Latest news with #Navi
Hindustan Times
5 days ago
- Health
- Hindustan Times
Woman who dropped 15 kilos in 4 months shares 10 habits that helped her weight loss: ‘Protein is non-negotiable'
Navi, an Instagram user, underwent an impressive transformation and dropped 15 kilos in just four months. Since then, she has been consistently sharing glimpses of her weight loss journey, along with practical tips and hacks that supported her fat loss. On May 15, Navi posted a reel explaining how fat loss actually works and why adopting sustainable, healthy habits is key to achieving faster and long-term results. 'Don't follow random diets blindly. Understanding how fat loss actually works in the body is a gamechanger. It helps you make smarter choices about what to eat, what to avoid, and how to manage your calories even during functions, events, or vacations. Learn what foods to combine and what to keep apart,' Navi wrote in the caption. Also read | Woman who lost 30 kg without hitting gym shares 5 daily habits that worked for her: Detox water to eliminating maida The Instagram user further noted down 10 habits she followed for faster weight loss: A post shared by Navi (@navi365dayschallenge) Eating sugar first thing causes a massive glucose spike. Start your day with protein or fiber-rich foods. A cucumber salad or greens before any meal helps slow down glucose absorption. Protein slows down glucose spikes and keeps you full longer. Pair carbs (like rice or roti) with protein (eggs, dal, paneer) and fiber (salads, veggies). Also read | Fitness coach reveals 5 sustainable habits for faster weight loss, shares best sources of protein for vegetarians Stop worrying about calories and instead focus on quantity — 100g rice max with lots of sides. Ensure to finish your dinner before 7 PM to let your body repair instead of digest at night. Even those tiny sugar cubes or flavored drinks can spike insulin. Cut them out. A 10-minute walk post-lunch or dinner can help control glucose and boost metabolism. Boiled eggs, nuts, or Greek yogurt can help manage cravings. Avoid unhealthy snacks such as chips or biscuits. Breads, biscuits, and cakes spike glucose fast. Avoid them and focus on real foods. Note to readers: This article is for informational purposes only and not a substitute for professional medical advice. Always seek the advice of your doctor with any questions about a medical condition.
Mint
22-05-2025
- Business
- Mint
Top 3 stocks to buy today: Expert Ankush Bajaj's picks for 22 May
Stock market recap: After three straight sessions of losses, Indian stock market benchmarks rebounded sharply on Wednesday, 21 May. The Sensex opened at 81,327.61, and surged over 800 points, or 1%, to an intraday high of 82,021.64. The Nifty 50 began at 24,744.25, also climbing more than 1% to touch 24,946.20. Both indices later pared some gains, with the Sensex ending 410 points, or 0.51%, higher at 81,596.63, and the Nifty 50 closing up 130 points, or 0.52%, at 24,813.45. Broad-based buying lifted the broader market as well, with the BSE Midcap index rising 0.90% and the Smallcap index gaining 0.51%. In this context, here are top three stock picks from Ankush Bajaj to watch in the near term: Buy: Motilal Oswal Financial Services Ltd (MOTILALOFS) (current price: ₹800) Read this | DLF's Q1 launches to set the tone for FY26 pre-sales trajectory Buy: IDBI Bank Ltd (IDBI) (current price: ₹94.50) Read this | Centre eyes over ₹45,000 crore from divestment in FY26, bets on sale of IDBI Bank Buy: Ashok Leyland Ltd (ASHOKLEY) (current price: ₹244.60) Market closes higher after volatile session; pharma, PSE stocks lead gains The Indian stock market witnessed a volatile trading session on Wednesday, 21 May, but ultimately ended on a firm note. Positive global cues and strong domestic buying had led to a gap-up opening, with the Nifty nearing the psychological 25,000 mark early in the session. However, this level proved to be a strong resistance, triggering sharp intraday selling. Despite the pullback, markets staged a V-shaped recovery in the second half, erasing losses and closing in the green. The Nifty 50 ended 129.55 points, or 0.52%, higher at 24,801.35, while the BSE Sensex rose 410 points, or 0.51%, to settle at 81,596.63. Bank Nifty also advanced, gaining 197.75 points to close at 55,075.10, reflecting continued momentum in the financial sector. All sectors ended higher, with the rally led by pharmaceuticals, public sector enterprises, and real estate. The Nifty Pharma index climbed 1.25% amid defensive buying during intraday volatility. The PSE index added 1.21%, buoyed by renewed interest in energy names and value buying in government-owned firms. The realty index rose 1.72%, recovering from early weakness on the back of sustained interest in infrastructure themes. Among top movers, Bharat Electronics Ltd surged 5.28% on strong institutional interest and robust order inflows. Cipla gained 1.93% on optimism around export performance, while Tata Steel rose 1.86%, extending gains post a strong Q4 and positive sentiment in metals. On the downside, a few names lagged the broader rally. IndusInd Bank slipped 1.57% amid profit booking after recent gains. JSW Steel fell 1.17% on global commodity concerns, while Kotak Mahindra Bank edged 0.84% lower on institutional selling pressure. Read this | Navi's bumpy ride: Can Sachin Bansal prove his fintech bet right? Despite the volatility, the sharp recovery and broad-based participation underscored the market's resilience, with key indices holding above crucial technical levels. Nifty Technical Analysis After the recent rally, Nifty closed slightly lower at 24,776 on 20 May, forming a small red candle on the daily chart. Despite the mild decline, the index continues to display strength and remains firmly positioned above the key support zone. The broader trend remains bullish as the index is trading well above its medium-term support levels. The 20-day moving average is at 24,509 and the 40-day DEMA at 24,054 – both comfortably below the current market price, confirming the underlying positive momentum. On the daily chart, Nifty remains above key moving averages, which suggests that the medium-term trend is intact. The RSI is holding above 63 and the MACD remains in positive territory, reinforcing the bullish bias. However, on the hourly chart, Nifty has closed below both the 20-hour moving average (24,857) and the 40-hour EMA (24,809), indicating short-term weakness or likely consolidation in the coming sessions. Hourly RSI has dropped below 55 and MACD has given a negative crossover, further confirming a dip in short-term momentum. Open interest (OI) data shows that the highest call OI is at the 25,000 strike and the highest put OI is at the 24,800 strike. Additionally, there is good call-side build-up at 24,800 and 24,850 and put-side build-up at 24,800 and 24,750, suggesting a tightly packed expiry range. The Put-Call Ratio (PCR) stands at 0.76, indicating a mildly bearish to neutral sentiment among market participants. India VIX has risen to 17.54, up by 1%, signalling a possible increase in intraday volatility. The recent price action is being led by heavyweight stocks such as BEL, Cipla, Tata Steel, and HDFC Life, which have shown relative strength even as the index showed signs of cooling off. Strategy Outlook Given the tight OI range between 24,800 and 25,000, combined with short-term bearish signals on the hourly chart, expiry is expected to be range-bound. A neutral strategy like an Iron Condor is suitable in such conditions. Traders can consider selling a 24,750 put and 25,000 call while buying a 24,700 put and 25,050 call to limit risk. This strategy benefits if the market stays between 24,750 and 25,000 and volatility remains stable. A decisive break on either side of this range would require quick adjustment or exit. Also read | Navi's bumpy ride: Can Sachin Bansal prove his fintech bet right? Conclusion While the broader uptrend in Nifty remains intact as long as 24,875 holds, short-term indicators suggest caution. Increased volatility and mixed signals from momentum indicators point to a potential range-bound expiry session. Traders are advised to keep a close watch on 24,875 for downside protection and 25,000 as the resistance cap. Any breakout beyond this range could shift the short-term sentiment decisively. Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
20-05-2025
- Business
- Mint
Can Sachin Bansal get Navi to deliver?
Mumbai: In the crowded and competitive world of Indian fintech, few names stand out quite like Flipkart co-founder Sachin Bansal, once the posterboy of India's startup boom. The 2005 IIT-Delhi graduate had quit his job at Amazon Web Services (AWS) in 2007 to start Flipkart with Binny Bansal from a modest apartment in Bengaluru. Five years later, it became India's first e-commerce company to hit a billion-dollar valuation, following a $150 million funding round led by South Africa's Naspers and ICONIQ Capital. By the time Bansal exited 11 years later, Flipkart was valued at $21 billion. In May 2018, eight months after he fully exited Flipkart following Walmart's $16 billion acquisition of the e-commerce firm, Bansal launched his second venture. This time, Bansal waded into the booming world of fintech with Navi Technologies, focusing primarily on lending, and later, to a lesser extent, on insurance and investments. Navi also started Unified Payments Interface (UPI) services in August 2023, a space heavily dominated by PhonePe and Google Pay. It has racked up users swiftly, but has a long way to go. 'When we started, we saw two extremes in the fintech space," Bansal told Mint during an interview at Navi's office in Bengaluru earlier this month. 'One: traditional players who take risks on their books but outsource tech. Two: fintechs that build great tech but don't take any financial risk themselves." For Bansal, the answer lies in doing both: building proprietary technology and underwriting risk in-house, betting that this end-to-end approach will set Navi apart in a crowded market. 'In India, you can't just be a layer. You have to solve the whole problem," he said. 'And that was one of the learnings that I had at Flipkart." Bansal's ambition has been a costly affair. He owns more than 90% of the company; and has invested close to $500 million of his own funds in Navi. 'We're not burning too much cash overall at a group level. But we do need capital to grow our lending book," he said. To raise money, Navi, last valued at $500 million, is eyeing a long-delayed IPO again in the next 12-18 months. However, the volatility in the market seems to be dampening this plan. Meanwhile, behind closed doors, scepticism is brewing. Those with direct knowledge of Navi's operations say that with Bansal's massive ambition, the company has so far struggled to carve a clear edge, and its financials haven't firmed up. Aside from regulatory clampdowns, including a short ban on lending, Navi has been hit by multiple roadblocks. A string of top-level exits has also eroded its credibility. As the fintech boom cools and scrutiny tightens, Navi finds itself at a critical juncture. Given all these challenges, can Bansal script a second act as iconic as his first? Industry insiders are not convinced he can. Indeed, they believe Navi's reported $2 billion valuation ambition is far removed from reality. While some media reports have indicated that the company is looking at private funding, Bansal denied any such plan. He didn't disclose the valuation the IPO would target. Why fintech? Bansal's decision to launch Navi as a full-stack tech-led financial services platform wasn't taken overnight. As early as 2016–17, Flipkart had been eyeing financial services as its future profit engine. 'The board (including Bansal) realized lending had the deepest profit pools, and had started scaling fintech efforts seriously," said a former Flipkart executive who didn't want to be identified. However, post the Walmart acquisition, financial services, seen as non-core to Walmart's vision, took a backseat. Navi allowed Bansal to keep this fintech vision alive. When the startup launched in 2018, according to a KPMG report that year, total investment in fintech across the globe had more than doubled from $50.8 billion in 2017 to $111.8 billion, with payments and lending leading the way. In India, too, fintech saw a sharp upswing, with around $2.45 billion invested, especially after the launch of UPI and cheaper data from Reliance Jio. This was also the time when Paytm raised $356 million and PolicyBazaar closed a $200 million round. Bansal's early strategy was clear: build a lending engine first, then broaden into financial services. Navi started with short-term unsecured personal loans and diversified into longer-tenure home loans in 2020. Together, the two heads make up about 70% of the business. From underwriting and data science models to apps, websites, risk systems, and collections, everything was built in-house. This internal control allowed Navi to move faster, Bansal said. When regulations suddenly changed to mandate concurrent audits for video KYC, Navi launched the updated process within days—without disrupting the user experience. 'The differentiation lies in how the service feels to the user. It's the sum of all these seemingly small efforts—some big, some subtle—that ultimately sets us apart," he said. Bansal also made a conscious choice to avoid hiring traditional banking talent. 'The pros of having fresh talent brought into the space, and giving them the same problem set, is that they think from first principles. There's no other option for them," he added. In 2019, Navi acquired Chaitanya Rural Intermediation Development Services Pvt. Ltd (CRIDS) to establish a stronger foothold in the lending segment. This was followed by a spree of acquisitions: technology consultancy MavenHive (2019) to bolster in-house tech capabilities, Essel Mutual Fund (2020) to launch Navi AMC, and DHFL General Insurance (2020) to enter the insurance sector. With these moves, Navi stitched together a full-stack portfolio across loans, investments, and insurance. 'Our core focus continues to be on credit. But we know that in the future, we will not just stick to that," said Bansal. Navi filed for an IPO in March 2022, aiming to raise ₹3,350 crore. According to its DRHP, the company planned to invest a large chunk of capital into the growth of its lending business, while the remainder would go into the insurance business. Alongside, in its DRHP, Navi revealed its plans to secure a universal banking license through its subsidiary Chaitanya India Fin Credit—a move that would have fundamentally reshaped its trajectory. For Bansal, the banking licence was the ultimate piece of his neobanking aspiration. However, just when Navi's lending ambitions had started to soar, the regulator cracked the whip. Setbacks aplenty In May 2022, the Reserve Bank of India (RBI) rejected the banking licence application amid concerns over Bansal's legal woes—tied to Fema irregularities during his Flipkart days and matters on the family front—and compliance lapses in customer data handling at Navi Group. Navi has now paused its banking aspirations. 'We have to see whether the regulator is open to giving out new licences," said Bansal. This comes despite one of its peers, Slice, receiving approval from the RBI to merge with Guwahati-based North East Small Finance Bank Ltd, effectively winning a banking licence. Eventually Navi ended up selling CIFCPL to Ananya Birla-led Svatantra Microfin in a deal valued at ₹1,479 crore in August 2023. The IPO ambitions, too, were put on hold soon after. 'The Ukraine war started and all the tech stocks were down. So, we said we'll pick it up some other day," said Bansal. Now Bansal plans to go public in the next 12 to 18 months, and refile a DRHP by March 2026. Volatility in the markets, driven by global tariff wars and rising regional tensions, has made high pre-IPO valuations debatable. Recent fintech IPOs, such as PBFintech and MobiKwik, have seen sharp corrections from their January highs, showing concerns around valuations and IPO timings. Separately, the RBI's tight grip on the fintech sector over the past few years has weighed heavily on Navi and others in the space. The digital lending guidelines of 2022 mandated stricter disclosures and curtailed practices such as first-loss default guarantees (FLDG). The unregulated fintech industry often partnered with regulated entities to pass on customer leads and banked heavily on the FLDG arrangement to make a loan happen. In such an arrangement, the fintech compensated the regulated entity in case a borrower defaulted. In November 2023, the RBI further directed banks and NBFCs to provision more capital against unsecured loans and moderate their exposure to riskier retail segments. Hit by the crackdown, fintech lenders spent most of 2024 cleaning up their books, cutting back on risky loan portfolios, and pivoting toward co-lending and secured loan products such as home loans. Navi, which had relied heavily on unsecured loans, has also seen its secured loans segment grow. 'It's not that I was unaware that this would be a regulated space. But I definitely think that there has been a change of environment from a regulations perspective. They have become stricter than before," said Bansal. 'If you (the regulator) cut risk, you also cut upside." For Navi, that has resulted in an alteration in its loan book. Bansal confirmed to Mint that personal lending will gross up to about 85% of the lending book in FY26, down from 90%, while the home loan segment is expected to grow, without sharing details. The turbulence deepened in FY25, when the RBI barred Navi, along with three other NBFCs, from lending and disbursing loans over violations related to pricing policies and compliance norms. 'In hindsight, yes, we should have charged lower interest rates. But…you have to judge that without having clear guidelines. That's the challenge," said Bansal. The upheaval has taken a toll on Navi's financials. After turning profitable in FY21 with ₹71.2 crore in profit, the company slipped back into the red, to report a loss of ₹362.1 crore in FY22 and ₹128 crore in FY23. This was followed by a profit of ₹169 crore in FY24, driven largely by the sale of its microfinance arm CIFCPL, data from Tracxn showed. Excluding the one-time gain, Navi posted a loss of ₹216 crore for that fiscal year, the data showed. Revenue, however, has grown at an average annual rate of 45%, rising from ₹779.1 crore in FY21 to ₹2,290.7 crore in FY24. But here again, the revenue in FY24 reflects Navi's earnings after the sale of CIFCPL to Svatantra Microfin. Spate of exits Under Navi's structure—which features various financial entities under one roof—each division functions almost like a mini-startup and has its own head or chief executive officer (CEO). Four such heads or top executives have exited Navi in the past three years to start up on their own. These exits have hit Navi at critical junctures, causing it to limp when Bansal aspired to sprint. One of the earliest high-profile exits was in March 2022, when Saurabh Jain, CEO of Navi Mutual Fund, left to start Stable Money, a fixed deposit investment platform, when Navi was actively looking at an IPO. Shobhit Agarwal, who headed Navi's lending business (personal loans and housing finance), and Apurv Anand, a vice president at the company, quit just last month to launch an asset management company together, Moneycontrol reported. Riya Bhattacharya, former CEO of Navi Finserv, exited in November 2022 after nearly four years with the company to build her own fintech venture, Rio, and offer credit over UPI services. Industry experts have also questioned Bansal's approach towards culture building in the company. 'A team of almost 50 senior executives were let go abruptly back in 2020 over phone calls. In the following year, the company moved its offices (for the mutual fund subsidiary) almost within days from Mumbai to Bengaluru," an industry player aware of the developments told Mint. 'The abrupt manner in which such decisions were approached have left a bad taste in the mouth for Navi's workforce." Bansal has responded to the ground shifting under his feet. In February, he stepped aside as CEO to become executive chairman, handing over the reins to senior executives while focusing on strategy, AI, and technology. 'I have taken myself out of day-to-day operations so that I can focus on these things," he said. 'Whoever gets AI right is going to have a big advantage in this space." Deep commitment After the RBI's lending ban on Navi Finserv in October 2024, Bansal personally spearheaded a turnaround plan, earning a reversal of the ban in less than 45 days. 'After we resumed lending, it took some time to ramp up again. Our loans aren't long-term—these are two-year loans, not 15-year ones. So, when you pause lending, the book starts running down quickly," Bansal explained. According to the Navi founder, revenue growth took a hit as a result of the ban, impacting profitability. He expects the fintech to have ended FY25 close to breakeven and not profitable (the company generally files its financials with the ministry of corporate affairs by October). 'We invested a lot after that (the RBI ban) in tech-driven compliance monitoring systems, which allows us to be much more responsive, in terms of regulatory changes, or any gaps that emerge," said Bansal. 'Even though unsecured lending is out of favour, Bansal's approach of overhauling risk policies, tightening compliance, and appointing top auditors shows he is serious about earning back regulator trust," said an industry expert with direct knowledge of Navi's internal workings. Bansal's commitment certainly runs deep. To shore up funds for Navi, he has been selling personal investments, including his stakes in Ola and Ather Energy. 'Starting Flipkart wasn't about building a massive, multi-billion dollar company from day one. In fact, around 2009, our first pitch to Accel Partners projected that we could become a $100 million company in 10 years. That was our mindset back then," said Bansal. Flipkart is aiming to go public in India as soon as next year, with an IPO valuation target of $60 billion to $70 billion. 'You can't really plan these things in detail," said Bansal. 'What matters is getting into the right space, solving meaningful problems that impact millions of people, and building a business around that. The rest follows."
Time of India
12-05-2025
- Business
- Time of India
Marketing lessons from Indian truck drivers
HighlightsCommercial vehicle Owners-Drivers prioritize apps that offer tangible utility and cost-effectiveness, such as ticketing and booking apps like Indian Railway Catering and Tourism Corporation Rail Connect and fintech apps like Navi and Slice. The app Dream11 illustrates how the combination of sports interest and the potential for monetary winnings resonates with a demographic seeking social outlets and engagement amid economic constraints. As India approaches 1 billion internet users by 2027, the growth is predominantly mobile-driven, with over 83% of users accessing the internet via mobile devices. By Sidheshwar Sharma 'A mark of lifelong learners is recognizing that they can learn something from everyone they meet.' ― Adam Grant, Think Again: The Power of Knowing What You Don't Know At recent focus groups of commercial vehicle Owners-Drivers, I found compelling evidence about the apps they use. Happily sharing phone screens, these customers revealed nuanced behavior patterns and preferences that usually get buried under homogenous quantitative data from any media agency, Google, or Meta, which is directionally right. But the fact is, it lacks an all-so-critical layer, which is important to drive actionability. In this AI age of hyper personalization and muchness, we have to seek and embrace ideas that make us think hard instead of data that makes us feel good about what we already know. Therefore, this means digging through and finding connection to a purposeful layering of messages and apt mediums. The easiest place to start? Mobile phones and apps. As India crosses 1 billion internet users by 2027, this growth is overwhelmingly mobile-driven, with over 83% users accessing the internet via mobile. Already, on average, 20 GB data a month is consumed in a month. Crucially, though not surprisingly, this growth is powered by Tier 2 and Tier 3 cities, along with rural areas. We are also second in the world in the number of app downloads. Top 5 Reach media being Internet, TV, OTT, OLV and OOH. Whilst for Affinity are Cinema, Social Media, Mobile Banking, OTT and OLV with up to 3 hours spent on their smartphone. So over and above the usual suspects of globally popular social, streaming and communication apps, what apps are Owners-Drivers of Cargo Commercial Vehicles using? Here I place them in three categories: Based on discernment and the opportunities they offer. 1. Ticketing and booking apps: IRCTC Rail Connect, WhereIsMyTrain, MeeTicket and not MakeMyTrip, GoIbibo, Cleartip Core functionality and utility directly related to travel needs supersede comprehensive-but-complex travel options. So, the preference is for booking specific train/bus tickets and tracking live status reliably without the clutter of broader travel features or potential aggregator fees. Not only about the best deal, but the need to secure a ticket and get there on time. 2. Photos and videos editor and players: BroChill, Filmigo and SnapSeed and not Canva, Inshot or CapCut They do not need or want to produce professional content. Their desire is to create engaging video statuses and quickly edit photos for social sharing, often incorporating desi and regional elements. For free of-course. 3. Fintech apps : Navi, Slice in addition to PayTM, Phone Pe UPI has effectively served as the digital onboarding ramp for a vast population into the broader fintech ecosystem. But over and above payments, accessible credit and flexible repayment to manage basic needs or operational costs is a big draw, especially to those without traditional credit history. Replacing chit funds and undocumented loans, the anonymity afforded by such fintech apps directly appeals to the 'I don't like to depend on others' and 'I am optimistic about the future' attitude to work. Exceptions always rule These Owners-Drivers I met, also 'like to take risks' and believe they should 'seize opportunities when they arise.' Apps that profitably combine these with the top genre of interest, that is, sports, specifically cricket? Do exceedingly well and elicit counterintuitive behaviors: Dream11 being the first case in point. While Indians overall love 'free,' the potential for quick monetary winnings holds a strong aspirational appeal for a demographic facing economic constraints. They are willing to bet a small amount (an average ticket size of INR60) but end up doing so frequently, leading to substantial-but-justifiable spending owing to the high excitement and engagement. With 12-14 hours of monotonous and fatiguing driving, a social outlet to display their skills, analysis and intuition is what they are betting on. So what now? Evidently, marketing must move beyond affluent, urban, English-speaking numbers and behavior to engage the growing India. These small-group app preferences demonstrate a larger and clear prioritization of tangible utility, cost-effectiveness, regional relevance, and the fulfilment of specific needs, whether it is reliable bus/train ticketing and tracking, accessible digital credit, or engaging and culturally resonant content and entertainment. Therefore, the need for brands and marketers to engage in a deep audience understanding, find them where they are, hyperlocal targeting and genuine value delivery. Prioritize channels where the target audience is already active and engaged. For example, IRCTC Rail Connect offers significant reach (millions of daily users). Dream11 and BroChill provide a range of targeting options to pick from. Understanding the specific context, constraints (connectivity, device limitations, economic pressures), and motivations (utility, aspiration, community) of the target demographic is the way forward to connect with India's driving force. It's for us to continue to create relevance, respond to shifting priorities and changing environments, quickly connecting the dots. After all, if knowledge is still power—and GenAI is changing this by the second—wisdom will come from knowing what you don't know and for that you need to have your feet on the street and meet your audience. (The author is general manager, brand marketing, CVBU, Tata Motors. Opinions are personal.)
Time of India
29-04-2025
- Business
- Time of India
New players in UPI sweepstakes; Urban Company's IPO papers
New players in UPI sweepstakes; Urban Company's IPO papers Also in the letter: In fierce UPI fight, new players Flipkart-backed Navi, Cred start to gain ground Driving the news: How they're doing it: A broader financial services play beyond payments, with fintechs willing to subsidise UPI losses to cross-sell credit and bill payment services. Large incumbents like PhonePe, Google Pay, and Paytm have scaled back cashback offers, giving new entrants room to grow. Rising UPI volumes during the IPL season, fuelled by gaming and betting transactions. Big picture: Yes, but: Setting target: Also Read: Urban Company files DRHP for Rs 1,900-crore IPO Key details: Rs 429 crore via fresh issue; Rs 1,471 crore via secondary share sale by investors including Accel, Elevation, Tiger Global, and Vy Capital. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra will not sell shares. Use of funds: Financials: Ather Energy's IPO sees 16% subscription on first day By the numbers: 86 lakh shares bid against 5.34 crore on offer. RII (retail) portion subscribed 63%. NII (non-institutional) portion subscribed 16%. Background: Electronics parts PLI draws in Dixon, Tatas, Foxconn and others Details: Tata Electronics is targeting the enclosures segment; Dixon aims to apply for multiple categories including display and camera modules. Foxconn is exploring smartphone display module assembly. Startups step in, too: Other Top Stories By Our Reporters Dailyhunt parent VerSe's internal controls inadequate, says Deloitte audit: IPO-bound Meesho to change Indian parent entity's name from Fashnear Technologies: YouTube appoints Gunjan Soni as new India managing director: Global Picks We Are Reading Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today's ETtech Morning Dispatch.■ New PLI draws interest■ Deloitte's Dailyhunt red flags■ Meesho's pre-IPO refreshNew-generation UPI apps such as Navi, Cred, Bhim, and have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments data shows that these smaller apps have collectively nearly doubled their market share. While their overall percentage remains modest, the absolute gains in user numbers are and Google Pay still dominate UPI, controlling over 80% of all transactions. But the NPCI is pushing smaller players to break this remains non-remunerative and largely commoditised. Few fintechs may have the appetite to continue burning cash indefinitely to capture minister Nirmala Sitharaman on Monday underlined a target of one billion UPI transactions per day within 2–3 years and emphasised accelerating UPI's internationalisation through interoperable frameworks and wider global Singh Bhal, CEO, Urban CompanyAt-home services platform Urban Company has filed draft IPO papers for a Rs 1,900-crore offering, trimming the size from the Rs 3,000 crore planned Company plans to allocate Rs 190 crore towards tech development and cloud infrastructure, with the rest going towards office leases and company posted Rs 846 crore in operating revenue in the first nine months of FY25, up 41% year-on-year, and reported a net profit of Rs 242 Mehta, founder, Ather EnergyElectric two-wheeler maker Ather Energy opened its IPO on April 28 , garnering a 16% subscription on the first Rs 2,981-crore issue , priced at Rs 304-321 per share, is the first mainboard IPO of FY26. The offer closes on April firms including Dixon Technologies, Tata Electronics, and Foxconn plan to invest under the new electronics components PLI manufacturer Zetwerk is actively scouting partnerships across multiple categories, its electronics president Josh Foulger said.L-R, Umang Bedi and Virendra Gupta, founders, DailyhuntVerSe Innovation's auditor, Deloitte, has flagged issues in the internal controls of the parent of Dailyhunt and Josh for the financial year ended March 31, 2024, stating that these "material weaknesses" could potentially lead to misstatement in accounting aspects including operating expenses, trade payables and expense account ecommerce firm Meesho's board has approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, according to regulatory filings made with the Registrar of said on Monday that it had appointed Gunjan Soni as the country's managing director. The US-based video platform said Soni, who brings over two decades of leadership experience spanning business, technology, marketing and ecommerce, will lead YouTube's growth and innovation efforts in India.■ Poop drones are keeping sewers running so humans don't have to ( Wired ■ Why Trump can't build iPhones in the US ( FT ■ China's chipmakers are catching up to Nvidia and TSMC. Here's how they compare ( Rest of World
