Internal rift in Karnataka? Congress MLA alleges ‘administrative collapse', threatens to resign
BJP MP Tejasvi Surya criticizes Karnataka's Rs 18,000 crore tunnel road project, calling it unscientific and financially unsound. He questions the project's feasibility, high toll costs, and potential public fund drain, challenging the government's transportation strategy.
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Economic Times
15 minutes 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
Hans India
19 minutes ago
- Hans India
Gujarat: Visavadar's political realignment from Congress to AAP
Ahmedabad: Visavadar, a seat long held or closely contested by the Congress, delivered a verdict in the 2025 bypoll by electing Aam Aadmi Party's Gopal Italia, a result which encapsulates the crumbling of old allegiances and the emergence of new political aspirations. With 75,942 votes to his name, Italia defeated BJP's Kirit Patel (58,388 votes) by a decisive margin of 17,554. Congress, which once wielded commanding influence in this agrarian belt of Junagadh district, plummeted to a dismal third with a mere 5,501 votes. It is a reversal of political fortunes few would have predicted a decade ago. Visavadar has historically been a 'Congress country'. From the days of Madhavsinh Solanki's dominance in Gujarat politics to the post-liberalisation electoral churn, Congress maintained a strong presence in Saurashtra through its grassroots workers, its caste alliances, particularly with the Patidar and Koli communities and its image as the party of farmers. In the 2017 and 2022 elections, Visavadar was one of the few seats where Congress remained competitive even as its presence diminished elsewhere in Gujarat. The bypoll was triggered by the defection of AAP MLA Bhupendra Bhayani to the BJP, an act seen by many locals as political betrayal. This left the seat vacant and opened the field for a high-stakes contest. The Congress, weakened by internal strife and a crumbling cadre, fielded a low-key candidate, hoping nostalgia and legacy would carry them through. But the ground had shifted. Instead of flowing back to Congress, the anti-BJP sentiment in the constituency rallied behind Gopal Italia, a leader with credibility, conviction, and connection. Italia's entry into the contest changed the entire dynamic. His political identity, shaped by activism, anti-corruption movements, and his prominent role in the Patidar agitation, gave AAP the kind of leadership Gujarat had been lacking. His appeal extended beyond caste lines, drawing in first-time voters, disenchanted Congress supporters, and farmers fed up with both state and central neglect. For Congress, the defeat is more than electoral; it is existential. The party's vote share in Visavadar has collapsed from nearly 30 per cent in 2022 to under 8 per cent now. This isn't just about one seat. It's about a broader rejection of a party that has failed to offer fresh leadership, build new narratives, or even sustain old ones. The resignation of Gujarat Congress chief Shaktisinh Gohil in the aftermath only highlights the turmoil. AAP, by contrast, ran a meticulously localised campaign. While Delhi's governance model was highlighted, the focus remained on Visavadar's specific issues: dwindling water resources, poor healthcare infrastructure, agricultural distress, and the feeling of political abandonment. Italia's team worked booth-to-booth, speaking in the idiom of the voter, not the Delhi headquarters. The BJP's second-place finish is significant but also telling. Despite their deep pockets and statewide cadre network, they could not capitalise on Congress's collapse. Their bet on Bhayani's defection misfired badly, and the selection of Kirit Patel failed to energise voters. The electorate's message was clear: it will not reward opportunism or take kindly to backroom deals. What Visavadar demonstrates is a changing pulse in Gujarat's rural politics. A constituency once loyal to Congress has not only turned away but has not defaulted to the BJP, a scenario Gujarat has rarely seen in recent years. Instead, it has consciously chosen a third path. For the Aam Aadmi Party, this is more than a symbolic win. It is a confirmation that their brand of issue-driven, personality-backed politics has potential in Gujarat beyond urban fringes. With Gopal Italia now firmly established as the face of this new push, AAP has its first real grassroots icon in the state. It remains to be seen whether they can build on this momentum, but for now, they have what Congress once had in Visavadar, a toehold in the voters' trust. Visavadar's verdict is a turning point. It tells the story of a constituency that once stood with the Congress, turned restless, and now has chosen to invest its faith in a new experiment. Whether that experiment flourishes or flounders will shape not just the future of 'Saurashtra' but potentially of Gujarat's politics itself.
United News of India
21 minutes ago
- United News of India
AAP scores big in bypolls, Kejriwal says people have rejected BJP, Cong
New Delhi, June 23 (UNI) Buoyed by impressive bypoll victories in Punjab and Gujarat, Aam Aadmi Party (AAP) chief Arvind Kejriwal on Monday said the results reflected a growing public disillusionment with both the Congress and the Bharatiya Janata Party (BJP). In today's vote count for the June 19 by-elections involving five seats, AAP's Gopal Italia clinched the Visavadar assembly seat in Gujarat, while Sanjeev Arora, a sitting Rajya Sabha MP, emerged victorious in Ludhiana West, Punjab, defeating Congress veteran Bharat Bhushan Ashu. The BJP secured the Kadi seat in Gujarat through Rajendra Chavda, while Congress and the Trinamool Congress won one seat each in Kerala (Nilambur assembly seat) and West Bengal (Kaliganj) respectively. Celebrations broke out at the AAP headquarters in Delhi as party workers distributed sweets and raised slogans, hailing the victories as a major boost to the party's national ambitions. Reacting to the results, Kejriwal wrote in Hindi on social media platform X: 'The people of Gujarat are now fed up with the BJP and are seeing hope in the Aam Aadmi Party. In Punjab too, the people have appreciated our work and voted in even larger numbers than in 2022.' Thanking voters in both states, he added, 'Many congratulations and heartfelt thanks to the people of Gujarat and Punjab. The victory margins in both Visavadar and Ludhiana West are nearly double compared to the last election. This is a clear mandate rejecting both Congress and BJP.' Addressing a press conference in the capital post the declaration of results, the AAP National Convener said, 'AAP has won two out of five seats. Congress, BJP, and Trinamool have won one each. I congratulate Sanjeev Arora for Ludhiana West and Gopal Italia for Visavadar. We had earlier won Visavadar in 2022, but after our MLA joined the BJP, this bypoll was necessitated. We've now reclaimed the seat with a stronger mandate.' He added that the results were a sign of public approval for the performance of the AAP-led government in Punjab. Delhi AAP chief Saurabh Bharadwaj called the results 'a big political message.' 'The result is a big political message. The BJP was saying that AAP was finished, but I feel that Arvind Kejriwal has made a big comeback. It has bolstered the faith of the common people in the electoral process." UNI AJ SSP
