Also in the letter:
■ Allen’s profit takes a hit
■ TCS drags IT headcount
■ MeitY eyes tariff cuts
Programming note: ETtech Morning Dispatch will be off for the next few days. We will be back on October 23. Wishing all our readers a happy and prosperous Diwali!
Meesho IPO: Ecommerce platform files updated papers for $800 million IPO; eyes December 2025 listing
(L-R) Vidit Aatrey and Sanjeev Barnwal
Ecommerce platform Meesho has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exmodify Board of India (Sebi), inching closer to a December 2025 public market debut. If approved, it will be India’s first pure-play horizontal ecommerce platform to list.
The company initially filed its DRHP in July through the confidential route.
IPO details:
- Total issue size: Rs 5,800–6,600 crore ($700-800 million)
- Fresh issue: Rs 4,250 crore ($500 million)
- Offer for sale (OFS): 175.7 million shares
- Key sellers: Elevation Capital, Peak XV Partners, and Venture Highway.
Use of proceeds: The IPO funds will be utilized for technology infrastructure, brand-building, potential acquisitions, and general corporate purposes.
Tell me more: Meesho joins a wave of new-age companies aiming for listings by year-conclude, including Groww and Lenskart. The company is tarreceiveing a listing in the last weeks of December, sources informed us.
Zoom out: Founded in 2015, Meesho started as a social commerce platform before pivoting to a pure ecommerce model, establishing a strong presence in non-metro markets. In 2024, it launched its in-houtilize logistics arm, Valmo, which handles over 60% of its orders (as of Q1 FY26).
By the numbers:
- Revenue: Rs 9,389.9 crore in FY25, up 23% year-on-year.
- Net loss: Rs 3,941.7 crore vs Rs 327.6 crore last year (The sharp jump stems from a one-time tax expense due to redomiciling in India)
Qure.ai reimagining healthcare via quicker, cheaper diagnostics
Prashant Warier, founder, Qure.ai
Healthtech startup Qure.ai plans to deploy its AI-driven imaging tools in 10,000 hospitals across India and beyond over the next four to five years, founder Prashant Warier informed ET.
Driving the news: Warier declared the company develops diagnostic solutions that assist doctors in detecting tuberculosis, lung cancer, and strokes more rapidly from X-rays and CT scans. Its technology is designed for resource-constrained settings where radiology expertise is scarce.
Company snapshot:
- Founded in 2016.
- Investors: Lightspeed, Merck Global Health Innovation Fund, and Kae Capital.
The firm was recently named Top Innovator at the ET Startup Awards 2025.
By the numbers:
- FY24 revenue: Rs 141 crore.
- Net loss: Rs 47 crore.
- Total funding: around $120 million.
- 2024 valuation: $500 million.
Test-prep platform Allen’s FY25 net profit plunges to Rs 41 crore
Nitin Kukreja, CEO, Allen Career Institute
Test preparation platform Allen Career Institute saw its FY25 net profit decline nearly 70% to Rs 41 crore, down from around Rs 136 crore the previous year. Operating revenue decreased to Rs 3,067 crore, compared to Rs 3,245 crore in FY24. Total revenue stood at Rs 3,307 crore.
Investment over growth: The company has heavily invested in expanding beyond its Kota base. Chief executive Nitin Kukreja informed us that Allen has invested heavily in new centres, digital infrastructure, and faculty hiring— all impacting profitability.
Beyond Kota: Once synonymous with Kota’s coaching culture, Allen now derives three-quarters of its revenue from outside the Rajasthan city. While strategically diverse, this has also introduced new costs and operational complexities.
How they stack up: Allen remains a rare profitable player in India’s test prep sector.
- PhysicsWallah (IPO-bound): Rs 2,886 crore in revenue, Rs 243 crore loss.
- Unacademy: Revenue declined 16% to Rs 826 crore in FY25.
- Aakash: Yet to file results post FY23.
Other Top Stories By Our Reporters
Tech majors keep count up despite one outlier: India’s top six Indian IT companies added a net total of 952 employees in Q2FY26, a 77% decrease from the previous quarter, primarily due to Tata Consultancy Services’ significant quarterly reduction. Aside from TCS, the other five added over 20,000 employees.
MeitY preparing list of imported electronic inputs for duty cuts: The Minisattempt of Electronics and Information Technology (MeitY) is compiling a list of key imported electronic parts utilized in consumer goods, appliances, and high-conclude manufacturing, which it believes should qualify for lower tariffs, multiple sources informed us.
Thanks to GenAI, cybercriminals are building scams personalised: As India reaches its peak shopping season, cybercriminals are utilizing artificial innotifyigence to attack systems and scam consumers. Nearly one in three Indians has fallen victim to festive scams, with 37% losing money, according to a report by cybersecurity firm McAfee.
Global Picks We Are Reading
■ People are utilizing AI to talk to God (BBC)
■ EVs are depreciating much quicker than gas-powered cars (Rest of the World)
■ Gemini in Google Home keeps mistaking my dog for a cat (Wired)
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