The Reserve Bank of India on Friday announced a fresh set of liquidity infusion measures worth more than $23 billion, as it seeks to ease tightening conditions in the banking system while managing pressure on the rupee. Under Governor Sanjay Malhotra, the central bank has stepped up durable liquidity support over the past year to reinforce policy rate cuts and offset the impact of its foreign exchange market interventions. Multi-pronged liquidity injection plan As part of the announced measures, the RBI will conduct its first-ever 90-day variable rate repo (VRR) operation of ₹250 billion ($2.7 billion) on January 30. The…
Author: Adarsh Kumar
US memory chipmaker Micron Technology is set to start commercial semiconductor production by the end of February at its $2.75 billion assembly and testing facility in Sanand, Gujarat, Union minister for electronics and IT Ashwini Vaishnaw said on the sidelines of the World Economic Forum in Davos. Vaishnaw said pilot production has already commenced at several approved semiconductor facilities in India, with commercial output expected to scale up in the coming weeks. The Sanand facility marks a key milestone in India’s efforts to build a domestic semiconductor manufacturing ecosystem under its long-term electronics strategy. India’s long-term semiconductor roadmap Speaking on…
IndusInd Bank has announced a key leadership change at the board level, with Arijit Basu set to take over as its new chairman following regulatory approval. The bank said that Sunil Mehta will cease to be part-time chairman and director upon completion of his tenure on January 30, and Basu will assume charge as non-executive chairman from January 31, after receiving approval from the Reserve Bank of India. Arijit Basu Resigns From HDB Financial Ahead of his appointment at IndusInd Bank, Arijit Basu resigned as chairman and non-executive independent director of HDB Financial Services with immediate effect. In his resignation…
The Karnataka High Court on Friday set aside the Karnataka government’s ban on bike taxi operations, allowing ride-hailing platforms such as Rapido, ola and Uber to seek permissions to restart services in the state. A division bench comprising Chief Justice Vibhu Bakhru and Justice C M Joshi allowed appeals filed by ride-hailing companies and the Bike Taxi Welfare Association, overturning a single-judge order passed in April 2025 that had suspended bike taxi operations until the state framed a formal policy. Motorcycles Qualify as Transport Vehicles In its ruling, the High Court held that motorcycles fall within the definition of “transport…
Omnichannel beauty and personal care platform Purplle delivered a standout performance in FY25, more than doubling its operating revenue while significantly narrowing losses, underscoring the scale it has achieved over the past five years. According to consolidated financial statements filed with the Registrar of Companies (RoC), Purplle’s revenue from operations rose to ₹1,367 crore in FY25, up from ₹680 crore in FY24. The latest numbers mark a sharp inflection in the company’s growth journey, with operating revenue expanding over 10x since FY21, when it stood at ₹128 crore. Founded in 2012, Purplle operates a dual business model comprising a third-party…
Online stockbroking firm Upstox reported flat operating revenue but a sharp improvement in profitability in the financial year ended March 2025 (FY25), aided largely by higher non-operating income. According to its consolidated financial statements filed with the Registrar of Companies (RoC), Upstox posted revenue from operations of ₹945 crore in FY25, broadly unchanged from ₹951 crore in FY24. Despite muted topline growth, the company’s net profit rose 21.5% year-on-year to ₹215 crore, compared with ₹177 crore in the previous fiscal. Including non-operating income, Upstox’s total income stood at ₹1,205–1,208 crore for FY25. Revenue Mix Remains Brokerage-Led Brokerage income continued to…
Home services marketplace Urban Company reported strong topline growth in the third quarter of FY26, even as consolidated losses persisted due to continued investments in its high-frequency housekeeping vertical, InstaHelp, according to its latest shareholder letter. For the quarter ended December 31, 2025, Urban Company posted a Net Transaction Value (NTV) of ₹1,081 crore, marking a 32% year-on-year increase. Revenue from operations also rose 32% YoY to ₹383 crore, reflecting steady demand across its core services. However, the company reported a consolidated net loss of ₹21 crore in Q3 FY26. On an adjusted basis, EBITDA loss stood at ₹17 crore,…
Bengaluru-based payments infrastructure firm Juspay has raised $50 million in a Series D follow-on funding round from WestBridge Capital, the company said in a statement. The round comprises a mix of primary and secondary capital, with Avendus Capital acting as the exclusive financial advisor to Juspay on the transaction. The latest investment values Juspay at $1.2 billion, up from approximately $900 million in its previous round, making it the first startup to enter the unicorn club in 2026. Use of Capital and Secondary Liquidity Juspay said the primary portion of the funding will be used to support international expansion and…
As PhonePe moves closer to its public listing, its updated draft red herring prospectus (DRHP) outlines how regulatory changes and shareholder liquidity events have reshaped the company’s revenue mix over the past year. The filing shows that PhonePe has seen secondary share transactions worth Rs 5,771 crore since 2023, providing liquidity to early shareholders ahead of the IPO. A significant portion of this took place in September 2025, when co-founders Sameer Nigam and Rahul Chari executed a Rs 3,937 crore secondary sale, with the shares acquired by General Atlantic. The transaction allowed partial monetisation for the founders while keeping them…
PhonePe has filed its updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India, marking a key step towards one of India’s most closely watched fintech public listings. The filing comes after Securities and Exchange Board of India granted regulatory clearance for the company’s IPO plans earlier this month. IPO Structure: Entirely Offer for Sale As per the updated DRHP dated January 21, 2026, PhonePe’s proposed IPO will be structured entirely as an Offer for Sale (OFS), with no fresh issue of shares. As a result, the company will not receive any proceeds from the public…