Digital lenders stay cautious; Swiggy sees no easy wins for Rapido
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Happy Thursday! Some digital lending startups reported modest profit growth in FY25, while others have pulled back on IPO plans. This and more in today's ETtech Morning Dispatch.■ Ride-hailing GST ruling under review■ Infosys' Nilekani flags global risks■ NPCI reports 42% profit surgeDigital lending startups closed FY25 with mixed results . While some posted profit growth, others slowed down disbursals to maintain capital buffers in a volatile regulatory environment.Fibe reported a 100% rise in net profit to Rs 100 crore for FY25. KreditBee posted a modest increase, with net profit reaching Rs 221 crore versus Rs 200 crore a year earlier. Axio, on the other hand, saw pressure on its operating metrics during the first half of the year.Industry executives told us that several digital lenders are preparing draft red herring prospectuses (DRHPs), but few are expected to list before early 2026. Many are looking to secure Sebi approvals in advance and time their public offerings around improved market sentiment — possibly post the festive season.Founders say regulatory uncertainty has stabilised and asset quality is holding up. With improved metrics expected this fiscal, some lenders are hoping to hit the public markets early next year. Swiggy 's Majety on Rapido's food delivery pushSriharsha Majety, group CEO, SwiggySwiggy says it remains agile and ready to respond, as Prosus-backed Rapido prepares to enter a market with few winners.With Rapido finalising its entry into the food delivery market, Swiggy founder and group CEO Sriharsha Majety said the company remains ' super agile and paranoid ,' and won't hesitate to act if the market shows signs of disruption. It's noteworthy that Swiggy is an investor in Rapido.Speaking at an investor event hosted by Prosus in London, Majety said the food delivery market has seen multiple entrants — Uber, Ola, Amazon, and ONDC — come and go, with only Swiggy and Zomato managing to survive and scale.'There were a dozen players in 2015… and we're still standing. Credit to us and Zomato. It's not easy to find an opening that's a home run,' he said. 'But if we see one, we'll be out there in weeks.'Swiggy holds a 15% stake in Rapido, and both companies share Prosus as a common investor. Rapido is offering significantly lower restaurant commissions compared to incumbents as it enters the space.Karnataka AAR questions earlier tax exemption for Juspay platform, citing possible misrepresentation and transfer of control.The Karnataka Authority for Advance Ruling (AAR) has said it may revoke its 2023 ruling that exempted Namma Yatri from collecting GST on auto rides booked via its app.Juspay had originally secured the ruling on grounds that it offered a software-as-a-service (SaaS) platform charging drivers a subscription fee — not a per-ride commission. Since then, Juspay has transferred Namma Yatri to a subsidiary, Moving Tech Innovations.The AAR says the ruling may no longer apply since the business has changed hands and the original applicant, Juspay, no longer owns the platform. The authority also hinted that the initial exemption may have been based on incomplete disclosures.The case could impact GST treatment across other ride-hailing platforms like Uber, Ola, and Rapido, all of which are seeking clarity from the Central Board of Indirect Taxes and Customs (CBIC).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.Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.Nandan Nilekani, cofounder, InfosysAmid multiple global challenges and AI becoming unavoidable, Infosys chairman Nandan Nilekani said that the ongoing tariff wars is pushing businesses to derisk sourcing and that the energy transition adds another layer of uncertainty.The National Payments Corporation of India, which runs UPI, IMPS, AePS and BBPS, reported a Rs 1,552 crore surplus for FY25 — up 42% year-on-year — on revenues of Rs 3,270 crore.Agentic and and generative AI are now becoming part of the large deals for LTIMindtree , although with slightly longer closure cycle than the traditional vendor consolidation projects, its new CEO Venugopal Lambu told ET.Online bond investment platform IndiaBonds raised Rs 32.5 crore ($3.77 million) from investors, including QiCAP.Ai founder Amit Rathi, former Delhivery CBO Sandeep Barasia, and Sanctum Wealth CEO Shiv Gupta, among others.■ Who is most at risk from the billions of leaked Facebook and Google passwords? ( Rest of World ■ Snake Venom, Urine, and a Quest to Live Forever: Inside a Biohacking Conference Emboldened by MAHA ( Wired ■ Here's a running list of all of Tesla's robotaxi mishaps so far ( The Verge
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Time of India
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Four new semiconductor units worth Rs 4,594 crore to come up in Odisha, AP, Punjab: Union minister Ashwini Vaishnaw
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This will help every sector and dimension of electronics manufacturing," union minister for electronics and information technology Ashwini Vaishnaw government hopes to give the semiconductor ecosystem a significant boost with the latest approvals, given that it will include the country's first commercial compound fab, as well as a highly advanced glass-based substrate semiconductor packaging products from these new plants will have applications in missiles, defence equipment, electric vehicles, railway, fast chargers, data centre racks, consumer appliances and solar power inverters, among others, Vaishnaw said. The new plants are expected to be ready for production in 2-3 years given that all government bodies have promised to provide expeditious permissions, he said, while pointing to previous such plants breaking ground in 6 terms of investment figures, the new plants are smaller than each of the six projects that are already coming up. Tata Electronics is investing Rs 91,000 crore in a fab facility in Gujarat's Dholera and Rs 27,000 crore for an semiconductor assembly and test facility at Morigaon, Assam, both announced in February last year. US-based Micron Technology is investing Rs 23,000 crore in an assembly, testing, marking and packaging (ATMP) plant at Sanand in Gujarat, announced in June SicSem is collaborating with Scotland's Clas-SiC Wafer Fab to establish a Rs 2,066 crore facility for silicon carbide-based compound semiconductors in Bhubaneswar. Set to be the first commercial compound fab in India, it will have an annual capacity of 60,000 wafers and a packaging capacity of 96 million chips."There is a world-wide movement from silicon to silicon carbide. It is a robust material and can sustain high voltage and temperatures. It is used in missiles, space equipment, satellites, rockets, railway engines and telecom tower equipment. Silicon carbide is a strategic necessity for our country,' the minister said. The Bhubaneshwar plant will also do research. 'At IIT-Bhubaneswar, a Rs 45 crore R&D unit has been set up," he will also be home to HIPSPL's vertically integrated advanced packaging and embedded glass substrate unit. A subsidiary of Albuquerque, New Mexico-based high-tech manufacturing firm 3D Glass Solutions Inc, HIPSPL will put in Rs 1,943 crore into the unit. It will be the first in the world to provide 3D packaging on a glass substrate on a commercial scale, Vaishnaw plant will have 11-13% equity investments each from US majors Intel, Lockheed Martin and Applied Materials, as well as venture capital funds, an official planned capacity of this unit will be nearly 70,000 glass panel substrates, 50 million assembled units and 13,200 3D heterogeneous integration modules every ASIP will set up a unit in Andhra Pradesh with an investment of Rs 468 crore, through a technology tie-up with South Korea's APACT, with an annual capacity of 96 million units. The manufactured products will find applications in mobile phones, set-top boxes, automobile applications and other electronic products. Venkata Simhadri, chief executive, ASIP Technologies, told ET: "Our OSAT/ATMP is focused on advanced (2.5D/3.0D) packaging of semiconductors, targeting data centres, high-speed communications and AI applications."New Delhi-based Continental Device will expand its discrete semiconductor manufacturing facility at Mohali with an investment of Rs 117 crore. It will manufacture high-power discrete semiconductor devices such as MOSFETs, IGBTs, schottky bypass diodes and transistors, both in silicon and silicon carbide. 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Indian Express
30 minutes ago
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CBI arrests two senior CPWD engineers for taking bribe
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Time of India
an hour ago
- Time of India
Money trap: 40% cyber fraud cases this year came as investment bait
Gurgaon: The city appears to have become a fertile ground for cybercriminals preying on people's hunger to earn more and the risk appetite they have. Investment fraud has emerged as the most common cybercrime, accounting for nearly 40% of all online fraud cases reported in the city. It has ensnared thousands, from tech professionals to homemakers and retirees, luring them into fake investment schemes with promises of quick, high returns. The result is often devastation, leaving those who have been targeted chasing shadows and grappling with the loss of their hard-earned money. The city's cyber police cell has registered over 16,000 complaints in the first half of 2025, with 40% cases linked to investment fraud. ACP (cybercrime) Priyanshu Diwan said 1,300 fraudsters were arrested in the first half of this year, up from around 700 in the same period in 2024. "Increased public awareness has helped reduce total financial fraud losses from Rs 155 crore in 2024 to Rs 80 crore in the current year," he said. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon The modus operandi of these fraudsters is simple yet effective, according to police. Often operating through networks that are run from foreign shores, they bait targets with fraudulent stock trading apps, fake cryptocurrency platforms, or get-rich-quick schemes disseminated through Telegram and WhatsApp groups. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Are The Most Beautiful Women In The World Undo Initially, victims are shown small, fabricated profits to build trust by cyber cons. Once convinced, they are encouraged to invest large sums, only to find the websites vanish, contacts go silent and their money gone without a trace. A case in point is a 57-year-old private employee from Sector 23, who was added to a WhatsApp group in Sept 2024. The group, comprising 56 members, was formed to give lessons on stock market investment. By Oct, he had downloaded an app and deposited Rs 1.3 crore into various bank accounts provided by the fraudsters. When he attempted to withdraw the money, he was asked to transfer an additional Rs 20 lakh as "investor tax". The moment he stopped transferring money, the fraudsters stopped attending calls. In another instance, a chartered accountant's daughter from Faridabad was conned of Rs 7.6 crore via a Facebook link promising lucrative stock market returns. Despite police efforts, which led to the arrest of 16 people across multiple cities, the financial losses continue to mount. Central to these scams is use of mule accounts — legitimate bank accounts rented or sold for a fee — which help funnel defrauded money and park it. Over 40% of those arrested in cyber fraud cases this year, according to cyber police, were found to have provided their bank accounts to criminals in exchange for cash or commissions. "The network of mule accounts is the lifeline of these fraud networks, enabling fraudsters to move money and hide their tracks," said ACP Diwan. The complexity of dismantling these networks lies in the rapid transfer of money through multiple accounts, conversion to cryptocurrency, and movement abroad, a police officer said. "Some of the mule account holders have even travelled to countries like Dubai and Cambodia to sell information on dozens of their accounts for hefty sums," he added. Police investigations have revealed that fraudsters contact potential mule account providers via messaging apps, offering money in exchange for account details, making money recovery and tracking exceedingly difficult. Police investigations have found that fraudsters pay commissions ranging from Rs 30,000 to Rs 2 lakh in exchange for handing over access to their bank accounts. Many mule account holders, according to police, claim ignorance about larger fraud operations. "Some said they were told their accounts would be used for business purposes or foreign remittances, while others look the other way, tempted by the promise of quick money," said the police officer. ACP Diwan said the cyber police are working extensively to dismantle the mule account network. "Without these accounts, fraudsters would struggle to operate. This year alone, more than 400 suspects have been arrested for providing accounts to criminals," he added. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
