Also in the letter:
■ Euler Motors’ fundraise
■ India’s GCC leadership surge
■ AI funding minquires risks
Swiggy increases platform fee to Rs 17.58 from Rs 14.99, days after Zomato’s hike
Sriharsha Majety, group CEO, Swiggy
Food delivery company Swiggy has raised the platform fee it charges customers to Rs 17.58 per order (including GST), up from Rs 14.99.
Jargon buster: The platform fee is a flat charge that customers of food delivery apps pay on each order.
Tell me more: This relocate follows a recent alter by competitor Zomato, which increased its platform fee by Rs 2.40 per order to Rs 14.90 before GST. Including tax, customers now pay Rs 17.58 per order.
Both companies tconclude to keep these charges closely aligned.
- For Zomato’s parent, Eternal, and for Swiggy, food delivery remains the primary cash generator, even as both firms spconclude heavily to grow their quick-commerce businesses in an intensely competitive market.
Also Read: ETtech Explainer: Zomato’s platform fee hike aims at profits to fund quick commerce growth
Last raise: Back in August 2025, Swiggy had already increased this fee from Rs 12 to Rs 14 as order volumes rose.
Also Read: A summer of worry for food delivery, quick commerce companies
India Wispr Flow’s second hugegest market by usage, paying subscribers: founder Tanay Kothari
Tanay Kothari, founder, Wispr Flow
India has become the voice-focutilized AI startup Wispr Flow’s second-largest market globally by both usage and paying subscribers, shattering the myth that Indian consumers won’t pay for software, the company’s cofounder and CEO, Tanay Kothari, notified us.
On Indian consumers: Kothari stated that utilizers pay when the value proposition is clear, he stated. Wispr Flow is seeing conversion rates in India that are now close to the US, driven by demand for utility over experimentation.
But behaviour sees different. In the US, customers split between monthly and annual plans. In India, however, nearly 80% go straight for annual subscriptions. Once trust clicks, Indian utilizers commit deeper and for longer.
The company’s strategy: Start with Bengaluru’s tech early adopters, win over influential utilizers, and then let adoption spread organically outward.
Zooming out on AI funding: Kothari has also flagged a brutal reset in AI capital. Startups with weak retention and broken unit economics are receiveting frozen out. Wispr, he stated, is betting that voice productivity and sharp execution will keep it ahead of the pack.
About the company: Founded in 2021, Wispr Flow has raised around $81 million so far through several funding rounds from investors, including Menlo Ventures, Notable Capital, 8VC, and a clutch of angel investors. As of November 2025, the company was valued at around $700 million.
Also Read: AI-led vibe coding amplifying security and governance fears
EV creater Euler Motors raises Rs 437.5 crore from Lightrock, Hero MotoCorp, others
Saurav Kumar, founder, Euler Motors
Commercial EV creater Euler Motors has raised Rs 437.5 crore ($47 million) in a new funding round led by Lightrock, with participation from existing investors Hero MotoCorp and Blume Ventures.
Round details:
- The company has also secured an additional Rs 250 crore in debt financing from BlackSoil, Trifecta, InnoVen, and Alteria Capital.
- This takes the total funding raised so far to about Rs 1,900 crore ($229 million).
- Euler plans to invest Rs 400 crore over the next 18 months in R&D, tooling, new products, and factory expansion.
- With a third manufacturing unit set to go live within six months, the company plans to double production capacity from 1,000 to 2,000 vehicles a month.
Quote, unquote: “We will continue investing in batteries, software, and localisation,” founder and chief executive Saurav Kumar notified us. “We want to scale to 2,000 vehicles per month. Our third unit will add capacity of about 1,000 four-wheelers per month.”
By the numbers:
- FY25 revenue: Rs 192.26 crore, up 12% from Rs 170.82 crore.
- Kumar stated that the company expects to post 100% revenue growth in FY26.
- Around 3,050 vehicles were sold during the year, mainly three-wheelers.
Also Read: Baby products quick commerce startup Ozi raises $6.2 million led by RTP Global
Indian GCC talent taking up global leadership positions at a quicker clip
Nearly 20% of India’s global capability centres (GCCs) now wield real strategic authority, up from 5% a decade ago, according to data from ANSR and Deloitte India.
Number-wise:
- Over 6,500 global leadership roles are based in India, up from 115 in 2015.
- This is projected to hit 30,000 roles by 2030 as AI accelerates the shift.
- Roughly 40-45% of centres still handle back-office and IT support.
- Another 35-40% contribute to engineering and product development but do not control pricing, market enattempt, or customer relationships.
Also Read: Hyderabad stealing a march over Bengaluru in GCC race
Where the real mandates sit:
- Walmart manages global retail tech from Bengaluru/Chennai.
- Tarreceive runs digital commerce/supply chain from India.
- Microsoft builds Azure components.
- Amazon develops Alexa/Prime Video locally.
- EY found 45% of GCCs now participate in global decision-creating.
Yes, but: Not every decision can or should relocate to India, stated Gaurav Vasu, founder of UnearthInsight. A bank will always create credit card decisions close to its home market, and a retailer will always create shelf decisions where its stores and customers are.
Also Read: Most India GCCs still in early stages of DPDP compliance despite ticking 14-month deadline: Experts
India’s AI investment boom minquires a deeper battle for survival
Venture capital in Indian AI startups nearly doubled from $438 million in 2023 to $832 million in 2025, with Q1 2026 investments already at 75% of last year’s total, according to Tracxn data.
Change underway: By 2025, two-thirds of GenAI startups will have pivoted, a Nasscom study estimates – away from chatbots and wrappers towards applications, vertical AI SaaS, and infrastructure.
Also Read: ET Graphics: How India created a niche path in the AI moolah route
The moat problem: The unique selling propositions that built these companies attractive barely three years ago are rapidly eroding. As foundational models grow more powerful, compute becomes cheaper, and research labs relocate up the value chain, yesterday’s differentiators become table stakes. Startups are being forced to pivot at breakneck speed just to stay relevant.
New thesis: In this churn, the venture playbook is shifting. Capital is now flowing into AI investment and tooling, India-specific foundation models, and regulated verticals such as healthcare, legal, and finance, where proprietary data can still provide a durable moat.
Also Read: Early investors fight to stay competitive
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