🌞 Good Morning, Chai Fam!

Happy Friday! We’re closing the week with IPO buzz, Nvidia’s big numbers, India’s tricky global balancing act, and plenty of startup action. Let’s dive straight in.

📰 Chai Shots

• 📈 Groww IPO greenlight: Investment platform Groww has secured SEBI’s approval for a confidential IPO filing, aiming to raise $1B at a $7B valuation. The company recently swung to a ₹1,819 crore profit and expanded into wealth management with its Fisdom acquisition. More in the Big Brew 👇

• 🛢️ India’s oil gains overstated: CLSA estimates India saves only $2.5B annually from Russian crude imports, far below earlier claims of $10–25B. Discounts have narrowed sharply, though cutting supplies could push global oil back to $100 a barrel.

• ✈️ IndiGo lease extension: DGCA has allowed IndiGo to continue flying two leased Boeing 777s from Turkish Airlines until February 2026. The wide-body jets are critical for Mumbai and Delhi to Istanbul routes, especially with Pakistan’s airspace closed.

• 💻 Nvidia’s revenue concentration worry: Nvidia disclosed that two unnamed customers generated 39% of Q2 revenue, up from 25% a year earlier. With data centers now contributing 88% of sales, analysts flagged risks of overdependence, even as AI demand stays red hot.

📊 Market Masala

• 📉 Tariff tensions drag markets: Indian equities slumped for a second session as Trump’s extra 25% tariff on Indian exports — lifting total U.S. levies to 50% — kicked in. The Sensex plunged 706 points to 80,081 and the Nifty shed 211 to 24,501. IT and banking stocks were among the worst hit, while Titan and L&T managed gains.

• 💸 GST reform may soften tariff pain: Fitch unit BMI believes India’s proposed GST rejig — trimming most items to 5% or 18% — could boost consumption and partially offset U.S. tariffs. Large durables like ACs and refrigerators may get cheaper, though India’s growth forecast is still cut to 5.8% for FY26 and 5.4% for FY27.

• 📦 Shiprocket’s pre-IPO raise: Shiprocket is raising ₹220 crore in a pre-IPO placement ahead of a ₹2,000–2,400 crore listing. The logistics unicorn reported ₹1,316 crore revenue in FY24 but posted ₹595 crore losses.

🌍 Global Masala

• 📉 Tesla struggles in Europe: Tesla’s July registrations dropped 40% to under 9,000 units, marking seven straight months of decline. Rival BYD surged 225% with over 13,500 registrations, eating into Tesla’s market share with lower-priced models.

• 🌏 Asia markets diverge: Japan’s Nikkei slipped 0.3% as inflation slowed to 2.5%, while South Korea’s Kospi rose 0.3% and Kosdaq 0.8%. Australia’s ASX edged higher, and Hong Kong futures signaled a stronger open.

☕ The Big Brew: Groww’s $1B IPO Play

India’s fintech boom is heading for a major test. Bengaluru-based Groww has secured SEBI approval for a confidential IPO filing and is preparing to raise up to $1B at a $7B valuation.

• 📊 Profitable pivot: After moving its domicile back to India, Groww posted ₹1,819 crore in profit for FY25, reversing earlier losses.

• 💵 IPO scale: The planned issue will raise about $1B, making it one of India’s largest fintech listings.

• 🤝 Strategic expansion: The company acquired wealth manager Fisdom for ₹1,280 crore, pushing into advisory beyond broking and mutual funds.

• 🌍 Investor reshuffle: Early investors like Tiger Global may sell stakes, while new backers like GIC have recently invested.

• ⚔️ Competitive landscape: Groww will face stiff competition from Zerodha and Angel One, who already dominate retail investing.

👉 What does this mean? Groww’s IPO is a bet on India’s retail investing surge — over 16 crore demat accounts now exist. A strong debut could cement it as a leader in digital investing, but competition and market sentiment will determine if the momentum holds.

🚀 Startup Scoop

• 💅 Nykaa employee reward: Nykaa allotted ₹12 crore in shares to employees under ESOPs as its stock hit a 52-week high. It also announced global expansion for its Kay Beauty brand.

• 🍬 Panacea buys Power Gummies: Pharma company Panacea Biotec is acquiring nutraceutical brand Power Gummies, signaling a pivot into wellness products beyond traditional pharma.

• 🎽 FanCode exits merchandising: Dream Sports’ FanCode will shut its sports shop by October after counterfeit issues and poor margins made it unviable. The focus will shift to sports content and streaming.

• 🐶 BhaoBhao raises seed round: Mumbai-based pet grooming startup BhaoBhao raised $200K from angels. With over 3,000 clients and a 95% repeat rate, it now plans a $4–5M fundraise by year-end.

🤓 Chai Break Trivia

🤓 Did you know: Butterflies can actually taste with their feet 🦋👣. They use special sensors on their legs to detect if a leaf is good enough to lay eggs on — talk about dining with your toes!

🔮 What’s Brewing Next

• 📈 Groww IPO cleared: SEBI nods Groww’s $800M–$1B listing plan.

🫖 That’s a Wrap!

From IPOs and tariffs to EV launches and pet startups, today’s brew shows just how much India Inc is buzzing. Now it’s your turn to unplug, sip that extra-strong Friday chai, and gear up for the weekend. See you Monday!