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Time of India

2 hours ago

• Time of India

Startups cheer HAL's takeover of SSLV rocket; hope it boosts market for small satellites

With the defense PSU Hindustan Aeronautics Ltd ( HAL ) becoming the first Indian firm to own, build, and commercialise the Indian Space Research Organisation's ( ISRO ) SSLV rocket, sections of Indian startups are hopeful the deal will help them rely less on launch service providers overseas, get better schedule visibility, and save on costs. So far, most Indian startups, such as Pixxel, Digantara, and GalaxEye's upcoming mission Drishti, have used SpaceX for their launches. Some startups have also conducted payload testing on ISRO's shared missions. Startups told ET that if HAL can offer transparent pricing and firm launch windows, they would strongly prefer to work with Indian launch providers. Industry experts said the government should consider incentivising private payloads launched on Indian rockets to build a stronger homegrown ecosystem. SatLeo Labs CEO Shravan S Bhati, building thermal imaging satellites for low earth orbit (LEO), said the move will open new avenues for the competitive small satellite market and free up ISRO's think tank for deeper research and development (R&D) and planetary missions. The small satellite market, as per Stratview Research, will be valued at $7.7 billion by 2030. The small satellite market, as per Stratview Research (2024), was valued at $6.7 billion and is projected to grow to $7.7 billion by 2030. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo Earlier, in an interview with ET, Pawan Goenka, chairman of the Indian National Space Promotion & Authorisation Centre (IN-SPACe), said the regulator-cum-promoter will be setting up a dedicated launch centre for small satellite launches. 'Our target is to conduct 25 small satellite launches per year across three vehicles (SSLV, Agnikul's, and Skyroot's rockets), securing a major share of the global market.' Ahmedabad-based PierSight Space's cofounder, Vinit Bansal, working on maritime technology, said that transferring SSLV technology to an agency focussed on production, such as HAL, can enable more SSLV launches per year. 'SSLV can now serve as an 'Uber to space,' providing flexible access to specific orbits that are not feasible through shared missions,' he added. Live Events Challenges persist, but startups hopeful Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Awais Ahmed, founder of Google-backed Pixxel, said that for startups such as his, this can reduce dependency on foreign launch providers and improve scheduling predictability. The startup launched its Firefly constellation of hyperspectral satellites earlier this year from SpaceX. 'If SSLV is reliably available and HAL builds institutional maturity in launch operations, it would certainly make access easier and potentially more cost-competitive,' Ahmed told ET. Another space tech startup, SpaceFields' founder, Apurwa Masook, building solid rocket propulsion technology for aerospace and defence and collaborating with HAL, said the global launch market is highly competitive and demands aggressive customer acquisition and agile supply chain management. He pointed out that traditional Indian DPSUs like HAL have historically faced challenges, which is also evident in their growing backlogs in military deliveries. 'For SSLV to succeed in the commercial market, HAL would need to rethink its go-to-market strategy and possibly lean more on nimble private sector collaborators,' the Bengaluru-based Masook said.

Economic Times

2 hours ago

• Economic Times

Meesho completes India flip; PayU breaks even in FY25

Meesho has officially moved its base to India, completing its reverse flip, as per filings seen by ET. This and more in today's ETtech Top 5. Also in the letter: ■ Kamath brothers invest in InCred ■ Smartphone sales go local■ Cheap fashion, full closets Meesho concludes reverse flip process; likely to file DRHP in 2-3 weeks Sanjeev Barnwal and Vidit Aatrey, founders, Meesho Ecommerce marketplace Meesho has completed its reverse flip and shifted its domicile to India, according to filings with the Registrar of Companies reviewed by ET. Driving the news: The SoftBank-backed company secured approval from the National Company Law Tribunal (NCLT) on May 27 to proceed with its reverse flip. As part of the move, the company is expected to face a tax liability of $280-300 million in the United States. With this, Meesho joins a growing list of high-profile startups, including Groww, Razorpay, Dream Sports, Zepto and PhonePe, that have redomiciled to India in recent years. Quote, unquote: "Meesho's board met late on has approved the merger and share allotment to investors of the US entity. It is now a fully Indian company," one of the persons said. The company is expected to file its draft IPO prospectus in the next two to three weeks. Tell me more: Meesho filed for NCLT approval of the reverse merger in January. Around the same time, it closed a $550 million funding round, bringing in new investors including Tiger Global, Mars Growth Capital, and Think Investments. Meanwhile, Meesho's ecommerce rival, the Walmart-owned Flipkart, is also preparing to shift its domicile from Singapore to India ahead of a planned 2026 IPO. PayU India revenue rises 12% to Rs 4,300 crore in FY25 PayU India's payments business broke even in the second half of FY25, fuelled by stronger revenue growth from deeper penetration among existing merchants and a sharper focus on value-added services, according to its parent company, Prosus' latest annual report. Revenue growth: The company posted a 12% year-on-year rise in revenue to $498 million (approximately Rs 4,317.6 crore) for the fiscal year ended March 31, 2025. Total payment volume (TPV) grew 14%, led by increased activity across financial services, government, airlines, and food delivery segments. Regulatory greenlight: Earlier this year, PayU received final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, following in-principle clearance over a year prior. To bolster its real-time payments stack, it also acquired a 70% stake in banking tech firm Mindgate Solutions for $68 million. Holding on: The Amsterdam-based investment also stated that it was planning to delay PayU's planned 2025 listing, with its CFO Mico Marais telling Reuters that it would want to 'improve that business.' Prosus surpasses financial targets with $7.4 billion annual earnings Earlier on Monday, Dutch tech investor Prosus also posted a $179 million profit for the year ended March 31, 2025, completing a turnaround from a $118 million loss a year earlier. It reported core headline earnings of $7.4 billion for the whole year, a 47% jump from last year, beating its financial targets on the back of growth in food delivery and ecommerce. Highlight: Prosus said its ecommerce revenue rose 21% to $6.2 billion, driven by AI-led innovation and growth across Latin America, Europe and India. Also Read: Swiggy GOV growth came at cost of profitability: Prosus Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Zerodha's Kamath brothers pick Rs 250 crore minority stake in InCred Nithin Kamath and Nikhil Kamath, cofounders, Zerodha Nithin and Nikhil Kamath, cofounders of stockbroking platform Zerodha, have acquired a minority stake in InCred Holdings, the parent company of the non-banking financial firm InCred Financial Services. The deal was executed through a share purchase worth Rs 250 crore. Setting the stage: The investment comes at a crucial juncture for InCred, which is preparing for a potential Rs 4,000-crore initial public offering (IPO). Last week, its wealth management arm, InCred Wealth, expanded into the retail broking segment by acquiring discount broking platform Stocko. Quote, unquote: 'India's credit ecosystem is changing fast—more formal, more digital, and more accessible,' said Nikhil Kamath. 'InCred Group seems to get that. They've built a strong team, a technology-first approach, and a clear view of where the market is headed.' Backstory: In 2022, InCred Finance merged with KKR India Financial Services, creating a consolidated NBFC platform. The company reached unicorn status in December 2023 after raising $60 million in a Series D round led by high-net-worth individuals, valuing it at around $1.04 billion. Smartphone brands shift focus to offline sales in smaller towns Smartphone brands are increasingly moving beyond metro cities, turning to offline retail channels in smaller towns to drive growth. This marks a clear departure from their earlier dependence on ecommerce platforms. Driving sales: Brands are targeting customers in tier-2 and tier-3 cities with easier access to financing, especially as demand for premium handsets picks up in these markets. At the same time, shipments to online retailers declined for the seventh consecutive month in April. Market trackers attribute this drop to online-first brands making a deliberate shift towards physical retail. Changing tack: With online platforms losing momentum, nearly all brands have scaled back volumes through online channels. Even those that built their presence on online platforms are now rebalancing their distribution strategies. Motorola brought down its online shipments to 64% in Q1 2025 from 82% a year ago. OnePlus also reduced its online share to 71%, compared to 85% in the same period. Xiaomi now garners 39% of its volumes from ecommerce, down from 45% in Q1 2024. Slow growth: Industry insiders say brands are increasingly aware that ecommerce penetration in India is plateauing. A large share of the country's smartphone market still depends on local retail stores, where in-person interactions and financing options often play a bigger role in purchasing decisions. Chart-ed: Fast fashion fuels closet overload A recent survey by Statista reveals a shopping trend in which both men and women often purchase clothes that they never especially women, frequently purchase clothing items from fast fashion brands. Among the surveyed countries, the United Kingdom ranks highest, with 29% of female and 17% of male respondents often buying clothes they never wear. India follows closely, with 25% of women and 18% of men reporting the same. Updated On Jun 23, 2025, 07:22 PM IST

Mint

3 hours ago

• Mint

Wall Street Live: US stock futures fall as Iran vows retaliation to airstrikes

US stock futures slipped on Monday as Iran vowed retaliation to the US airstrikes on its nuclear facilities over the weekend. Investors fear a broader conflict in the Middle East as Tehran warned that the US attack had expanded the scope of its military action. At 07:43 AM ET, Dow E-minis were down 98 points, or 0.23%, S&P 500 E-minis were down 10.25 points, or 0.17%, and Nasdaq 100 E-minis were down 45.75 points, or 0.21%. Oil prices climbed in a volatile session amid concerns around Iran shutting the Strait of Hormuz, a key oil supply route. Brent futures were up 1.2% at $77.91 a barrel as of 07:22 AM ET.