Motilal Oswal and Raamdeo Agrawal Bet Big on Zepto: $100 Million Deal Sealed, $250 Million Round in the Works

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May 13, 2025

Image-of-zepto. — Motilal Oswal and Raamdeo Agrawal Bet Big on Zepto: $100 Million Deal Sealed, $250 Million Round in the Works

Motilal Oswal and Raamdeo Agrawal, the co-founders of Motilal Oswal Financial Services, have quietly snapped up Zepto shares worth around $50 million (roughly ₹424 crore) each in a secondary deal, say sources familiar with the matter. On top of that, a much larger $250 million transaction is also said to be in motion.

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As of now, Indian investors hold just over 42% of Zepto. However, if all goes according to plan, that number could climb past 50% soon. The company is reportedly aiming to increase domestic ownership before it makes its stock market debut.

Motilal Oswal Financial Services is also fronting the $250 million round on behalf of its clients, according to insiders. All of these transactions are being carried out at Zepto’s last known valuation of $5 billion, which was established back in August 2024.

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Binding agreements for the larger deal have already been signed. An official announcement is likely sometime in June, pending final due diligence. Zepto, when contacted, did not provide a comment.

DRRK Foods Gears Up for Major Push, Plans to Scale Crown Basmati Reach by 50% Across India by 2025

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May 13, 2025

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Image-of-DRRK — DRRK Foods Gears Up for Major Push, Plans to Scale Crown Basmati Reach by 50% Across India by 2025

DRRK Foods is setting its sights on aggressive growth as it prepares to significantly ramp up its distribution network for its flagship product, Crown Basmati Rice. By the close of 2025, the company aims to boost its current domestic distribution presence by half—an ambitious move aimed at strengthening its foothold in both metro cities and fast-growing smaller towns.

At present, DRRK works with around 150 distributors across India. But that number is about to change. The company is now on the hunt for experienced super stockists—particularly those with a strong background in fast-moving consumer goods—to help build a faster, more responsive supply chain that reaches deeper into the Indian heartland.

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“As demand for premium Basmati continues to surge, it’s time to take Crown to every kitchen that values authenticity and quality,” said Vikram Marwaha, Joint Managing Director of DRRK Foods. “This expansion isn’t just about numbers—it’s about strengthening relationships with retailers and making sure our rice is available wherever there’s demand, whether it’s a large-format store in a metro or a family-run kirana in a tier-3 town.”

The Crown brand has built a loyal following over the years, thanks to its emphasis on purity, flavor, and consistency. Known for sourcing top-grade grains and following rigorous quality protocols, DRRK has built a reputation not just as a manufacturer, but as a steward of one of India’s most celebrated food traditions.

But this expansion isn’t limited to Indian borders. The company’s broader strategy includes ramping up its export operations as well, tapping into growing global interest in Indian Basmati. The idea is to position Crown as the go-to name for premium rice—whether you’re in Mumbai or Melbourne.

Behind this forward push is a legacy that dates back over five decades. Founded in 1967 by Mahinder Pal Ji, DRRK Foods began as a modest operation and has since transformed into one of the country’s major rice exporters. The brand’s growth has been anchored in three pillars: traditional know-how, cutting-edge processes, and an unshakeable focus on quality.

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With a clear roadmap for expansion and a brand that resonates with quality-conscious consumers, DRRK Foods is now positioning Crown to be not just a leader in the Basmati category—but a household name across India and beyond.

Titan Posts Rs 871 Crore Profit in Q4; FY25 PAT Slips Despite Revenue Surge Past Rs 57,000 Crore

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May 13, 2025

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Image of titan — Titan Posts Rs 871 Crore Profit in Q4; FY25 PAT Slips Despite Revenue Surge Past Rs 57,000 Crore

Titan Company, part of the Tata Group, wrapped up the March quarter with a consolidated net profit of Rs 871 crore — a 13% jump from Rs 771 crore in the same period last year. The gains were powered by a strong sales push across key segments.

Revenue for the fourth quarter stood at Rs 14,049 crore, marking a solid rise from Rs 11,472 crore year-on-year, as disclosed in its latest regulatory filing.

However, when zooming out to the full financial year, Titan reported a dip in annual profit. Net earnings for FY25 came in at Rs 3,337 crore, 5% lower than the Rs 3,496 crore posted in FY24. That said, total income soared 22% to Rs 57,818 crore, up from Rs 47,501 crore the previous year — a milestone year for the consumer brand that crossed the Rs 50,000 crore revenue mark for the first time.

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Commenting on the performance, Managing Director C.K. Venkataraman said, “Despite a volatile external environment, Titan recorded a standout year on the back of strong revenue growth. We continue to see rising consumer interest in premium products across our core businesses.”

The company’s analog watch segment remained on a firm growth path, thanks to innovation and premium product offerings. Titan’s eyecare division, which had been lagging, bounced back with double-digit growth in the last two quarters, positioning it well for FY26. Meanwhile, the fragrances division, led by the SKINN brand, made notable inroads with Indian consumers, showing encouraging traction through the year.

International expansion efforts are also gathering steam, with progress reported in both North America and the Gulf Cooperation Council (GCC) region.

Looking ahead, Venkataraman said all verticals are now focusing on capturing more market share and evolving with consumer preferences.

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In a significant leadership update, Titan’s board has given the green light to appoint Ajoy Chawla — currently heading the jewellery division — as the next Managing Director, effective January 1, 2026. Venkataraman, who has been with the company since 1990 and took over the top role in 2019, is set to retire on December 31, 2025, upon reaching the official age of superannuation.

On the markets front, Titan’s stock closed 0.69% higher at Rs 3,363.45 on the BSE.

De Beers Shuts Down Lightbox After 6-Year Run, Citing Plunging Lab-Grown Diamond Prices and Renewed Focus on Naturals

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May 13, 2025

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Image of de beers group — De Beers Shuts Down Lightbox After 6-Year Run, Citing Plunging Lab-Grown Diamond Prices and Renewed Focus on Naturals

De Beers is pulling the plug on Lightbox, its lab-grown diamond jewellery brand launched in 2018. The move signals a decisive pivot: the century-old diamond giant is doubling down on its natural diamond business after a years-long experiment with synthetics.

The company confirmed it is in talks to sell off Lightbox’s remaining assets, including unsold inventory, as part of the wind-down. While Lightbox exits the scene, Element Six — the De Beers subsidiary that manufactured the lab-grown stones — will now concentrate on using synthetic diamonds for industrial tech and research applications rather than jewellery.

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Lightbox was introduced as a disruptive play, offering lab-created gems at transparent, lower price points. The brand consistently drew a clear line between lab-grown and mined diamonds, positioning them as fundamentally different in both character and value. But as prices of lab-grown jewellery continued to slide, De Beers appears to have seen diminishing returns in the category.

The closure lines up with De Beers’ broader “Origins Strategy,” unveiled in May 2024, which calls for sharpening focus on core operations, cutting complexity, and investing in higher-margin areas — particularly marketing that drives demand for natural diamonds.

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“As we prepare for life as a standalone entity, our goal is to trim the excess and focus our energy where it matters most,” said Al Cook, De Beers’ CEO. “Lab-grown diamonds have steadily lost value in the jewellery market, and that drop only reinforces the unique and lasting appeal of natural stones.”

Cook also noted that while Lightbox helped clarify how different lab-grown and natural diamonds really are — especially in terms of long-term value — it’s time for De Beers to move on and reinvest in its original strength: the allure and rarity of earth-mined diamonds.

Fittr Raises Rs 25 Crore from Zerodha’s Rainmatter; Jitendra Chouksey Retains Full Equity, Rolls Out ESOP Buyback for 41 Employees

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May 13, 2025

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Image of Fittr — Fittr Raises Rs 25 Crore from Zerodha’s Rainmatter; Jitendra Chouksey Retains Full Equity, Rolls Out ESOP Buyback for 41 Employees

Fitness-tech venture Fittr, based out of Pune, has bagged a fresh Rs 25 crore (roughly $3 million) from Rainmatter — the fund backed by Zerodha’s Nithin Kamath. The update came straight from founder Jitendra Chouksey on Instagram, who also used the moment to spotlight an employee-first move: a buyback of stock options benefiting 41 current and former team members.

What makes this funding round different? Chouksey said his own equity remains untouched — no dilution this time around.

Rainmatter, launched by Kamath to invest in areas like fintech, sustainability, and wellness, has steadily built up a portfolio of purpose-driven companies. Its lineup includes names such as Dreamspan, NOTO Ice Creams, Fitpage, PeeSafe, and Game Theory. Alongside funding, Rainmatter is known to back founders with tools, intros, and financial infrastructure — without asking for board seats or exit clauses, making it a rare breed in India’s funding ecosystem.

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This isn’t Fittr’s first run-in with Rainmatter either. The $3 million follows an earlier infusion of $3.5 million in January 2024. Even before that, the startup raised $11.5 million back in 2021 from a group of investors, including Elysian Park and Surge (Peak XV’s early-stage program).

Fittr’s game plan for the fresh funds? Chouksey said the goal is to create a robust healthcare stack — one that’s built around reliability, openness, and affordability. He hinted at broader ambitions beyond fitness, suggesting the brand is gearing up for deeper integration into preventive and lifestyle healthcare.

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As for Rainmatter, Kamath recently shared that the fund deployed Rs 275 crore across 47 companies in 2024 alone. Health and climate continue to dominate its investment themes. On X (formerly Twitter), Kamath explained their unusual approach: “We’re not playing the VC game. No exits. No board seats. Just patient capital for long-term bets.” He added that they may be ahead of the curve, but he’s convinced that climate and health are the trends to watch over the next decade.

Uber Launches ‘Courier XL’ in Delhi NCR and Mumbai: Heavy-Duty Deliveries up to 750 Kg Now Just a Tap Away

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May 13, 2025

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Image of uber — Uber Launches ‘Courier XL’ in Delhi NCR and Mumbai: Heavy-Duty Deliveries up to 750 Kg Now Just a Tap Away

Uber has rolled out a new logistics service in India called Courier XL, a step up from its existing delivery offerings. Designed to handle bulkier and heavier items, this new option is now available in Delhi NCR and Mumbai, with plans to expand to more cities soon.

With Courier XL, customers can send packages weighing up to 750 kilograms using three- and four-wheeler goods vehicles. Whether it’s moving stock, furniture, or larger parcels, the idea is to simplify city logistics for individuals and small businesses that need something more than just a bike delivery.

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This new service comes as an extension of Uber Courier, Uber’s two-wheeler-based delivery platform that’s been quietly gaining traction across India. Currently active in 25 cities, it has handled over five million deliveries. In 2024 alone, usage of the platform surged by more than 50%, and the momentum has carried over into 2025.

The addition of Courier XL marks a more serious play by Uber in the fast-growing urban logistics sector, where companies like Porter, Mover, and Borzo have already carved out their space. Porter, for instance, has emerged as a major player after securing $200 million in funding from Kedaara Capital and Wellington Management.

Courier XL brings along the familiar Uber experience — real-time tracking, fixed pricing before you book, and app-based convenience. It also supports longer delivery distances: in 2024, the average trip across India was 11 kilometers, with slightly longer hauls in Delhi NCR (14 km) and Mumbai (12 km). The platform has already seen a wide range of delivery requests, from short hops of under a kilometer to long hauls of over 130 km within city limits.

Uber says demand for its courier services tends to spike around holidays and special events, like Diwali, Rakshabandhan, and even Mother’s Day. With options like store pickups and live availability, the platform isn’t just for practical needs — it’s also becoming a go-to for sending gifts and surprises.

Meanwhile, Uber’s overall India operations have been on an upward swing. In FY24, the company’s operating revenue grew by 41%, reaching Rs 3,762 crore, driven by better ride-hailing performance and expanded service offerings that have helped reduce losses.

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With Courier XL, Uber is looking to cement its place not just as a ride provider, but as a serious player in the everyday movement of goods — no matter the size.

Ixigo Halts Bookings to Turkey, China & Azerbaijan After Pro-Pakistan Statements — CEO Aloke Bajpai Says ‘Blood and Bookings Won’t Flow Together

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May 12, 2025

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Image of Ixigo — Ixigo Halts Bookings to Turkey, China & Azerbaijan After Pro-Pakistan Statements — CEO Aloke Bajpai Says ‘Blood and Bookings Won’t Flow Together

Indian travel app ixigo has halted all bookings to Turkey, China, and Azerbaijan after these countries voiced support for Pakistan, amid rising diplomatic friction with India.

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Taking to X (formerly Twitter), ixigo co-founder and CEO Aloke Bajpai declared the company’s decision with a sharp message: “Enough is enough. We cannot turn a blind eye while lives are being lost. We’ve decided to stop all flight and hotel bookings to Turkey, China, and Azerbaijan on ixigo.”

This move comes in the wake of official statements from the governments of these countries. Turkey’s Ministry of Foreign Affairs issued a note on social media expressing alarm over India’s recent military action, suggesting it could trigger a wider conflict. The statement condemned the strike, called for calm, and echoed Pakistan’s request for an investigation into a terror incident from April.

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The decision from ixigo is being seen as a strong response from Indian industry to what it views as political posturing by foreign governments during a time of national crisis.

Fuelled by VC Grid and NABVentures, JustDeliveries Raises Rs 5.5 Crore to Crack the Cold Chain Code in India’s Rs 200B Logistics Industry

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May 12, 2025

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Image of JustDeliveries — Fuelled by VC Grid and NABVentures, JustDeliveries Raises Rs 5.5 Crore to Crack the Cold Chain Code in India’s Rs 200B Logistics Industry

Cold-chain logistics startup JustDeliveries has secured Rs 5.5 crore in a fresh funding round led by VC Grid and NABVentures, with additional backing from LetsVenture, Anay Ventures, and FAAD Network, among others.

The company plans to channel the new funds into strengthening its tech infrastructure and expanding its footprint to three new cities—Lucknow and Chennai already in the pipeline. JustDeliveries currently operates in Bangalore, Delhi, Hyderabad, Mumbai, and Pune.

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This investment brings the startup’s total funding to around USD 2 million (approximately Rs 15.9 crore). The upcoming expansion will take its presence to eight major Indian cities, keeping pace with growing client demands for nationwide distribution.

Founder Mansi Mahansaria believes that transforming the food and beverage supply chain goes far beyond trucks and warehouses. “What’s really needed is a smarter, tech-first approach to logistics—one that adapts to clients’ evolving needs while staying lean and dependable,” she said.

She added that this capital infusion will help the company sharpen its technology, move toward profitability, and launch in new markets by FY26.

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India’s logistics sector, worth nearly USD 200 billion, is still largely fragmented, with 90% of the industry functioning in unorganised silos, according to the company. As the cold-chain segment grows rapidly—driven by increased demand for fresh food and healthcare supplies—JustDeliveries is positioning itself as a scalable, tech-driven solution to one of the country’s biggest logistical pain points.

Apple Exports iPhones Worth ₹17,219 Cr from India in April, Registers 116% YoY Surge Amid Shift from China

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May 12, 2025

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Image of Iphone. — Apple Exports iPhones Worth ₹17,219 Cr from India in April, Registers 116% YoY Surge Amid Shift from China

Apple’s bet on India is paying off handsomely. As the tech giant pivots more of its iPhone manufacturing for the US market away from China and into Indian facilities, export numbers from the country are climbing at a blistering pace.

In April alone, iPhone shipments from India reached a record ₹17,219 crore, more than doubling last year’s figure for the same month, which stood at ₹7,971 crore. This marks a whopping 116% year-on-year growth, according to government filings by Apple’s three contract manufacturers — Foxconn, Wistron (now owned by Tata), and Pegatron.

The sharp spike aligns with comments made by Apple CEO Tim Cook during the company’s second-quarter earnings call, where he confirmed that India will now serve as the primary production hub for the majority of iPhones sold in the US — a first for the Cupertino-based firm.

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This strategic shift is seen as part of Apple’s broader plan to diversify its supply chain, reduce dependence on China, and tap into India’s growing importance in global electronics manufacturing. The push has also been bolstered by the Indian government’s Production-Linked Incentive (PLI) scheme, which offers benefits for increasing local output and exports.

India has been ramping up its role in Apple’s global strategy over the past few years, but this latest milestone signals a new level of commitment. With infrastructure being upgraded, vendors scaling up production, and export numbers breaking records, India is fast becoming Apple’s most critical manufacturing outpost outside China.

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And if April’s numbers are any indication, this is just the beginning.

Delhi High Court Seizes 129 EVs Over Rs 15 Crore Loan Default by Gensol; BluSmart Tied to Defunct Leasing Deal

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May 12, 2025

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Image of blusmart — Delhi High Court Seizes 129 EVs Over Rs 15 Crore Loan Default by Gensol; BluSmart Tied to Defunct Leasing Deal

The Delhi High Court has stepped in once again over the financial dispute involving Gensol and the now-defunct BluSmart. On Thursday, the court ordered that 129 electric cars, tied to an outstanding loan, be seized and moved to secure storage across Delhi, Gurugram, and Bengaluru.

The case stems from a loan deal Gensol signed with STCI Finance in 2023. Under the agreement, Gensol borrowed Rs 15 crore to acquire a fleet of EVs, intended for commercial leasing. The vehicles were hypothecated to STCI, with Gensol’s promoters Puneet Singh Jaggi and Anmol Singh Jaggi personally guaranteeing the loan.

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According to STCI, the money was paid directly to suppliers, after which the cars were leased to BluSmart—Gensol’s associate company. But with BluSmart shutting operations, and payments allegedly defaulted on, STCI turned to the courts to prevent any transfer or misuse of the vehicles.

Justice Manmeet Pritam Singh Arora, acknowledging the lender’s concern that the vehicles could be scattered or misappropriated, appointed three court receivers. Their mandate: track down the entire fleet, create a detailed inventory, and shift the cars to secure facilities to prevent further risk.

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The latest order adds to a string of legal developments in the matter, underscoring how financial missteps in the electric mobility space are starting to draw serious judicial attention.

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