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Zomato-Blinkit Parent Eternal Moves to Cap Foreign Ownership at 49.5% Amid Government’s Push for Local Control

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Zomato-Blinkit Parent Eternal Moves to Cap Foreign Ownership at 49.5% Amid Government’s Push for Local Control

Eternal, the parent company of Zomato and Blinkit, is planning to draw a line in the sand when it comes to foreign ownership. In a board meeting held earlier today, the company greenlit a proposal to limit total foreign shareholding to 49.5%, on a fully diluted basis. This includes foreign direct investors (FDI), foreign portfolio investors (FPIs), and even non-resident Indians (NRIs).

The next step? Getting the green signal from shareholders.

As of the end of March 2025, foreign entities held 44.36% of Eternal—down from 47.30% just three months prior. Some of the international heavyweights on the cap table include the Kuwait Investment Authority, Antfin, Vanguard, and the Singapore government.

Meanwhile, Indian investors have been quietly gaining ground. Domestic ownership rose to 23.56% by the end of March, up from 20.54% in December. Indian mutual funds like Mirae Asset, HDFC, Axis, ICICI, and Kotak are all on board.

For context: under India’s rules, FPI ownership is usually capped at 24%, while NRIs are allowed up to 10% of a company’s paid-up capital. But Eternal’s proposed cap of 49.5% is more of a preemptive strategic move—likely driven by shifting political winds rather than legal thresholds.

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So why now?

It seems to be a response to signals from the government. Commerce Minister Piyush Goyal, while speaking at the Startup Mahakumbh, took subtle jabs at Indian startups overly reliant on foreign money—particularly in the fast-growing space of quick commerce and grocery delivery.

Referring to Zepto’s upcoming IPO plans, Goyal remarked:

“I have no issue with instant grocery delivery companies going public—even if they’re valued in billions. I just wish more Indian investors were part of that journey, instead of watching foreigners scoop up our homegrown startups.”

That sentiment appears to be resonating. Zepto, Flipkart, and Blinkit—three giants in the quick commerce race—all have sizable foreign ownership. While Flipkart is controlled by Walmart, Zepto counts General Catalyst, Y-Combinator, and Lightspeed among its key backers.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

Eternal, by proactively limiting foreign control, seems to be positioning itself as more aligned with India’s economic nationalism. As the IPO spotlight intensifies in this sector, the message from the top is clear: more desi capital, less foreign dominance.

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ITC Buys Out 24 Mantra Organic in Rs 472.5 Cr Deal, Eyes Big Slice of India’s Clean Food Market

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ITC Buys Out 24 Mantra Organic in Rs 472.5 Cr Deal, Eyes Big Slice of India’s Clean Food Market

In a bold step toward strengthening its health-forward foods portfolio, ITC Ltd. has signed a deal to fully acquire Sresta Natural Bioproducts Pvt. Ltd., the company behind 24 Mantra Organic, one of India’s most well-known organic food brands. The all-cash transaction is valued at Rs 472.5 crore.

This acquisition gives ITC 100% control of the Hyderabad-based company and its extensive lineup of over 100 certified organic products—ranging from staples like rice and flour to spices, oils, and even beverages. The company also has a strong presence in global markets, especially among Indian communities abroad who rely on its offerings for a taste of home.

The deal includes Rs 400 crore to be paid upfront, with an additional Rs 72.5 crore potentially payable over the next two years, depending on performance milestones. The share transfer is expected to close in the first quarter of FY 2025–26, barring any delays.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

For ITC, this is more than just another acquisition. It’s a calculated move that aligns with its larger game plan—‘ITC Next’, an initiative focused on building a modern, diverse portfolio that caters to changing consumer tastes, particularly in the wellness and sustainability spaces.

Hemant Malik, Executive Director of ITC, said the addition of 24 Mantra Organic fits perfectly with the company’s growing range of nutrition-driven foods. “They’ve built not just a brand, but a solid supply chain that ensures authenticity and trust. We’re excited to take it to the next level,” he shared.

24 Mantra Organic has long stood for clean, conscious eating and ethical sourcing, and that mission isn’t changing. Founder and Managing Director Rajashekar Reddy Seelam emphasized the shared values between the two companies: “We started with the idea of supporting farmers and providing truly healthy options to consumers. With ITC’s reach and innovation muscle, we can now scale that mission like never before.”

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The deal places ITC squarely in the growing organic food space—one where trust, traceability, and clean labels are not just nice-to-haves, but must-haves. With demand rising both in India and abroad, this acquisition gives ITC a powerful edge in winning over the next generation of health-conscious eaters.

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ITC Doubles Down on Natural Baby Care with Full Buyout of Mother Sparsh in Rs 126 Crore Deal

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ITC Doubles Down on Natural Baby Care with Full Buyout of Mother Sparsh in Rs 126 Crore Deal

ITC Ltd. is going all-in on baby care. The FMCG giant has signed off on a deal to acquire the remaining 73.5% stake in Mother Sparsh Baby Care Pvt. Ltd., a young Ayurvedic brand that’s carved out a name in the natural baby products space. With this move, ITC now owns the company outright, bringing its total investment in Mother Sparsh to Rs 126 crore.

To seal the deal, ITC will be putting in Rs 81 crore—a mix of fresh capital and buying out existing shareholders.

For Himanshu, the founder and CEO of Mother Sparsh, this is a full-circle moment. “ITC believed in us early on, and it’s exciting to see them backing us even more strongly now. We’ve always aimed to create honest, effective products for Indian parents, and now we can do that on a much larger canvas,” he said.

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Founded with a vision to bring Ayurveda into modern baby care, Mother Sparsh has built a portfolio that includes everything from natural wipes and shampoos to health and hygiene essentials. A lot of that growth has been powered by their digital-first model—selling directly through their own website as well as major e-commerce platforms. The brand is currently clocking an annual revenue run rate of over Rs 110 crore.

For ITC, this isn’t just about baby lotion and wipes. The move lines up with its broader push under the ‘ITC Next’ strategy, which focuses on future-ready categories and digitally-driven brands.

“This is more than an acquisition—it’s a strategic leap into a category that’s growing fast and resonates deeply with the Indian consumer,” said Sameer Satpathy, who heads the Personal Care division at ITC. “Mother Sparsh has done the hard work of building a brand grounded in trust, innovation, and Indian values. Now, we’re here to scale it.”

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With ITC’s resources and Mother Sparsh’s niche expertise, this partnership could shake things up in a space where trust is everything and consumers are shifting toward clean, conscious choices.

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From Bank Desk to Streetwear Stardom: How Divyush Gadodia’s Sorta.® Hit Rs 60 Lakh in Sales with Kolkata-Born ‘Hustlewear’

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From Bank Desk to Streetwear Stardom: How Divyush Gadodia’s Sorta.® Hit Rs 60 Lakh in Sales with Kolkata-Born ‘Hustlewear’

Back in 2020, Divyush Gadodia stepped away from the world of finance and banking to launch something entirely of his own—Sorta.®, a streetwear label born in Kolkata with big ideas and zero external funding. Instead of following trends, Sorta. carved out its own lane, calling its style “hustlewear”—fashion built for people who grind hard, think differently, and express themselves unapologetically.

Despite being bootstrapped, Sorta. has grown steadily, finding its tribe among India’s youth and slowly gaining international eyeballs. From oversized tees and bold hoodies to signature bomber jackets and bowling shirts, the brand’s lineup feels anything but mass-produced. Even their socks and perfumes carry the same attitude—unfiltered and original.

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What really turns heads, though, is their in-house printing tech called ‘Praint’—a unique 3D texture that adds an almost sculptural quality to the fabric. It’s tactile, visually striking, and proudly one-of-a-kind in the Indian fashion scene. Layered on top of that is a commitment to hand-drawn art and design—each piece looks like it has a story, not just a label.

In FY 2023–24, Sorta. pulled in around Rs 60 lakh in sales—an impressive run for a self-funded venture that’s never leaned on VC cash or celebrity endorsements.

Now, the brand is setting its sights beyond Instagram drops and online hype. Plans are underway to expand into brick-and-mortar spaces across Indian metros, while also pushing into overseas markets. Gadodia and his team are betting big on research and innovation, fine-tuning what their audience wants and figuring out how to deliver it in ways no one else is.

What keeps it all grounded is the mission: make premium streetwear that champions hustle culture, creativity, and personal grit.

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“Everyone’s chasing something,” Gadodia says. “We just want to dress them while they do it—with pieces that feel like they were made for their journey.”

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India’s Retail Real Estate Doubles in Q1 2025: Mumbai Leads with 1.3 Million Sq. Ft. as Fashion and Homeware Drive Leasing Frenzy

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India’s Retail Real Estate Doubles in Q1 2025: Mumbai Leads with 1.3 Million Sq. Ft. as Fashion and Homeware Drive Leasing Frenzy

India’s retail real estate scene got off to a powerful start in 2025, with new store space doubling compared to the same time last year—adding up to around 2.2 million square feet, as per a recent CBRE report.

This upswing was largely powered by strong leasing momentum, especially from fashion and apparel brands, which claimed the biggest slice of the pie at 27%. Close behind were the entertainment and homeware categories, both showing steady traction.

Three cities—Mumbai, Hyderabad, and Delhi-NCR—drove most of the action, accounting for nearly two-thirds of the total space absorbed. Mumbai alone was responsible for over half of the new additions (58%), while Hyderabad and Delhi-NCR followed with 28% and 13%, respectively. The numbers suggest retailers are betting big on high-footfall locations, and there’s a clear tilt toward malls that offer more than just shopping—a complete experience.

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When it comes to who’s signing the leases, homegrown retailers continue to lead, making up 81% of the activity. International brands, however, aren’t far behind, especially those from the U.S. and the EMEA region, which have grown their presence to 11% and 22%, respectively.

Fashion continues to be the big driver, particularly as mid-tier and global brands look for larger stores in busy hubs. Homeware and department store brands are also ramping up, while D2C and entertainment players are starting to find their footing in brick-and-mortar formats.

Rentals told their own story. Several high-demand spots—like Delhi’s South Extension, Bengaluru’s 100 Feet Road in Indiranagar, and prime areas in South Mumbai—saw rents go up anywhere between 1% and 7%, pointing to surging demand and limited supply in premium areas.

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Looking forward, the outlook stays strong. With new high-quality malls nearing completion and both domestic and global brands actively scouting for bigger, better spaces, India’s retail real estate market seems set to keep the momentum going.

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How Adamya Sharma Is Disrupting India’s Rs. 60,000 Cr Soft Drink Market with Neopop’s Low-Sugar, Real-Fruit Sodas

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How Adamya Sharma Is Disrupting India’s Rs. 60,000 Cr Soft Drink Market with Neopop’s Low-Sugar, Real-Fruit Sodas

In a space long dominated by high-sugar, artificial ingredient-heavy colas, Neopop is carving out a niche with its bold promise: real fruit, lower sugar, and genuinely refreshing taste. Launched in November 2024, the brand is led by Adamya Sharma, who saw a clear opportunity in reimagining carbonated beverages for the modern Indian consumer.

“We wanted to offer something that didn’t make people feel guilty after drinking it,” Adamya says. “So we focused on lowering sugar, removing artificial ingredients, and using real juice.” That vision quickly turned into a reality through rigorous R&D. Before launching, the team iterated over 100 samples to get the flavor just right.

Taste, Adamya insists, remains king in this category. But Neopop also makes a case for being different. While most mango drinks in India are juice-based, Neopop’s mango flavor is carbonated—something few have attempted. Alongside mango, the lemon and orange variants round out the lineup, with lemon emerging as the brand’s top seller due to its sharp, familiar tang.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

Building a beverage brand from scratch isn’t for the faint of heart. “It’s often called the graveyard of brands,” Adamya admits. Raising funds, breaking into retail distribution, and educating a skeptical market were all steep challenges. But Neopop’s strategy has remained focused: go where the consumer need is.

Interestingly, post-pandemic shifts have also worked in their favor. With rising awareness around health, people are actively seeking better-for-you alternatives. “There’s now space for both indulgent and healthy options. The same person who drinks a zero-sugar soda during the day might want something sweeter in the evening.”

Neopop’s packaging and branding reflect this balance—designed to be vibrant and playful without veering too far into luxury or generic territory. Created in partnership with Mumbai-based Propagator Lab, the visual identity is both inviting and unique.

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And when it comes to marketing? Nothing beats sampling. “Liquid to lips,” Adamya emphasizes. “Once people try it, they get it.”

Looking ahead, the goal is clear: become a household name in India’s metros within the next three to five years. For Adamya and team, it’s all about taste, trust, and a little fizz of disruption.

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Unicommerce’s Longtime Tech Chief Bhupinder Garg Steps Down, Leadership Realigned

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Unicommerce’s Longtime Tech Chief Bhupinder Garg Steps Down, Leadership Realigned

After more than seven years at the heart of Unicommerce’s tech journey, Bhupinder Garg has decided to move on. The Chief Technology Officer, whose fingerprints are all over the company’s core platform, has stepped down citing personal reasons.

Garg’s exit marks the end of a significant chapter for the e-commerce SaaS player, which has grown rapidly in recent years—culminating in its public listing in August 2024.

Unicommerce CEO Kapil Makhija took to LinkedIn to acknowledge the moment, writing a heartfelt note of thanks. “Bhupinder didn’t just help build our platform—he helped define what it could be. What we have today is the result of years of vision, execution, and steady leadership on the technology front,” he shared.

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More than just tech, Garg played a central role in building the company’s engineering and product culture. “We’ve been lucky to have him,” Makhija added, “and the strong team he leaves behind is a testament to the legacy he’s built.”

The New Guard Takes Charge

In the wake of Garg’s departure, Unicommerce isn’t scrambling. Two familiar faces from within the company are stepping up. Ankit Jain will now lead engineering, while Rachit Srivastava will head product development. Both have been with the firm for over seven years, and according to Makhija, they’ve worked closely with Garg and are more than ready to take the reins.

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A Growing Business

Unicommerce’s leadership change comes at a time of strong business momentum. For the quarter ending December 2024, the company posted a revenue of Rs 32.7 crore—up from Rs 26 crore in the same quarter last year. Net profit rose sharply too, increasing 61.5% year-on-year to Rs 6.3 crore.

The company has also been on the move strategically. In December 2024, it picked up a 42.76% stake in courier aggregation platform Shipway Technology for Rs 68.4 crore. Just this month, it completed the acquisition by buying the remaining 57.24%, fully integrating Shipway into its growing ecosystem.

As the platform scales and deepens its footprint across India’s e-commerce backend, the leadership transition will be closely watched. But with a veteran team in place and numbers trending up, Unicommerce looks poised to keep its momentum going.

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Ashneer Grover Fires Back: “I’m the One Who Lost Money in BluSmart, Not the Culprit”

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Ashneer Grover Fires Back: “I’m the One Who Lost Money in BluSmart, Not the Culprit”

Ashneer Grover isn’t holding back. As the Gensol-BluSmart money mess unfolds, the outspoken co-founder of BharatPe and ex-Shark Tank judge has made it crystal clear—he’s not tangled in the controversy, he’s caught in the crossfire.

Taking to X (formerly Twitter), Grover called out reports dragging his name into the SEBI investigation involving Gensol Engineering and BluSmart. “This is cheap journalism,” he wrote, venting his frustration. “I’ve lost money in this saga—I didn’t gain a thing.”

Grover shared that he invested Rs 1.5 crore in BluSmart and another Rs 25 lakh in Matrix Partners, hoping to back what he believed were promising ventures. Now, he’s watching from the sidelines as the companies face public and regulatory scrutiny. “I truly hope they make it through this—for the sake of everyone involved,” he added.

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The Plot Twist: SEBI’s April 15 Order

The drama began with a SEBI interim order that dropped earlier this week. It revealed that Anmol Singh Jaggi, promoter of Gensol Engineering and the man under the scanner for allegedly siphoning off funds, had poured Rs 50 lakh into Grover’s new venture, Third Unicorn Pvt Ltd. That investment got him 2,000 shares—and a whole lot of unintended headlines.

Grover isn’t amused. He pointed out that private companies aren’t obligated to investigate or verify where every rupee from shareholders comes from. “Third Unicorn is not answerable for how Jaggi made his money,” he said. “The law doesn’t require that.”

According to filings, Jaggi still holds his shares in Third Unicorn as of March 31, 2024.

BluSmart on Pause

Meanwhile, BluSmart, the EV ride-hailing startup that once billed itself as a greener alternative to Ola and Uber, suddenly shut down new bookings in key metros including Delhi-NCR, Mumbai, and Bengaluru—just hours after the SEBI order surfaced.

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The silence from the company has only fueled speculation. Industry insiders say the financial and reputational blowback could be tough to recover from, especially with investor confidence shaken and customers left in the dark.

Grover, though, is clear on one thing—he’s not behind the wheel of this crash. “I’m the one who’s out of pocket here,” he said. “Let’s not twist the facts.”

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Flipkart Ends Remote Work for 22,000 Employees Ahead of $36 Billion IPO Push: Full Office Return Mandated

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Flipkart Ends Remote Work for 22,000 Employees Ahead of $36 Billion IPO Push: Full Office Return Mandated

After more than four years of hybrid routines and Zoom meetings, Flipkart has made a decisive shift: all employees are now expected to work from the office five days a week. The move brings the curtain down on the remote work chapter that began during the early days of the pandemic in 2020.

The Walmart-owned e-commerce company, which has a workforce of nearly 22,000, says this decision is rooted in the need to rebuild day-to-day collaboration and revive the kind of energy that can only come from working in the same physical space.

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“In our Bengaluru headquarters, we’ve already seen the difference a return to office can make,” a Flipkart spokesperson shared. “Over the last year, as more teams started coming in, we noticed stronger interactions, better synergy, and quicker decision-making. This shift isn’t just about logistics—it’s about culture.”

While many field employees and gig workers never left their work locations, corporate staff had the option to work remotely or in a hybrid model. That flexibility is now coming to an end as Flipkart looks to unify its teams under one roof. The spokesperson added that the transition is also intended to help new hires integrate better and feel part of the larger mission.

The timing isn’t incidental. Flipkart is preparing for a major milestone—its IPO, expected sometime in the next 12 to 15 months. The company, last valued at $36 billion, has already greenlit the process of shifting its legal base from Singapore to India, a necessary step before it can list on domestic exchanges.

Continue Exploring: Lahori Beverages Nears ₹450 Crore Fundraise as Valuation Soars to ₹2,500 Crore – A New Challenger in India’s Booming Drinks Market

The return-to-office push is part of a broader realignment at Flipkart as it gears up for what could be one of India’s most anticipated tech listings. With in-person collaboration back in focus, the company is betting that being together—literally—will help sharpen its edge in a competitive market.

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Akshay Kumar Fronts Livguard’s Rs 1,000 Cr Power Play: New TVCs Highlight Smart Inverters and Solar Precision Ahead of Summer Surge

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Akshay Kumar Fronts Livguard’s Rs 1,000 Cr Power Play: New TVCs Highlight Smart Inverters and Solar Precision Ahead of Summer Surge

Livguard is making a powerful statement this IPL season with the launch of two sharply crafted television commercials featuring Akshay Kumar, aimed at spotlighting its latest offerings in solar energy and inverter-battery tech.

The campaign rides the momentum of cricket season, leveraging Akshay’s mass appeal and the high viewership window to drive home a message: dependable, intelligent power solutions aren’t a luxury anymore — they’re a must.

Solar Power Gets a Spotlight

In the first of the two films, Livguard’s solar solutions take center stage. Rather than selling a dream, the ad gets into the nitty-gritty — showing real aspects of how solar panels are designed, installed, and optimized. From precise alignment to the use of tech that ensures better energy yield, the narrative positions Livguard not just as another solar player, but as a brand with serious engineering depth.

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There’s a clear focus on trust, precision, and performance — values Akshay Kumar himself is often associated with.

Inverter-Battery Tech Gets Smarter

The second commercial pivots to Livguard’s inverter and battery systems, designed for a world where every appliance, gadget, and device demands constant uptime. The ad underlines the company’s use of AI-enhanced charging, improved load handling, and longer battery life — making a case for why modern homes need smarter backup systems.

These aren’t just stop-gap solutions for power cuts. They’re designed to meet the demands of tech-heavy, always-on lifestyles.

A Vision That Looks Ahead

Rakesh Malhotra, founder of the SAR Group (which owns Livguard), said the idea was simple: “We’re not just solving today’s power issues — we’re building solutions for tomorrow’s homes. Our tech-first approach is about making sure your devices, your comfort, and your life are never on pause.”

Marketing head Sandhya Biswas echoed the same sentiment, noting how energy needs have evolved: “From smart TVs to fully connected homes, power consumption is no longer linear. Our products are designed to meet this complexity with ease — seamless, reliable, and smart.”

Continue Exploring: “Kuch Nahi Hoga”—Anupam Mittal Challenges This Dangerous Mindset in Policy Bazaar’s New Ad

Creative Punch with a Familiar Face

The creative muscle behind the campaign comes from Lowe Lintas. Vasudha Misra, who leads the creative division, said the team wanted the ads to mirror Livguard’s obsession with detail and innovation.

“Akshay brings intensity, clarity, and purpose — the same things Livguard builds into its products,” she said. “

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