
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.