed out that the business has been rebuilding lately, which necessitates difficult choices.
Bumble Going Through Financial Challenges
Two years after co-founding Tinder in 2012, Wolfe Herd launched Bumble in 2014. She returned to the top position in March after previously serving as Bumble’s CEO from 2020 to January 2024.
Since going public in 2021, Bumble has had difficulties in the market. Even though shares increased on June 25, the company’s stock has nevertheless dropped more than 35% in the past year and about 92% since its February 2021 launch.
Bumble’s most recent first-quarter profits showed a total revenue of almost $247 million, which was over 8% less than the same time last year. For the second quarter of its fiscal year 2025, the business anticipates earning between $244 million and $249 million, it announced on 25 June.
Although it is more than earlier projections, it is still less than the $269 million it disclosed for the second quarter of 2024.
Layoffs have Become a Common Scenario in 2025
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.
India’s startup ecosystem remained active on 25 June 2025, with key funding rounds led by Sahi, GIVA, and Battery Smart. Meanwhile, Lenskart gears up for its IPO, NPCI reports a sharp profit surge, and MakeMyTrip announces a major buyback. Here’s a quick roundup of the key startup fundings in India on 25th June 2025.
Daily Indian Startup Funding Digest – 25 June 2025
Startup
Sector
Round
Amount
Key Investors
AuraML
Deep‑tech / Robotics
Pre‑seed
$1 million
Turbostart, DeVC, GSF Accelerator, IAN
Indian Snack House
Food / D2C
Pre‑seed
₹2.2 crore
Titan Capital
Innovodigm
Med‑tech / Vaccines
Seed
₹5.5 crore
Indian Angel Network, PadUp Ventures
Pazy
Fin‑tech / B2B Payments
Pre‑seed
₹6 crore
Inuka Capital, Gemba Capital
Sthyr Energy
Clean‑tech / Energy
Seed
$1 million
Speciale Invest, Antares Ventures
IndiaBonds
Fin‑tech / Bond Platform
Maiden round
₹32.5 crore
Angel Investors from finance and tech sectors
Armory
Defence‑tech
Seed
₹13 crore
growX Ventures, Antler, Industrial 47, others
GIVA
D2C / Jewellery
Series C
₹530 crore
Creaegis, Premji Invest, Epiq Capital, Edelweiss Fund
Sahi
Fin‑tech / Trading
Series A
$10.5 million
Accel, Elevation Capital
Battery Smart
EV / Battery Swapping
Series B (ongoing)
$21 million
Rising Tide Energy, ResponsAbility, others
Daily Indian Funding Highlights – 25 June 2025
AuraML – Deep‑tech breakthrough
Mumbai‑based AuraML secured $1 million in a pre‑seed round to advance its generative simulation platform for warehouse and industrial robots. The round was led by Turbostart, with participation from DeVC, GSF Accelerator, and Indian Angel Network. Funds will support product development, enterprise pilots, and expansion in the US.
Indian Snack House – D2C food expansion
Chennai‑based clean‑label brand Indian Snack House raised INR 2.2 crore in a pre‑seed round from Titan Capital. Founded by Rajakumaran and Anbarasan, the startup aims to expand the distribution of traditional snacks across South India via online and offline channels.
Innovodigm – Vaccine delivery innovation
Med‑tech startup Innovodigm, co‑founded by Dr Jhimli Manna and Dr Ayan Chatterjee, raised INR 5.5 crore in a seed round led by Indian Angel Network (INR 4.5 crore) and PadUp Ventures. The company is working on microneedle patch technology for thermostable vaccine delivery.
Pazy – Fin‑tech for business payments
B2B payments platform Pazy raised INR 6 crore in a pre‑seed round led by Inuka Capital, with Gemba Capital joining in. Founded in 2023, it aims to simplify vendor payments and financial operations for mid‑sized businesses.
Sthyr Energy – Zinc‑air storage
Clean‑tech startup Sthyr Energy raised $1 million in a seed round led by Speciale Invest and Antares Ventures. The startup is developing modular zinc‑air energy storage systems and plans to scale its pilot units for renewable energy use cases.
IndiaBonds – Democratising bond investments
Mumbai‑based IndiaBonds raised INR 32.5 crore in its maiden external round from marquee individual investors. The SEBI‑regulated platform allows retail investors to access listed debt instruments with ease.
Armory – Defence‑tech with AI
Defence startup Armory secured INR 13 crore from investors including growX Ventures, Antler, and Industrial 47. Its flagship product “SURGE” uses AI for indigenous counter‑drone defence, already undergoing field trials with Indian armed forces.
GIVA – Premium D2C jewellery
Bengaluru‑based jewellery brand GIVA raised INR 530 crore in Series C funding led by Creaegis, with participation from Premji Invest, Epiq Capital, and Edelweiss Discovery Fund. The brand plans to grow its offline presence and invest in lab‑grown diamonds.
Sahi – AI‑powered retail trading
Founded by former Swiggy CTO Dale Vaz and Manish Jain, stock trading platform Sahi secured $10.5 million in a Series A round led by Accel and Elevation Capital. Known for its AI‑powered trading tools and INR 10 per‑order pricing, Sahi has crossed 200,000 app downloads and is building a web platform amid favourable SEBI rule changes.
Battery Smart – Scaling EV swapping
EV infrastructure firm Battery Smart raised $21 million in its ongoing Series B round led by Rising Tide Energy, with ResponsAbility and Acacia Inclusion Ltd among other backers. The Gurugram‑based company operates over 1,500+ battery swapping stations, enabling rapid e‑rickshaw battery replacement across India.
Key News Highlights – 25 June 2025
NPCI records 42% surge in FY25 surplus
The National Payments Corporation of India (NPCI) reported a 42% year‑on‑year rise in its surplus (akin to profit), reaching INR 1,552 crore for the fiscal year ending March 2025, up from INR 1,095 crore a year earlier. Growth was driven by a 19% increase in income, bolstered by rising UPI transactions and associated fee revenue.
CCI approves Manipal Group’s acquisition of Aakash stake
The Competition Commission of India (CCI) has cleared the Manipal Group’s proposal to purchase a stake in Aakash Educational Services Ltd from its founder, Dr J.C. Chaudhry. The acquisition will be carried out by Manipal Health Systems Pvt Ltd and Manipal Education & Medical Group (MEMG). Ranjan Pai’s Manipal Group already holds around 40% equity in Aakash.
MakeMyTrip to repurchase ~US$3 billion from Trip.com
Online travel aggregator MakeMyTrip has agreed to pay approximately $3 billion to buy back shares from its Chinese partner Trip.com Group, reducing the latter’s stake to roughly 17%. The transaction, formalised on 23 June, is expected to close in early July and follows MakeMyTrip’s recent $3.1 billion capital raise.
Rapido integrates Delhi Metro ticketing with ONDC
Rapido has launched metro ticket booking within its app for the Delhi Metro, through a tie‑up with DMRC and the Open Network for Digital Commerce (ONDC). Trialled since April, it is now fully live, serving around 10,000 bookings daily. Users also enjoy a flat INR 25 fare (one free first ride) for last‑mile trips to/from metro stations.
Lenskart to file DRHP publicly in July
Eyewear unicorn Lenskart plans to skip SEBI’s confidential IPO route and submit its Draft Red Herring Prospectus (DRHP) publicly in the first fortnight of July. This departure from the norm, unlike peers such as Swiggy and Groww, signals an emphasis on transparency.
UPI leads digital payments at 48%, Aadhaar banking preferred by 42% women respondents
38% Women respondents prefer a regional language smartphone interface for better customer engagement
Smartphones, primary business device at 71%; among women, it’s even higher at 84%
79% women reported positive digital business impact
26% of MSMEs have attended training to build digital skills
7% of respondents are exploring AI-powered tools
The digital backbone of Bharat’s economy is strengthening. The third edition of the MSME Digital Index Report, released today by PayNearby, India’s leading branchless banking and digital network, reveals that over 73% of small businesses across semi-urban and rural India have seen increased income or improved operational efficiency as a result of adopting digital tools. With smartphones becoming the dominant mode of business management and UPI emerging as the most preferred transaction method, the findings indicate a deeper, more confident shift towards digital enablement at the last mile.
The third edition of the MSME Digital Index 2025 showcases digital consumption, tech awareness, behavioural patterns, and business transformation among micro-entrepreneurs, with a focus on gender representation. The insights were gathered through a nationwide survey conducted among 10,000 individuals and MSMEs in retail-focused segments such as kirana stores, mobile recharge outlets, medical shops, customer service points (CSPs), and travel agencies.
Smartphone usage remains central to their operations, with 71% of respondents citing it as their primary business device. Among women entrepreneurs, this number is significantly higher at 84%, indicating rising comfort with mobile-led infrastructure in driving customer engagement. Daily internet usage continues to rise, with 69% respondents consuming between 2GB to 5GB of data, largely supported by mobile hotspots, with 86% spending around INR 500–INR 1,000 per month on internet usage.
Digital payments continue to gain strong acceptance among MSMEs, with UPI emerging as the most preferred mode of transaction at 48%, followed by Aadhaar-enabled banking at 39%. Among women entrepreneurs, Aadhaar banking saw even higher preference at 42%, reflecting increasing trust in secure, tech-enabled services such as fingerprint and face authentication. These channels offer transaction efficiency and payment convenience, while also helping them build digital credibility for improved access to formal credit in the future.
The impact of going digital is becoming more tangible for small businesses. Of those reporting benefits from digital adoption, 33% cited improved operational efficiency. These insights point to a growing realisation among MSMEs that digital tools are not just convenient but critical for scaling businesses sustainably in a competitive market.
As digital tools become more embedded in daily business, the role of language and ease of use becomes increasingly important. 56% of respondents prefer English for understanding and navigating platforms, followed by Hindi at 25%. Among women entrepreneurs, 38% expressed a preference for vernacular interfaces, highlighting the continued need for regionally localised, intuitive tech platforms that better reflect how Bharat operates.
A small but notable 7% of respondents have begun exploring automated or AI-powered tools, including inventory apps, automated billing systems, and customer engagement platforms, mostly through third-party solutions. This emerging trend is reflected in the growing use of structured digital workflows such as transaction reports, WhatsApp-based follow-ups, and service-wise earnings tracking. It marks a shift toward more efficient, process-driven ways of working. These early signals point to rising curiosity and readiness among small businesses to explore advanced tools, as solutions become simpler to understand and use.
A growing number of respondents, both men and women, are actively building their skills to use these tools more effectively. Around 26% of respondents reported attending some form of training, whether through local community programs, online tutorials, or partner-led workshops. This reflects a shift from passive adoption to active learning, with small businesses showing increasing interest in building digital skills for long-term success.
Among women respondents, 79% reported that digital adoption had a measurable positive impact on their business performance. Nearly half said that access to digital services enabled them to contribute more actively to household finances, make independent decisions, or expand their customer base. Beyond financial gains, many also cited improved confidence in managing their businesses digitally, marking an early but important shift in long-term behavioural and social change.
The use of business software among MSMEs continues to evolve. Accounting tools are now used by 30% of respondents, followed by 18% using point-of-sale (POS) systems and 13% adopting customer relationship management (CRM) platforms. POS usage among women respondents has shown a notable increase, with 22% reporting adoption.
YouTube continues to be the most preferred entertainment platform, with 70% of respondents using it during leisure hours. Beyond entertainment, it is also widely accessed for learning, how-to videos, and brand-related content. WhatsApp and WhatsApp Business remain the most commonly used communication tools for business purposes across both male and female respondents, supporting activities such as product promotions, customer engagement, and order coordination. While the social and entertainment app landscape continues to evolve, the choice of platforms increasingly reflects business intent.
MSME Digital Index Report by PayNearby
Commenting on the report findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “The MSME sector is the backbone of Bharat’s economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking, and emerging AI workflows is proof that this segment is embracing modernisation. What stands out is not just usage, but growing digital confidence across the country. That confidence is enabling entrepreneurs to operate more efficiently and tap into formal financial systems with ease and transparency.”
“At PayNearby, our mission is to empower these change-makers by making technology intuitive, affordable, and focused on solving real business problems. From enabling banking at local retail touchpoints to opening access to credit through our partnerships, we are committed to equipping every retailer, entrepreneur, and household with the tools they need to prosper in a connected future.”
Commenting on the MSME Digital Index, Jayatri Dasgupta, CMO, PayNearby and Program Director, Digital Naari, said, “This year’s report highlights the growing participation of women in the digital economy, particularly across financial services and customer engagement. As more women take on entrepreneurial roles, it becomes essential to design solutions that are localised, easy to use, and built for convenience. Their engagement is creating tangible outcomes not just for their businesses but for their communities, accelerating change where it is needed most.”
“Women respondents, who accounted for 34% of this year’s sample, are demonstrating greater confidence in managing their business digitally. Through the Digital Naari programme, we continue to support the momentum by equipping women with the knowledge, tools, and support needed to become financially self-reliant and active contributors to Bharat’s digital progress.”
The MSME Digital Index 2025 reaffirms a clear message. As technology becomes integral to income generation, financial security, and enterprise growth, the need for cross-sector collaboration is more crucial than ever. Fintechs, policymakers, corporates, and community institutions must come together to remove residual barriers and build a digitally resilient MSME economy.
About PayNearby
Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial and digital services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers.
Today, through its tech-led DaaS (Distribution as a Service) network, PayNearby enables services like cash deposits, withdrawals, ecommerce, credit, insurance, travel, utility payments, and more. Currently, PayNearby’s 12+ lakh retail partners & 1.5+ lakh Digital Naaris spread across 20,000+ PIN codes assist over 5+ crore customers across the country, facilitating 25 crores yearly transactions.
Online travel aggregator (OTA) MakeMyTrip (MMT), which is listed on the Nasdaq, will repurchase shares from its Chinese investor Trip.com Group Limited for around $3 billion.
Trip.com announced that it has modified its share repurchase arrangement with the Indian travel tech company on June 23 in a filing with the US Securities and Exchange Commission (SEC).
In accordance with the restated agreement, MMT will purchase the interest for the sum described above. According to the filing, MakeMyTrip will pay roughly $3 billion as consideration for the aforementioned repurchase under the terms of the restated and revised share repurchase agreement that was made between the company and MakeMyTrip.
Trip.com anticipates that the deal will be finalised by the beginning of July 2025. Following the repurchase agreement, the Chinese company stated that it will continue to own approximately 16.90% of MakeMyTrip’s issued and outstanding shares.
MMT’s Strong Push to End Ties with the Chinese Firm
This comes weeks after the OTA, which is listed on the Nasdaq, initially announced that it would raise money through a main offering and senior notes in order to repurchase its interest from Trip.com Group, a Chinese investor.
MMT then raised $3.1 billion last week to buy back some of its Class B shares from Trip Group. Initially, it was anticipated that MakeMyTrip would offer 14 million main shares as part of the fundraising transaction.
However, the business later raised this figure to 18.40 million shares at $90. The Chinese investor will remain the largest minority shareholder in the travel tech company based in Gurugram, even after lowering its stake to 16.9%.
EaseMyTrip Co-founder alleging MMT of Exposing Data
A month after Nishant Pitti, a cofounder of EaseMyTrip, said that the travel tech business may reveal the information of Indian soldiers who use the platform because of its Chinese ownership, MMT accelerated the buyback agreement.
MMT, however, denied the accusations and called them “malicious”. The dispute between India and Pakistan following the Pahalgam terrorist assault was the setting for the altercation between the two domestic travel technology giants.
Notably, Moshe Rafiah, cofounder and CEO; Rajesh Magow, founder and chairman; Deep Kalra; and four Chinese members currently make up MMT’s board.
Current Financial Dynamics of MMT
Gains from a tax credit and the valuation of convertible notes propelled MakeMyTrip’s reported profit increase to US $171.9 million in the March 2024 quarter.
According to MakeMyTrip, the business made US $5.4 million in the same quarter of the prior fiscal year. According to the statement, the fourth-quarter result included a one-time gain of US $30.6 million from the change in the carrying value of the company’s convertible notes due 2028, calculated at amortised cost, and a one-time credit of US $126.1 million from the recognition of deferred-tax assets.
The gross bookings for the quarter came to US $2,039 million, up from US $1,673.9 million during the same period last year. Compared to a deficit of US $11.2 million in fiscal 2023, a profit of US $216.7 million was made for the entire fiscal year 2024.
Chennai, 25th June 2025 – Indian Snack House, a clean-label D2C brand dedicated to delivering authentic South Indian sweets and snacks, has announced the successful closure of its pre-seed funding round by raising ₹2.2 crore. The round was led by Titan Capital, marking a significant milestone for the Chennai-based startup as it seeks to redefine how India experiences regional snacking. The newly raised funds will help Indian Snack House expand to more cities and online platforms. They will also be used to grow its product range by adding popular snacks from Kerala, Karnataka, Andhra Pradesh, and Telangana—bringing together the rich snacking traditions of South India.
Founded in 2023 by Rajakumaran and Anbarasan, Indian Snack House was born out of their love for South Indian snacks and the memories tied to them. After moving to metro cities, they noticed that while snacks from other parts of India were easily available, trusted and branded versions of South Indian favourites were missing. led to the creation of Indian Snack House, a clean-label, modern brand dedicated to bringing iconic South Indian flavours to homes across India and beyond. From Tirunelveli Halwa and Srivilliputhur Palkova to Atreyapuram Pootharekulu, Dharwad Peda, and Kozhikode Halwa the brand celebrates the rich diversity of South India through taste and trust. Indian Snack House stands for “Aspirational Quality” with no palm oil, no preservatives, and no artificial colours. Every product is crafted to be both authentic and consciously made, making the brand a go-to choice for anyone craving a true taste of South India.
The Co-founders’ of Indian Snack House, Rajakumaran & Anbarsan, said “We are truly thankful to Kunal Bahl, Rohit Bansal, and the Titan Capital team for trusting our vision and standing behind our team. It means a lot to have them as partners, especially with their strong track record of supporting brands from the early days to all the way to IPO. Together, we are working to make Indian Snack House a trusted name for authentic South Indian snacks not just across India, but around the world. We have only just begun, and there’s much more to come.”
“We are happy to support Indian Snack House on their journey to build a brand that truly celebrates South Indian snacks. Their focus on authenticity, clean ingredients, and deep understanding of regional flavours sets them apart. We look forward to being part of their growth as they bring these much-loved snacks to more people across India and beyond.” said a spokesperson from Titan Capital.
With a growing customer base and strong demand, Indian Snack House is on a steady path to becoming a trusted name in regional snacking. With over 1,00,000 packets shipped every month and thousands of high ratings on platforms like Swiggy and Zomato, the response has been both encouraging and humbling. As it enters the next phase of growth, the brand is focused on bringing the authentic taste of South India to more cities in India and to Indian communities around the world.
About Indian Snack House:
Established in 2023 in Chennai by Rajakumaran and Anbarasan, Indian Snack House is a clean-label snack brand on a mission to take authentic South Indian sweets and snacks—often confined to small towns—to homes across India and the world. From iconic treats like Tirunelveli Halwa and Srivilliputhur Palkova to hidden gems like Tuticorin Macaroons and Nagercoil Banana Chips, the brand brings time-honored recipes made without palm oil, preservatives, or artificial colors. With a focus on authenticity, quality, and accessibility, Indian Snack House is building the go-to brand for South India’s rich snacking heritage.
As it enters the high-tech alumina market, Hindalco Industries Ltd plans to pay $125 million to acquire US-based speciality alumina manufacturer AluChem Companies Inc.
According to Saurabh Khedekar, CEO of Hindalco’s alumina division, the acquisition will allow the company to expand its product line and get access to the US market, among other synergies.
Aditya Holdings LLC, a step-down wholly owned subsidiary of Hindalco, will execute the transaction. Subject to the usual regulatory permissions, it should be finished by the next quarter.
This would be the business’ third US metal firm acquisition. Novelis Inc., a world leader in the production of rolled aluminium products, was purchased by Hindalco in 2007. Aleris Corp., which manufactures a variety of aluminium products, notably those for the aerospace sector, was acquired by Novelis in 2020.
Acquisition will Expand Hindalco’s Global Reach
An intermediate raw material used to make aluminium is alumina, a white, crystalline compound of aluminium. Through the acquisition, AluChem’s three manufacturing plants in Arkansas and Ohio will increase their capacity by 60,000 tonnes annually.
In order to increase its worldwide market share, Khedekar stated that Hindalco intends to increase production of ultra-low soda alumina products and collaborate with AluChem’s high-performance technological solutions.
Precision ceramics, semiconductors, and electric cars all require AluChem’s specialised alumina. According to Ronald Zapletal, the founder of AluChem Companies Inc., this collaboration with Hindalco gives AluChem the resources and capacity to expand more quickly and establish a presence in North America.
Satish Pai, MD of Hindalco Industries, stated that the acquisition “deepens our high value-added portfolio with differentiated products that drive profitability.”
Hindalco’s capacity to cater to these rapidly changing markets will be greatly improved by AluChem’s advanced chemistry Pai continued, as alumina becomes more and more important in the critical and clean-tech industries.
Hindalco’s Growth and Future of Global Specialty Alumina Market
The Aditya Birla Group’s metal division presently produces 500,000 tonnes of speciality alumina annually in India with plans to increase that amount to 1 million tonnes by FY30.
According to their June analysis, ICICI Securities kept a bullish view on Hindalco, pointing to aggressive plans for both domestic and overseas capacity development in the face of structural demand drivers for copper and aluminium. For the quarter that ended in March, Hindalco’s consolidated net profit increased by 66% to INR 5,283 crore from INR 3,174 crore during the same period last year.
The desire for customised solutions in industries ranging from electronics and ceramics to aerospace and medical applications is expected to drive considerable growth in the worldwide speciality alumina market. By FY30, Hindalco hopes to have scaled up to 1 million tonnes of speciality alumina from its current 500 thousand tonnes of capacity.
Depending on regulatory clearances and standard closing conditions, the deal is anticipated to be completed in the next quarter. With this acquisition, Hindalco takes a significant step ahead in creating better futures through innovation, sustainability, and high-tech manufacturing as it expands its downstream value-added strategy across aluminium, copper, and speciality alumina.
