Latest news with #Groww
Time of India
14 hours ago
- Business
- Time of India
Qcomm's worker woes; Capillary's IPO moves
Next Qcomm's worker woes; Capillary's IPO moves Want this newsletter delivered to your inbox? Also in the letter: Quick commerce players running out of delivery riders as demand shoots up Tell me more: Recruitment platform Vahan, which works with leading gig economy firms, confirms the pressure. Hiring is getting harder as 'manpower availability is not rising in proportion to demand.' Dark store managers echoed the concern. Several said they need more riders, with daily orders nearing 1,500. Quote, unquote: Ground reality ET spoke to delivery partners in Bengaluru and New Delhi, most of whom said that falling per-order payouts are making the job unsustainable. A Flipkart Minutes rider said promised referral bonuses aren't being honoured, pushing many to switch platforms for better pay. Harsh weather conditions are adding to the strain on operations. Also Read: Loyalty tech firm Capillary Tech files draft IPO papers; eyes Rs 430 crore via fresh issue IPO details: Fresh issue: Rs 430 crore. Rs 430 crore. Offer for sale: 18.3 million shares. 18.3 million shares. Promoter Capillary Technologies Pte, backed by Peak XV Partners and Avataar Venture Partners, will offload 14.2 million shares. JM Financial, IIFL Capital, and Nomura are book-running lead managers. Second attempt: Objectives: Cover its cloud infrastructure costs. Invest in product and platform R&D. Fund inorganic growth through acquisitions. The funds will be deployed between fiscal years 2026 and 2028. Foxconn plans to make iPhone enclosures in India Foxconn India footprint: iPhone assembly unit at Sriperumbudur, Tamil Nadu. New facility in Devanahalli, near Bengaluru. New AirPods assembly unit in Hyderabad. Progress so far: Quote, unquote: Tariff troubles: Applied Materials says Bengaluru chipmaking centre to rake in $2 billion Other Top Stories By Our Reporters Fresh exits at Krutrim: Groww to apply for corporate bond trading licence: AI, automation, geopolitics in focus at TCS AGM: Insurtech firm Renewbuy bags $10 million: Global Picks We Are Reading Happy Friday! Quick commerce platforms are facing challenges in hiring and retaining delivery drivers amid rising competition. This and more in today's ETtech Morning Dispatch.■ Foxconn expands in India■ Krutrim exits, layoffs■ Groww expands offeringsIndia's booming quick commerce sector is grappling with a critical operational challenge: hiring and retaining delivery partners . As demand for rapid deliveries surges, incumbents are scaling up and new players are joining the race. But recruitment has struggled to keep pace with growth.'Bikers are getting more demanding for all of us. It's becoming tough to hire and retain. These aren't good signs. It's reasonably acute, though not unmanageable yet,' said an executive at a quick commerce Reddy, founder, Capillary TechnologiesCustomer engagement and loyalty tech provider Capillary Technologies India has filed its draft red herring prospectus (DRHP) with Sebi for an initial public offering (IPO), joining a growing list of new-age companies eyeing the public company initially filed its DRHP in December 2021, but the proposal did not receive Sebi's nod. ET had first reported in November that Capillary Technologies was reviving its IPO plans and was aiming to file this Technologies will use the proceeds from the fresh issue to:Apple's largest supplier, Foxconn, is setting up a unit in Oragadam, Tamil Nadu, to manufacture iPhone enclosures, as ET first reported on September 25 last year. The move is part of the Taiwanese contract manufacturer's broader efforts to expand and diversify its operations in has commenced at the ESR Industrial Park in Oragadam, close to Foxconn's upcoming display module facility, according to one person aware of the developments."This gives Apple more leverage and also provides Foxconn with ease of integration and boosts value addition," said Neil Shah, vice president, Counterpoint Research. "This improves supply chain effectiveness for Foxconn as well as Apple."Apple is keen to move iPhone production to India to avoid potential US tariffs on Chinese-made devices. However, US President Donald Trump has threatened a 25% duty on devices made overseas. Despite this, Foxconn is pressing ahead with its expansion plans for Rengarajan, head of semiconductor products group, Applied Materials IndiaAmerican chip equipment manufacturer Applied Materials plans to establish a chip manufacturing centre in Bengaluru for $400 million over four years, Suraj Rengarajan, managing director at Applied Materials India, told ET. The company expects the plant to attract investments up to $2 Aggarwal, founder, KrutrimThree senior executives heading engineering and AI product execution at Bhavish Aggarwal's Krutrim have left , as the company laid off over a dozen people from their linguist teams across multiple languages early this week, sources familiar with the matter told Groww is planning to seek Sebi's approval to offer trading in corporate bonds through its mobile application, according to two people in the Consultancy Services (TCS) will focus on four strategic pillars: establishing a large pool of AI agents to work alongside the human workforce, delivering solutions for a human-plus-AI model, investing in AI data centres, and partnerships, said director Keki Mistry during the company's 30th annual general meeting (AGM).Insurance broking startup Renewbuy has secured $10 million (approximately Rs 86 crore) in a funding round from its existing investors, London-based Apis Partners and 360 One (previously IIFL Wealth).■ How much energy does AI use? The people who know aren't saying ( Wired ■ Samsung is desperate to compete on chips. Workers say it comes at a cost. ( Rest of World ■ I tried the future of smart glasses at WWDC. They weren't made by Apple ( CNET
Economic Times
a day ago
- Business
- Economic Times
China's rare earth curbs hit India; Groww eyes bonds
China's rare earth export controls are concerning Indian electronic manufacturers. This and more in today's ETtech Top 5. Also in the letter: ■ IT stocks tank■ Explained: Sebi's new Esop norms■ Microsoft vs OpenAI Alarms ring at speaker, wearables, TV makers on Chinese rare earth squeeze China's curbs on rare earth exports have set off alarm bells across the electronics industry, with speaker, wearable, and television manufacturers warning of looming shortages of permanent magnets. Production could grind to a halt unless supplies resume, industry executives and associations said. Driving the news: Of the seven rare earth metals now under export curbs, terbium and dysprosium are essential for making neodymium-iron-boron (NdFeB) magnets. These magnets are widely used in high-performance, portable and compact audio products. They typically account for 5–7% of the bill of materials, and Indian electronics makers remain almost entirely dependent on Chinese imports, according to a white paper by the Electronics Industries Association of India (ELCINA). Current state: China is holding back shipments of these magnets and related products at its ports, demanding end-use declarations before allowing export. This has disrupted operations at speaker assembly units in India and caused delays in deliveries to local TV and audio brands, according to ELCINA. To navigate the bottleneck, speaker manufacturers and importers have sought government help to secure end-use certificates, which Chinese exporters now require to obtain export licences, backed by full traceability documentation. Tell me more: Alternative sourcing from Japan, Vietnam, or even recycled magnets within India comes at a steep cost. ELCINA's price analysis shows these options nearly double input costs, with supply remaining patchy and unreliable. Also Read: G-7 eyes rare earth action plan as China's magnet control raises alarm Groww looks to offer trading in corporate bonds, to apply for Sebi licence (L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, founders, Groww Online stockbroker Groww is planning to expand its mobile app to include trading in corporate bonds. Driving the news: The Bengaluru-based firm plans to apply for an Online Bond Platform Provider (OBPP) licence, sources told us. While it already facilitates the primary sale of newly listed corporate bonds, it aims to offer secondary trading once it secures regulatory approval. Significance: The OBPP licence will allow Groww to compete with platforms such as Wint Wealth and Grip Invest. It also positions the company to tap into India's underpenetrated bond distribution market, where retail participation has been steadily growing. That said, recent concerns around issuers like BluSmart have shaken confidence in the space. Expansion bid: With an initial public offering (IPO) on the horizon, Groww is steadily diversifying beyond stockbroking. It recently entered the credit space after receiving a non-banking finance company (NBFC) licence from the Reserve Bank of India (RBI). The firm has expanded into wealth management with its acquisition of Fisdom and began offering margin trade funding to investors last year. Background: In May, Groww confidentially filed its draft red herring prospectus with Sebi, aiming to raise between $700 million and $1 billion. The company recently raised $250 million in a funding round led by GIC, which valued it at $6.5 billion. For FY25, it reported total revenue of Rs 4,056 crore and a net profit of Rs 1,819 crore. 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. IT stocks slip up to 3.5% after Fed holds rates, flags persistent inflation Indian IT stocks slipped in Thursday's trade after the US Federal Reserve kept interest rates unchanged, with LTIMindtree and Tech Mahindra leading the losses. What happened: The Fed held its benchmark rate steady at 4.25% to 4.5%, citing ongoing inflation concerns and a cautious economic outlook. This marks the sixth consecutive meeting without a rate change. However, the latest 'dot plot'— a chart that reflects individual policymakers' forecasts—shows policymakers still expect two cuts in 2025. Big losers: Here's how major IT firms reacted: LTIMindtree: Dropped 3.5% intraday, closed 1.6% lower. Tech Mahindra: Fell nearly 3%, closed down about 2%. The Nifty IT index slipped 1.4%. Infosys also slipped, closing down about 0.1%. Mid-sized firms, including Persistent Systems, Coforge, and Mphasis, declined between 1% and 2.6%. Why this matters: The Fed's cautious stance raises uncertainty around US growth and inflation. For Indian IT firms, which derive significant revenue from US clients, this could dampen client spending and contract pipelines. Explained: Sebi's new Esop norms for IPO-bound startup founders, reverse-flipping The Securities and Exchange Board of India (Sebi) has approved several measures to ease doing business, including a long-awaited change for startup founders. What's the news: The market regulator will allow startup founders to retain their employee stock options (Esops) even after their companies go public. Old rules: Founders were classified as 'promoters' at the time of initial public offering (IPO) filings, which barred them from holding or being granted Esops. If they held any, they had to liquidate them. Founders were classified as 'promoters' at the time of initial public offering (IPO) filings, which barred them from holding or being granted Esops. If they held any, they had to liquidate them. New norms: Founders who received Esops at least one year before filing the draft red herring prospectus (DRHP) can now retain them post-listing. Founders who received Esops at least one year before filing the draft red herring prospectus (DRHP) can now retain them post-listing. Flipback: Sebi will now also permit equity shares resulting from the conversion of Compulsorily Convertible Securities (CCS) to be included in an Offer for Sale (OFS), facilitating capital raising through public issues. About time: Sebi has recognised past regulatory grey areas. Founders have long argued that the rules were unfair, often forcing them to exit early and miss out on long-term value creation. Microsoft prepared to abandon high-stakes talks with OpenAI OpenAI CEO Sam Altman with Microsoft CEO Satya Nadella Microsoft is prepared to step back from 'high-stakes' talks with OpenAI over the future of their alliance, the Financial Times reported on Wednesday. Driving the news: The tech giant is reportedly considering pausing negotiations if the parties cannot reach an agreement on key issues, including the size of Microsoft's future stake in OpenAI. For now, Microsoft plans to lean on its existing commercial deal, which gives it access to OpenAI's technology through 2030, the FT report added. Meanwhile: OpenAI executives have discussed accusing Microsoft of anticompetitive behaviour, the Wall Street Journal reported on Monday. The two companies are also renegotiating the terms of Microsoft's investment, including its future equity position in the AI firm. Also Read: Microsoft planning thousands more job cuts aimed at salespeople Updated On Jun 19, 2025, 07:25 PM IST
Time of India
a day ago
- Business
- Time of India
China's rare-earth squeeze alarms tech; Groww's new play
China's rare-earth squeeze alarms tech; Groww's new play Want this newsletter delivered to your inbox? Also in the letter: Alarms ring at speaker, wearables, TV makers on Chinese rare-earth squeeze Driving the news: Of the seven rare earth metals now under export curbs, terbium and dysprosium are essential for making neodymium-iron-boron (NdFeB) magnets. These magnets are widely used in high-performance, portable and compact audio products. They typically account for 5–7% of the bill of materials, and Indian electronics makers remain almost entirely dependent on Chinese imports, according to a white paper by the Electronics Industries Association of India (ELCINA). Current state: China is holding back shipments of these magnets and related products at its ports, demanding end-use declarations before allowing export. This has disrupted operations at speaker assembly units in India and caused delays in deliveries to local TV and audio brands, according to ELCINA. To navigate the bottleneck, speaker manufacturers and importers have sought government help to secure end-use certificates, which Chinese exporters now require to obtain export licences, backed by full traceability documentation. Tell me more: Also Read: Groww looks to offer trading in corporate bonds, to apply for Sebi licence Driving the news: Signifiance: The OBPP licence will allow Groww to compete with platforms such as Wint Wealth and Grip Invest. It also positions the company to tap into India's underpenetrated bond distribution market, where retail participation has been steadily growing. That said, recent concerns around issuers like BluSmart have shaken confidence in the space. Expansion bid: With an initial public offering (IPO) on the horizon, Groww is steadily diversifying beyond stockbroking. It recently entered the credit space after receiving a non-banking finance company (NBFC) licence from the Reserve Bank of India (RBI). The firm has expanded into wealth management with its acquisition of Fisdom and began offering margin trade funding to investors last year. Background: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: 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: IT stocks slip up to 3.5% after Fed holds rates, flags persistent inflation What happened: Big losers: LTIMindtree: Dropped 3.5% intraday, closed 1.6% lower. Tech Mahindra: Fell nearly 3%, closed down about 2%. The Nifty IT index slipped 1.4%. Infosys also slipped, closing down about 0.1%. Mid-sized firms, including Persistent Systems, Coforge, and Mphasis, declined between 1% and 2.6%. Why this matters: Explained: Sebi's new Esop norms for IPO-bound startup founders, reverse-flipping What's the news: Old rules: Founders were classified as "promoters" at the time of initial public offering (IPO) filings, which barred them from holding or being granted Esops. If they held any, they had to liquidate them. Founders were classified as "promoters" at the time of initial public offering (IPO) filings, which barred them from holding or being granted Esops. If they held any, they had to liquidate them. New norms: Founders who received Esops at least one year before filing the draft red herring prospectus (DRHP) can now retain them post-listing. Founders who received Esops at least one year before filing the draft red herring prospectus (DRHP) can now retain them post-listing. Flipback: Sebi will now also permit equity shares resulting from the conversion of Compulsorily Convertible Securities (CCS) to be included in an Offer for Sale (OFS), facilitating capital raising through public issues. About time: Microsoft prepared to abandon high-stakes talks with OpenAI Driving the news: The tech giant is reportedly considering pausing negotiations if the parties cannot reach an agreement on key issues, including the size of Microsoft's future stake in OpenAI. For now, Microsoft plans to lean on its existing commercial deal, which gives it access to OpenAI's technology through 2030, the FT report added. Meanwhile: Also Read: China's rare earth export controls are concerning Indian electronic manufacturers, who are facing production halts. This and more in today's ETtech Top 5.■ IT stocks tank■ Explained: Sebi's new Esop norms■ Microsoft vs OpenAIChina's curbs on rare earth curbs on rare earth exports have set off alarm bells across the electronics industry, with speaker, wearable, and television manufacturers warning of looming shortages of permanent magnets. Production could grind to a halt unless supplies resume, industry executives and associations sourcing from Japan, Vietnam, or even recycled magnets within India comes at a steep cost. ELCINA's price analysis shows these options nearly double input costs, with supply remaining patchy and unreliable.(L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, founders, GrowwOnline stockbroker Groww is planning to expand its mobile app to include trading in corporate Bengaluru-based firm plans to apply for an Online Bond Platform Provider (OBPP) licence, sources told us. While it already facilitates the primary sale of newly listed corporate bonds, it aims to offer secondary trading once it secures regulatory May, Groww confidentially filed its draft red herring prospectus with Sebi, aiming to raise between $700 million and $1 company recently raised $250 million in a funding round led by GIC , which valued it at $6.5 billion. For FY25, it reported total revenue of Rs 4,056 crore and a net profit of Rs 1,819 Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship IT stocks slipped in Thursday's trade after the US Federal Reserve kept interest rates unchanged, with LTIMindtree and Tech Mahindra leading the Fed held its benchmark rate steady at 4.25% to 4.5%, citing ongoing inflation concerns and a cautious economic marks the sixth consecutive meeting without a rate change. However, the latest 'dot plot'— a chart that reflects individual policymakers' forecasts—shows policymakers still expect two cuts in how major IT firms reacted:The Fed's cautious stance raises uncertainty around US growth and inflation. For Indian IT firms, which derive significant revenue from US clients, this could dampen client spending and contract Securities and Exchange Board of India (Sebi) has approved several measures to ease doing business, including a long-awaited change for startup founders The market regulator will allow startup founders to retain their employee stock options (Esops) even after their companies go has recognised past regulatory grey areas. Founders have long argued that the rules were unfair, often forcing them to exit early and miss out on long-term value CEO Sam Altman with Microsoft CEO Satya NadellaMicrosoft is prepared to step back from 'high-stakes' talks with OpenAI over the future of their alliance, the Financial Times reported on executives have discussed accusing Microsoft of anticompetitive behaviour, the Wall Street Journal reported on Monday . The two companies are also renegotiating the terms of Microsoft's investment, including its future equity position in the AI firm.
Time of India
a day ago
- Business
- Time of India
Groww gets into corporate bond distribution, set to apply for Sebi licence
Bengaluru-based stockbroker Groww is looking to apply for an Online Bond Platform Provider (OBPP) licence and expand into offering corporate bond transactions through its mobile app, according to two people in the know. Groww, a Sebi-regulated stockbroker, already offers primary sale of freshly listed corporate bonds and will expand into offering trades in corporate bonds once it secures an OBPP licence, the people said. This is part of the company's broader strategy to go beyond core stockbroking services and become a full-stack financial services platform . From credit to wealth management and now bond distribution , Groww is slowly expanding its product suite as it prepares for a public listing . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's The Average Price of a 6-Hour Gutter Upgrade in Roseville Read More Undo This move will enable Groww to compete with other OBPPs, including Wint Wealth and Grip Invest. These platforms offer listed bonds through their mobile applications. These instruments are a more secured asset class than equity investments and typically offer higher rates of interest than banks' fixed deposits. 'The company has just started rolling out this product for its customers. More features will be rolled out eventually, this is part of Groww's larger strategy of expanding into deeper financial services products,' said a person in the know. Live Events The company did not comment. 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 Groww's bid to diversify its business comes at a time when the Peak XV Partners-backed startup is waiting for a Sebi nod to list on the exchanges. In May, Groww filed its draft red herring prospectus with Sebi through the confidential route, seeking to raise between $700 million to a billion dollars in fresh capital. The company recently closed a $250 million funding round led by GIC at a valuation of around $6.5 billion. It closed FY25 with total revenue of Rs 4,056 crore and a net profit of Rs 1,819 crore. Groww, which started as a direct mutual fund platform, has been offering stockbroking and credit services in recent years. The fintech startup secured a non-banking finance company (NBFC) licence from the Reserve Bank of India to launch products such as consumer loans, personal loans and others. Recently, Groww closed the acquisition of Fisdom , which enables it to get into the lucrative wealth management space and compete with the likes of Dezerv and Ionic Capital. Last year, Groww also opened margin trade funding for its investors. With an OBPP licence, Groww will also get into bond distribution, a market that has been seeing a major increase in retail participation in recent times. However, the recent defaults by BluSmart and other prominent startups has dampened some of the enthusiasm in the corporate bond market, with investors becoming wary of taking risky bets. Still, a large chunk of consumers is looking for more avenues to diversify their investments, and corporate bonds represent a major opportunity for them. The sector has also seen major interest from venture capital funds. Wint Wealth secured funding from Zerodha's Rainmatter, Eight Road Ventures, 3One4 Capital and others. Grip Invest is backed by Venture Highway and others.
Time of India
4 days ago
- Business
- Time of India
Meesho secures NCLT approval for reverse flip; faces $280-300 million tax outgo in the US
The Bengaluru bench of the National Company Law Tribunal ( NCLT ) has approved ecommerce marketplace Meesho 's plan to demerge its Indian entities from its US parent – in a step towards shifting its domicile to India, as per an order by the tribunal. According to people in the know, Meesho is expected to face a tax outgo of around $280-300 million in the US to flip back to India. ET had first reported last week that Meesho's reverse flip process was in the end stages as the company finalised plans to file a draft red herring prospectus for its initial public offering ( IPO ). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unwind in elegant bedrooms with private decks at Sunteck City Sunteck City Learn More Undo '...we conclude that the objections/observations to the scheme received from ROC/RD (Registrar of Companies' regional director) & income tax department have been adequately explained by the petitioner companies and hence there is no impediment in approval of the scheme,' the NCLT order stated. Confirming the development, a Meesho spokesperson said that this was a part of its ongoing transition to re-domicile in India. Live Events 'With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint,' the spokesperson said. 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 Meesho, like fellow Y Combinator-backed startups Groww and Razorpay, was incorporated in the US to simplify access to global capital. However, with the aim of listing on Indian exchanges, these companies have been shifting their registered bases here. Groww has already filed draft papers with the Securities and Exchange Board of India (Sebi) for a $700 million to $1 billion IPO. Razorpay in May completed its reverse flip process . Meesho had applied to the NCLT for approval of its reverse merger in January. Meanwhile, it closed a $550 million funding round that saw new investors such as Tiger Global, Mars Growth Capital and Think Investments join its cap table. This transaction, which was largely a secondary deal, valued the company at around $3.9-4 billion, which was a slight discount from its peak valuation of $5 billion. The company appointed Kotak Mahindra Capital, Citi, JP Morgan, and Morgan Stanley as merchant bankers for its public issue . The company's ecommerce rival, Walmart-owned Flipkart , is also working on redomiciling from Singapore to India ahead of a planned IPO in 2026. Once Meesho files for its IPO, it will join a growing list of new-age startups eyeing a public debut this year. These include edtech company PhysicsWallah, at-home services provider Urban Company, ecommerce logistics startup Shiprocket, wearables brand Boat, and wealthtech platform Groww. Shiprocket, Boat, and Groww have taken Sebi's confidential filing route, which lets companies withhold key information — such as recent financials and specifics of the offering — until closer to the listing. The development was first reported by Moneycontrol.
