Additionally within the letter:
■ India’s semiconductor push
■ ETtech Completed Offers
■ PPP in house
NPCI orders finish of UPI pull funds
The Nationwide Funds Company of India (NPCI) has instructed banks and UPI apps to halt all person-to-person (P2P) pull transactions as of October 31.
Driving the information: NPCI had already capped P2P pull funds at Rs 2,000 in 2019. Now, in a contemporary letter to banks and fintechs, it has requested for the function to be shut down fully.
Understanding the context: The choice follows a spike in UPI-related fraud, the place scammers used the pull cost function to trick unsuspecting financial institution prospects. Sources informed us NPCI might quickly prolong the ban to unverified service provider funds. As we reported on March 18, this transfer was already within the works.
Development of UPI: UPI stays India’s most well-liked cost system, with NPCI logging 7 billion P2P transactions in July alone. Nonetheless, banks say pull funds had been by no means a big driver, with solely 3% of the transactions utilizing this function.
Additionally Learn: UPI transactions rebound in July after June dip
Nykaa Q1 revenue grows 79% on robust gross sales
Falguni Nayar, CEO, Nykaa
FSN E-Commerce, guardian of omnichannel magnificence and way of life retailer Nykaa, reported a 79% rise in consolidated internet revenue for Q1 FY26 as its core enterprise maintained momentum, in accordance with its alternate submitting.
By the numbers:
- Working income: Rose 23% to Rs 2,155 crore.
- Internet revenue: Climbed to Rs 24 crore.
- Gross merchandise worth (GMV): Surged 26% to Rs 4,182 crore.
Core operation: Nykaa’s magnificence section recorded a 26% GMV enhance to Rs 3,208 crore, powered by strong development in ecommerce, stores, eB2B channels, and its in-house manufacturers inside the Home of Nykaa portfolio.
The Home of Nykaa Magnificence enterprise now accounts for 18% of the corporate’s general magnificence GMV, stated Falguni Nayar, founder and CEO, Nykaa.
Qcomm focus: Nykaa scaled its rapid delivery segment, Nykaa Now, to seven cities, together with Mumbai, Delhi, and Bengaluru, delivering 1.3 million orders by the tip of June.
Additionally Learn: Nykaa to acquire balance 40% stake in Nudge Wellness for Rs 15 lakh
Mamaearth Q1 revenue rises 3% on document income
Varun Alagh and Ghazal Alagh, founders, Honasa Client
Honasa Client, guardian of Mamaearth, recorded its highest-ever quarterly revenue in Q1 FY26, pushing consolidated revenue up by 2.7%.
By the numbers:
- Working income: Grew 7% to Rs 595 crore.
- Internet revenue: Inched up 3% to Rs 41 crore.
- Complete bills: Rose 8% to Rs 563 crore.
- Worker profit prices: Jumped 22% to Rs 60.4 crore.
Quarterly efficiency:
- Mamaearth model noticed double-digit development throughout ecommerce, fashionable commerce and basic commerce
- The Derma Co’s face cleanser grew to become its third class to cross Rs 100 crore in annualised income runrate (ARR), after doubling gross sales.
- The corporate additionally expanded its retail footprint by 20% to over 2.4 lakh FMCG retailers.
Additionally Learn: Unicommerce Esolutions logs 64% rise in operating revenue at Rs 45 crore; flat net profit
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Cupboard clears 4 new semiconductor vegetation
The Union Cupboard has signed off on four new semiconductor manufacturing units value Rs 4,594 crore in Odisha, Andhra Pradesh and Punjab, bringing the full beneath the India Semiconductor Mission to 10 initiatives.
Driving the information: Chennai-based SiCSem and US-headquartered 3D Glass Options Inc. will arrange amenities in Odisha. New Delhi-based CDIL will set up a unit in Punjab, whereas Hyderabad’s ASIP Applied sciences facility might be positioned in Andhra Pradesh. Collectively, these models will immediately rent 2,034 expert professionals and create hundreds extra jobs in allied digital manufacturing.
- The cumulative investments in semiconductor initiatives now stand at Rs 1.6 lakh crore throughout six states.
- India already has six chip plants beneath building in Gujarat, Assam and Uttar Pradesh, with the primary “made-in-India” chip anticipated quickly.
Roadmap: Semiconductors from these new vegetation might be utilized in missiles, defence gear, electrical autos (EVs), railway methods, quick chargers, information centre racks, client home equipment, and solar energy inverters, amongst different functions, IT minister Ashwini Vaishnaw stated. These amenities are anticipated to be prepared for manufacturing inside three years.
Additionally Learn: Indian semiconductor market may grow over two-fold to Rs 9.6 lakh crore by 2030
Motilal Oswal invests Rs 400 crore in Zepto
Motilal Oswal Monetary Providers has pumped Rs 400 crore into quick-commerce participant Zepto, because the startup strikes to extend Indian possession forward of a deliberate inventory market debut.
Inform me extra: In a inventory alternate submitting, Motilal Oswal stated it had purchased 7.55 compulsorily convertible choice shares (CCPS) of Zepto. This half of a bigger Rs 1,000-crore deal, which is able to worth Zepto at round $5.4 billion, or Rs 47,298 crore.
Latest transactions: The funding comes on the heels of smaller stake buys by Mumbai-based NBFC Elcid Investments and mapping firm MapmyIndia. All three have picked up shares by means of secondary transactions, pegging Zepto’s valuation at Rs 51,000 crore (round $5.9 billion).
However, why? Zepto cofounders Aadit Palicha and Kaivalya Vohra are courting home traders to sidestep itemizing hurdles. They’re additionally raising Rs 1,500 crore in debt to purchase again shares from overseas holders.
ChrysCapital buys 85% of Theobroma
ChrysCapital has acquired an 85% stake in bakery chain Theobroma Meals for an undisclosed quantity. The remaining 15% will stay with the founders.
ET first reported on July 15 that the homegrown non-public fairness agency is trying to purchase a majority stake from Theobroma’s founding family and current investor ICICI Enterprise for Rs 2,410 crore, valuing the corporate decrease than the Rs 3,000 crore they initially sought.
Kimirica raises contemporary capital for enlargement, model constructing
(L-R) Rajat Jain, Mohit Jain (up), Rica Jain and Kimi Jain, cofounders, Kimirica
Private care model Kimirica raised $15 million in a brand new funding spherical led by Carnelian Asset Administration. The contemporary funds might be used for model constructing, increasing the client base, product improvement, and offline enlargement. The Indore-based firm plans to launch over 10 experiential shops throughout India and the Center East.
Additionally Learn: AI entertainment startup Dashverse raises $13 million from Peak XV Partners, Z47, others
Holding Depend
Different High Tales By Our Reporters
Pixxel & companions to construct 12 satellites in PPP mode: Over the subsequent 4 years, house startup Pixxel and its companions Piersight House, Satsure Analytics, and Dhruva House will make investments over Rs 1,200 crore in deploying 12 satellites geared up with optical, hyperspectral, and artificial aperture radar (SAR) sensors.
Cognizant builds M&A muscle in India: Cognizant Expertise Options has hired at least five executives from consulting firms akin to PwC, Deloitte, and EY as a part of the company improvement workforce, in its concentrate on inorganic development for the 12 months forward, individuals within the know informed ET.
World Picks We Are Studying
■ Lisa Su runs AMD—and is out for Nvidia’s blood (Wired)
■ Trump screwed over Nvidia’s Chinese language gross sales, then allow them to occur (The Verge)
■ China’s imaginative and prescient for a driverless future is miles forward of everybody else’s (Rest of World)
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