Handpicked updates about India’s business and the business of India
In recurring proof that no-one in India can let go of a great deal, Jain International Trade Organization (JITO) from Gujarat went all in and bought 186 luxury cars for its members so that they could get a cool ₹21 crore discount. Buoyed and pleasantly surprised by this success, JITO (a very apt Gujarati name tbh), has now launched a new initiative to do similar arrangements with other major brands. JITO did not comment on whether others could join this initiative if they identify as a Jain.
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 6 mins.
Business & Markets
India’s IPO Market Booms, But The Character Of Listings Is Shifting
Image credits: Financial Express
Robust Market Activity: India’s primary market remains vibrant, with more than a dozen companies gearing up to launch IPOs worth nearly Rs 2.6 lakh crore ($28B). So far, Tata Capital, LG Electronics India, and WeWork India Management have already raised about Rs 30,000 crore collectively. Upcoming names include PhonePe, ICICI Prudential AMC, Lenskart, Groww, Pine Labs, Meesho, and Yashoda Hospitals, reflecting sustained investor interest.
Shift In Fund Utilisation: While headline numbers show a robust market, a closer look reveals subtle shifts. In 2025 alone, 81 companies have listed, raising Rs 1.17 lakh crore (~$14B), slightly lower than the 91 IPOs that mobilised Rs 1.59 lakh crore in 2024. More importantly, the purpose of these listings is evolving. According to Kotak Institutional Equities, funds directed toward expansion or new projects have declined to 19% in 2025 from 25% in 2021, while capital used for debt repayment has surged to 32%. Companies are increasingly leveraging buoyant markets to clean up balance sheets rather than fuel growth.
IPOs As Exit Routes: Offer-for-sale (OFS) transactions accounted for nearly Rs 43,000 crore of total proceeds this year, allowing private equity investors and promoters to partially monetise holdings. While not alarming, it shows the market increasingly rewards liquidity over innovation.
Listing Performance & Investor Reality: The proportion of IPOs delivering strong listing-day gains has fallen sharply since 2021–22. More mid-sized consumer and tech IPOs now trade at or below issue price, often 10–20% lower within weeks of listing. Retail investors seeking quick gains are finding opportunities limited, suggesting a maturing market cycle.
Business & Finance
Zepto’s $450M Raise, More Competition, Higher Cash Burn
Image credits: TechCrunch
Fresh Funding, Bold Plans: Quick commerce unicorn Zepto closed a $450 million funding round on Thursday, a mix of primary and secondary transactions, at a $7 billion valuation. Founder Aadit Palicha stated that the funds will be deployed for growth, including opening “a few hundred” new dark stores over the next 12 months and expanding order volumes.
Competition Heating Up: Zepto operates in a fiercely competitive market alongside Blinkit and Swiggy’s Instamart, with newer entrants like Amazon and Flipkart Minutes adding to the pressure. Blinkit leads with 1,814 dark stores and plans 3,000 by March 2027. Instamart has about 1,062 dark stores, while Zepto currently manages around 1,000. According to brokerage reports, Blinkit holds more than 50% market share, Zepto 29%, and Instamart 24%. Active users: Blinkit ~75M, Zepto ~73M, Instamart ~25M (standalone app).
Market Share & IPO Focus: Zepto’s expansion push is closely linked to its IPO ambitions. Analysts note that capturing more customers will require new geographies, additional dark stores, and aggressive discounting, which is likely to increase cash burn. Instamart, competing closely with Zepto, faces the dilemma of rapid expansion with higher losses or slower growth with tighter cost control.
Operational Challenges & Restructuring: Over the past six months, Zepto has restructured aggressively, leading to over 500 layoffs, mostly off-roll staff. Roles affected included ground operations, customer support, invoice processing, and expansion teams. Automation of operational tasks is a key cost-control strategy. Zepto’s food delivery vertical, Zepto Cafe, also saw closures of 45–50 outlets, with order volumes halving due to staffing and sourcing challenges.
Discount Wars & Cash Burn: Discounting is expected to continue as all platforms focus on growth. Blinkit and Instamart continue heavy marketing spends despite mounting losses, while Zepto emphasizes profitability and break-even goals. Analysts warn that expansion and discounting will push cash burn higher in the near term. With $450M in fresh funding and a solid cash position, Zepto is poised to reignite growth, but the competitive market is fierce.
Business India: Dhanda Hai Yeh!
Image credits: Mint
Blu-Smart Mobility Tech Faces Insolvency Proceedings: The National Company Law Tribunal (NCLT) has admitted an insolvency case against Blu-Smart Mobility Tech, signalling financial distress for the electric mobility startup. Creditors initiated the proceedings amid concerns over unpaid dues and mounting liabilities.
Meesho Files For $800 Million IPO: Ecommerce platform Meesho has submitted updated documents for an $800 million IPO, targeting a December 2025 listing. The company aims to leverage the proceeds for growth, technology upgrades, and market expansion.
Rapido Enters Travel Segment: Two-wheeler platform Rapido has launched a travel section, partnering with Goibibo, ConfirmTkt, and RedBus. The move aims to expand its service offerings beyond mobility, tapping into the growing online travel market.
Engineering Goods Exports Rise Despite Tariffs: India’s engineering goods exports grew 3% in September, even as high US tariffs continue to pose challenges. The sector’s resilience shows robust demand in key markets and effective diversification strategies.
India’s Exports To US Dip: India’s exports to the US have declined, while shipments to non-US markets are showing resilience, according to recent trade data. Analysts attribute the drop to high tariffs, geopolitical tensions, and a slowdown in US demand. The trend underscores the importance of diversifying export markets to maintain overall growth.
RBL Bank Targets Wealth Management Post Emirates NBD Deal: After its deal with Emirates NBD, RBL Bank is focusing on building a wealth management business to diversify revenue streams. The bank aims to tap into high-net-worth individuals and leverage its expanded financial offerings.
World 🌏
Anthropic’s AI Race: Fear, Regulation, And Political Crossfire
Image credits: Reuters
Keeping Pace With OpenAI: Artificial intelligence startup Anthropic sees OpenAI as major competition - which enjoys deep funding from Microsoft and Nvidia. Anthropic co-founders Dario and Daniela Amodei left OpenAI in 2020 to focus on building safer AI, with Claude models gaining traction in enterprise markets. OpenAI, meanwhile, dominates the consumer space with ChatGPT and Sora, boasting a $500 billion valuation, while Anthropic sits at $183 billion.
Political Heat From The Trump Administration: Anthropic has also drawn fire from David Sacks, Trump’s AI and crypto czar, accusing the company of promoting a “Left’s vision of AI regulation.” Sacks criticized co-founder Jack Clark’s essay on AI risk, calling it “fear-mongering” that could slow U.S. innovation. Anthropic’s lobbying for state-level regulation and support for California’s SB 53 - requiring AI transparency and safety disclosures - clashes with federal proposals, indicating a regulatory tug-of-war.
Anthropic’s Safety Concerns: Jack Clark has openly admitted being “deeply afraid” of AI’s rapid evolution. He describes AI models as “mysterious creatures”, exhibiting early signs of situational awareness that can’t yet be fully explained or controlled. Clark warns that advanced AI could design its own successors, and cautions against viewing AI as merely a tool for economic productivity.
Differing Strategies: OpenAI has partnered closely with the White House and federal initiatives, including the Stargate joint venture and White House approval for AI apps in government agencies. Anthropic, while still securing federal contracts worth $200 million and access via the GSA App Store, has maintained a cautious, safety-first approach, emphasizing transparency and ethical safeguards.
Anthropic’s Public Stance: Clark’s essay, “Technological Optimism and Appropriate Fear,” calls for democratizing the AI debate, engaging the public in crafting safety policies, and resisting attempts to downplay risks.
DuniyaDIARY 🌏📒
Image credits: Financial Times
Boeing Cleared To Boost 737 MAX Production: the U.S. Federal Aviation Administration (FAA) has lifted the production cap on Boeing 737 MAX aircraft, allowing the company to increase output to 42 planes per month, up from the previous limit of 38. This decision follows a safety review and is seen as a step toward restoring Boeing's financial stability and addressing manufacturing quality concerns.
Wikipedia Traffic Decline: Wikipedia has seen an 8% drop in human pageviews in 2025 as more users turn to generative AI, search engines, and social platforms for instant answers. The shift indicates that the traditional encyclopedia format is losing traction among audiences seeking quick, AI-generated responses. Despite this, Wikipedia remains a key reference point, particularly for in-depth topics.
Israeli Military Strikes Gaza: The Israeli military carried out air strikes in Gaza’s Rafah area, according to local media reports, amid ongoing tensions in the region. This action comes despite a week-old U.S.-brokered ceasefire agreement, raising concerns about its stability.
Meta Bans AI Chatbots On WhatsApp Business: Meta has prohibited general-purpose AI chatbots on its WhatsApp Business platform, citing concerns over misuse and user safety. Businesses will no longer be able to deploy chatbots that generate automated responses without strict supervision. Meta emphasized that regulated AI solutions may still be allowed in limited, controlled contexts.
Paramount Skydance Plans Job Cuts: Paramount’s Skydance division announced plans to cut 2,000 jobs as part of a wider cost-cutting initiative. The layoffs are aimed at streamlining operations amid rising production costs and shifting market dynamics in the entertainment industry.
Apple’s F1 Broadcast Deal: Apple has secured the rights to broadcast Formula 1 races after years of negotiation and planning. The deal reflects Apple’s push to expand its sports streaming offerings and compete with established platforms. Industry experts see it as part of Apple’s broader strategy to combine tech, media, and live entertainment. Fans can expect enhanced coverage and interactive features through Apple’s platforms.
Aur Batao 📰
Louvre Museum Jewel Heist: A daring robbery at Paris’ Louvre Museum saw thieves use a basket lift to steal priceless jewels, including the crown of Empress Eugénie. Authorities are investigating the theft and the museum is temporarily closed to secure the premises. The stolen items are estimated to be of immense historical and monetary value, triggering an international security alert.
ICICI Bank-Tata Memorial Cancer Centre: ICICI Bank and Tata Memorial Centre have joined hands to set up a ₹625 crore state-of-the-art cancer care facility in Navi Mumbai. The project will provide advanced oncology treatments and aim to increase accessibility for patients in the region.
China Blames US for Xi’an Cyberattack : China has accused the U.S. of cyberattacks targeting its National Time Service Center in Xi’an. Beijing claims the attacks, allegedly conducted by the NSA, disrupted critical infrastructure. The accusation escalates tensions amid ongoing tech and cybersecurity disputes between the two countries. The U.S. has not publicly commented on the matter.
Ladakh Leaders Set to Discuss Statehood : Ladakh representatives are scheduled to meet India’s Ministry of Home Affairs on October 22 to discuss their demand for full statehood. The talks come after repeated calls from local leaders for greater administrative autonomy. Officials indicate that discussions will focus on both governance reforms and regional aspirations.
Tanvi Sharma Wins Silver At Junior Worlds : Indian shuttler Tanvi Sharma won the silver medal at the Badminton World Junior Championships. Despite a strong tournament performance, she fell short in the final match. Her achievement adds to India’s growing presence in junior international badminton competitions.
Australia Edge India In Rain-Hit ODI : Australia defeated India in a rain-affected first ODI of the series. The match was shortened due to weather conditions, impacting play strategies. The win gives Australia an early advantage in the ongoing bilateral series.
