Additionally within the letter:
■ Kamath brothers’ InCred stake
■ Smartphone gross sales go native
■ Low cost trend, full closets
Meesho concludes reverse flip course of; more likely to file DRHP in 2-3 weeks
Sanjeev Barnwal and Vidit Aatrey, founders, Meesho
Ecommerce market Meesho has completed its reverse flip and shifted its domicile to India, in keeping with filings with the Registrar of Firms reviewed by ET.
Driving the information:
- The SoftBank-backed firm secured approval from the Nationwide Firm Legislation Tribunal (NCLT) on May 27 to proceed with its reverse flip.
- As a part of the transfer, the corporate is predicted to face a tax legal responsibility of $280-300 million in america.
- With this, Meesho joins a rising record of high-profile startups, together with Groww, Razorpay, Dream Sports activities, Zepto and PhonePe, which have redomiciled to India in recent times.
Quote, unquote: “Meesho’s board met late on Sunday…and has accepted the merger and share allotment to buyers of the US entity. It’s now a totally Indian firm,” one of many individuals stated. The corporate is predicted to file its draft IPO prospectus within the subsequent two to a few weeks.
Inform me extra:
- Meesho filed for NCLT approval of the reverse merger in January.
- Across the identical time, it closed a $550 million funding spherical, bringing in new buyers together with Tiger World, Mars Development Capital, and Assume Investments.
- In the meantime, Meesho’s ecommerce rival, the Walmart-owned Flipkart, can also be making ready to shift its domicile from Singapore to India forward of a deliberate 2026 IPO.
PayU India income rises 12% to Rs 4,300 crore in FY25
PayU India’s funds enterprise broke even in the second half of FY25, fuelled by stronger income progress from deeper penetration amongst current retailers and a sharper give attention to value-added companies, in keeping with its dad or mum firm, Prosus’ newest annual report.
Income progress:
- The corporate posted a 12% year-on-year rise in income to $498 million (roughly Rs 4,317.6 crore) for the fiscal 12 months ended March 31, 2025.
- Complete cost quantity (TPV) grew 14%, led by elevated exercise throughout monetary companies, authorities, airways, and meals supply segments.
Regulatory greenlight: Earlier this 12 months, PayU obtained final approval from the Reserve Financial institution of India (RBI) to function as a cost aggregator, following in-principle clearance over a 12 months prior. To bolster its real-time funds stack, it also acquired a 70% stake in banking tech agency Mindgate Options for $68 million.
Additionally Learn: Prosus surpasses financial targets with $7.4 billion annual earnings
Holding on: The Amsterdam-based funding additionally acknowledged that it was planning to delay PayU’s deliberate 2025 itemizing, with its CFO Mico Marais telling Reuters that it could need to “enhance that enterprise.”
Additionally Learn: Swiggy GOV growth came at cost of profitability: Prosus
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Zerodha’s Kamath brothers choose 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 dad or mum firm of the non-banking monetary agency InCred Monetary Providers. The deal was executed by a share buy value Rs 250 crore.
Setting the stage: The funding comes at an important juncture for InCred, which is making ready for a potential Rs 4,000-crore initial public offering (IPO). Final week, its wealth administration arm, InCred Wealth, expanded into the retail broking section 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 Monetary Providers, making a consolidated NBFC platform. The corporate reached unicorn status in December 2023 after elevating $60 million in a Collection D spherical led by high-net-worth people, valuing it at round $1.04 billion.
Smartphone manufacturers shift focus to offline gross sales in smaller cities
Smartphone manufacturers are increasingly moving beyond metro cities, turning to offline retail channels in smaller cities to drive progress. This marks a transparent departure from their earlier dependence on ecommerce platforms.
Driving gross sales: Manufacturers are focusing on clients in tier-2 and tier-3 cities with simpler entry to financing, particularly as demand for premium handsets picks up in these markets.
On the identical time, shipments to on-line retailers declined for the seventh consecutive month in April. Market trackers attribute this drop to online-first manufacturers making a deliberate shift in the direction of bodily retail.
Altering tack: With on-line platforms shedding momentum, almost all manufacturers have scaled again volumes by on-line channels. Even people who constructed their presence on on-line platforms are actually rebalancing their distribution methods.
- Motorola introduced down its on-line shipments to 64% in Q1 2025 from 82% a 12 months in the past.
- OnePlus additionally decreased its on-line share to 71%, in comparison with 85% in the identical interval.
- Xiaomi now garners 39% of its volumes from ecommerce, down from 45% in Q1 2024.
Sluggish progress: Business insiders say manufacturers are more and more conscious that ecommerce penetration in India is plateauing. A big share of the nation’s smartphone market nonetheless is dependent upon native retail shops, the place in-person interactions and financing choices typically play an even bigger position in buying selections.
Chart-ed: Quick trend fuels closet overload
A current survey by Statista reveals a procuring development through which each women and men typically buy garments that they by no means put on.
Customers, particularly girls, often buy clothes objects from quick trend manufacturers. Among the many surveyed international locations, the UK ranks highest, with 29% of feminine and 17% of male respondents typically shopping for garments they by no means put on. India follows carefully, with 25% of ladies and 18% of males reporting the identical.
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