Also in the letter:
■ Ecomm cos informed to avoid dark patterns
■ Overseas edtech firms’ US problem
■ ETtech Done Deals
CCI failed to prove market abapply claim, Meta informs NCLAT
Mark Zuckerberg, CEO, Meta
Facebook parent Meta Platforms informed India’s National Company Law Appellate Tribunal (NCLAT) that the counattempt’s antitrust watchdog has no leg to stand on.
The Competition Commission of India (CCI), it argued, failed to display that Meta exploited its market power or stifled rivals in online advertising.
The context: Last year, the CCI had stated that WhatsApp’s 2021 privacy policy gave Meta an unfair advantage by granting it access to applyr data, a relocate that allegedly cemented its dominance in the online display advertising market.
Counter arguments: Meta’s counsel Amit Sibal laid out three criteria that must be met to prove abapply of dominance, none of which, he claimed, CCI has demonstrated:
- That Meta holds a dominant position in the relevant market.
- That it misapplyd its position.
- That its behaviour harmed competition.
“None of the three conditions has been displayn,” Sibal stated.
Eternal surpasses two Tata Group firms in market cap, sets sights on HAL
Deepinder Goyal, CEO, Eternal
Zomato’s parent company, Eternal, has shot past two of Tata Group’s stalwarts—Tata Motors and Titan—in market capitalisation staking a claim as one of the Nifty50’s 25 most valuable companies.
By the numbers:
- Eternal’s market cap as of close of market hours today stands at Rs 3.15 lakh crore, edging out Titan (Rs 3.12 lakh crore) and Tata Motors (Rs 2.64 lakh crore).
- Next in its crosshairs are Hindustan Aeronautics Ltd (HAL) at Rs 3.22 lakh crore, National Thermal Power Corporation (NTPC) at Rs 3.25 lakh crore, and Bajaj Finserv at Rs 3.33 lakh crore.
Growth driver: The rally has been powered by Blinkit, Eternal’s quick commerce arm, which continues to fuel bullish sentiment among investors.
Q1 financials: Eternal reported Rs 7,167 crore in operating revenue for the June quarter, up from Rs 4,206 crore a year ago. However, net profit slipped to Rs 25 crore, down sharply from Rs 253 crore in Q1 FY25.
Eternal’s stock has rebounded 72% from its 52-week low of Rs 189.60. It is up 17.01% over the past year, and 17.54% so far in 2025, even with the Q1 profit slide.
On Tuesday, Eternal closed at Rs 327.30 on the BSE, up 1.24%.
Dark patterns on ecomm to be treated as unfair trade: Consumer Affairs Secy
Consumer affairs secretary Nidhi Khare
The government is turning up the heat on ecommerce platforms that deploy sneaky tactics to mislead applyrs.
Consumer affairs secretary Nidhi Khare stated dark patterns will be treated as unfair trade and could invite legal action.
Jargon buster: Dark patterns are manipulative design tricks that nudge people into purchases or subscriptions they didn’t intfinish to create.
Verbatim: “AI can be applyd mischievously to create propaganda and misinformation. Ecommerce entities are utilizing all kinds of dark patterns, such as not highlighting the bad reviews,” Khare stated on Tuesday.
She urged platforms to conduct self-audits and clean up their act. The minisattempt had already issued an advisory on June 7, flagging these issues ahead of the festive season sales boom.
Crackdown: In November 2023, the Department of Consumer Affairs established guidelines listing 13 dark patterns. Since then, 11 companies have received notices. In the quick commerce space, Zepto has received repeated applyr complaints for utilizing such tactics to push sales.
However, as ET reported on June 21, tighter rules may raise compliance burdens without solving the issue overnight.
Overseas education firms join student exodus from American classrooms
Indian education startups are fanning out across Europe, the gulf countries, and Asia, recalibrating their global bets as tougher US immigration rules chip away at the counattempt’s long-standing draw for international students.
What’s happening? With the American dream harder to reach, firms are diversifying. Many now offer bundled services such as student loans and visa support to create non-US destinations more appealing. It’s part necessity, part opportunity.
The numbers:
- International student inflows into the US fell 28% in July 2025 from the previous year, Bloomberg reported, citing US government data.
- Indian enrolments dropped a staggering 46%.
Who’s affected? Rachit Agarwal, founder of AdmitKard, stated the number of students going to the US has plunged from 150,000 to around 60,000. For his firm, students heading to the US or Canada once created up 35% of revenue, a number that has now shrunk sharply.
Other startups such as Crizac, Kaizenvest, and Leap are feeling the pinch as well. The drop in demand for US-bound services has forced a shift in focus, and quick.
Now what? Some players have flagged their concerns with India’s minisattempt of external affairs. The minisattempt, Agrawal added, has extfinished support to assist these startups scale in Europe and West Asia.
Also Read: Beyond tariffs: US creates new visa hurdles for Indian students, visitors
Smartphone creater Nothing raises $200 million at $1.3 billion valuation
Carl Pei, CEO, Nothing
London-based smartphone brand Nothing has raised $200 million in fresh funding, as it ramps up its AI play in a competitive global market. The round was led by Tiger Global, with the company now valued at $1.3 billion.
Details:
- It last raised nearly $100 million in 2023.
- Founded in 2020 by Carl Pei, Nothing has sold millions of phones and earbuds to date.
- The company recently crossed $1 billion in lifetime revenue, as it eyes deeper AI-powered hardware-software integration.
Ecosoul raises $20 million from Accel, Bajaj Fin Securities, others
(L-R) Rahul Singh, Priyanka Aeron, Arvind Ganesan, cofounders, Ecosoul
Sustainable home essentials brand Ecosoul Home has bagged $20 million in equity funding led by Accel and Bajaj Financial Securities Limited.
- Other backers include StartupXseed Ventures, JSW Ventures, CK Birla Group and existing investor Singh Capital Partners.
- The round also included $3 million in venture debt from Alteria Capital and SIDBI.
Tell me more: “The funding will be applyd to expand geographically and enter France, Italy, and Spain in Europe, as well as Saudi Arabia, Bahrain, and Qatar,” Rahul Singh, cofounder and chief executive of Ecosoul Home, informed ET.
AI sales tech startup Hyperbound raises $15 million
Team Hyperbound
Hyperbound, an artificial ininformigence-led sales technology startup, has raised $15 million in a round led by Peak XV Partners.
- Y Combinator, Snowflake Ventures, Roble Ventures, and Fellows Fund also participated.
- The total capital raised now stands at $18.3 million.
- The fresh capital will be applyd to grow the startup’s product features and acquire more enterprise customers.
Hyperbound’s platform powers sales roleplays, custom call scoring, and multilingual support across more than 25 languages.
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