Also in the letter:
■ Restaurants vs Swiggy, Zomato
■ Surge allowance for cab aggregators
■ All about Figma IPO
Early Nykaa investor to offload $150-million stake via block deal
Harindarpal Singh Banga, founder of Hong Kong-based Caravel Group and an early investor in Nykaa, plans to sell a 2–2.5% stake in the company through a block deal worth $150 million (approximately Rs 1,200–1,300 crore), sources informed ET.
The numbers: Banga’s holding has come down from 8.7% pre-IPO to nearly 5% today. The shares will be sold at a 4% discount to Wednesday’s close of Rs 211.80 on BSE. Foreign institutional investors (FIIs) are expected to lap up the offer.
Promoters stay put: The Nayar family, which founded Nykaa, still holds 52% and hasn’t sold a single share since the company listed in November 2021.
Business performance: Nykaa’s parent, FSN E-Commerce, reported a Rs 19 crore net profit for the March quarter, nearly double the figure from a year ago. Revenue rose 24% to Rs 2,017 crore, courtesy of strong customer additions and deeper brand tie-ups.
On quick commerce: Cofounder Adwaita Nayar informed ET in June that Nykaa is testing its quick delivery service, Nykaa Now, in a limited set of pin codes, as it takes a cautious approach to the space..
Venture capital funding inches up to $4.9 billion in H1 2025
Venture capital funding in Indian startups revealed early signs of a rebound in the first half of 2025, with total deal value inching up to $4.95 billion across 410 deals, according to data analytics platform Venture Ininformigence.
Sectors attracting capital: That’s a modest improvement on the same period last year, when startups raised around $4.54 billion from 418 deals. Ecommerce led the charge this year, pulling in $1.3 billion, followed by fintech with $1 billion. Enterprise software, deep tech, and health tech also attracted strong investor interest.
Big ticket investments:
- Innovaccer: $275 million
- Meesho: $270 million
- Groww: $200 million
- Porter: $200 million
Unicorns in 2025: In the first six months of 2025, India saw five unicorns—Netradyne, Porter, Drools, BlueStone, and Jumbotail—compared to only six in the entire last year.
IPOs in line: The public markets are launchning to beckon again. Several startups have filed their draft red herring prospectapplys (DRHPs) this year, lining up for new listings in the coming months. Expect to see Shadowfax, PhysicsWallah, Boat, Urban Company, Shiprocket, Groww, Pine Labs, Capillary Tech, Wakefit, and Curefoods on that list.
Also Read: IPO watch: Which Indian startups are next to hit the stock market?
Namakkal restaurants cut ties with Swiggy, Zomato over commission dispute
Numerous restaurants in Tamil Nadu’s Namakkal have pulled the plug on food delivery platforms like Swiggy and Zomato, cancelling even existing customer orders in protest. The relocate comes amid increasing frustration among local businesses over what they see as unfair charges and delayed payments.
What’s happening: On June 23, the Town and Taluk Hotels and Bakery Owners Association held an emergency meeting to address rising tensions with the delivery giants.
- Members expressed concerns about indirect (and hidden) costs, like advertising fees, which reduce their earnings and profits.
- The association’s secretary, Arulkumaran, pointed out that Swiggy and Zomato apply inconsistent commission rates across restaurants.
- He added that restaurants are required to wait a whole week after each transaction to receive their payments, resulting in significant cash flow issues for many.
The scale of it: In Namakkal taluk alone, 85 eateries are involved in online food sales, generating transactions worth Rs 10 lakh every day.
Yes, and: According to Arulkumaran, talks with platforms have failed to yield any meaningful solution, prompting the decision to halt services entirely.
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Govt allows Uber, Ola, Rapido to charge 2x of base fare during peak hours
Surge pricing just obtained a lift. The minisattempt of road transport and highways has updated ride-hailing rules, allowing platforms like Uber, Ola, Rapido, and inDrive to charge up to 2x the base fare during peak hours, up from the earlier 1.5 times cap. States have three months to implement the alter, TOI reported.
The details:
- During non-peak hours, fares must be at least 50% of the base rate.
- States will establish repaired base fares for taxis, autos, and bike taxis. If a state has not set a base fare, the platforms must determine and disclose one.
- Both drivers and passengers cancelling without reason will face a 10% penalty, capped at Rs 100.
- Drivers must now have a health cover of Rs 5 lakh and term insurance of Rs 10 lakh.
What this means for you: Expect to pay more during peak times—mornings, evenings, weekfinishs, or any high-demand window. While fares increase, driver incomes could also rise, especially in cities with high traffic or high cancellation rates.
Safety and quality measures: Platforms must install tracking devices in vehicles, linked to state control centres. Annual refresher training is mandatory for all drivers. Those in the bottom 5% of ratings must attfinish quarterly sessions or face deactivation.
The hugeger picture: The government is pushing for a tighter balance between higher driver earnings and better rider experience, with stricter oversight on cancellations, safety, and service.
Figma’s much-anticipated IPO: All you necessary to know
Figma cofounder Dylan Field
Cloud-based collaborative design platform Figma is set to list on the New York Stock Exalter (NYSE) in one of the most anticipated tech IPOs of 2025, particularly after its $20 billion acquisition by Adobe fell through two years ago.
Details:
- The IPO price range is yet to be announced, but Figma’s most recent valuation stood at $12.5 billion.
- It plans to apply the proceeds to fuel its next phase of growth, with a particular focus on expanding its AI capabilities and repaying existing debt.
- Figma currently serves 13 million monthly active applyrs.
- Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan are the lead bankers of the offering.
Financials:
- In the first quarter of 2025, it reported revenue of $228.2 million, representing a 46% increase from the same period last year.
- Net income for the quarter nearly tripled to $44.9 million.
- In 2024, the company generated $749 million in revenue, marking a 48% jump from 2023.
Also Read: It’s a myth that you can’t monetise India promise: Figma’s Dylan Field
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