🌞 Good Morning, Chai Fam!

Monday’s brew is piping hot: India’s edtech star is lining up a mega IPO, Big Tech’s in the penalty box, autos are slashing sticker prices post-GST, and oil producers are fiddling with the taps again. Let’s pour 👇

📰 Chai Shots

• 🧪 PhysicsWallah Files ₹3,820 Cr IPO: The Noida-based edtech has lodged updated draft papers to raise ₹3,820 crore—₹3,100 crore fresh plus a ₹720 crore promoter sell-down—to fund offline/hybrid centre expansion, leases, tech, and marketing; founders Alakh Pandey and Prateek Boob plan to sell ₹360 crore each. More in the Big Brew 👇

• 💳 Amazon Buys Axio for Direct Lending: Amazon has completed its acquisition of fintech lender Axio, giving it a direct lending licence in India. This will let Amazon offer checkout loans and other credit products without depending on banking partners.

• 📦 Dunzo Enters Insolvency: Reliance-backed Dunzo has been admitted into insolvency proceedings after piling up vendor dues and burning through capital. This follows Reliance writing off its $240M investment just weeks ago.

• 🚙 GST 2.0 Triggers Auto Price Cuts: Tata, Hyundai, and Mahindra are cutting sticker prices by up to several lakhs to pass on lower GST rates—making this festive season one of the best times to buy a car.

📊 Market Masala

• 🧾 Food Delivery Fees Edge Up: Ordering food is getting costlier as Zomato, Swiggy, and Magicpin hike platform fees, with a new 18% GST on delivery charges adding to bills starting Sept 22.

• 🚗 Auto Industry Reset: Lower GST on small cars and diesel hybrids (18%) and higher tax on bigger vehicles (40%) have pushed automakers to slash prices. Expect festive sales to get a strong boost from this tax rejig.

• ✈️ SpiceJet Plans Fleet Revival: The airline aims to bring 10 grounded planes back by April 2026 and has leased more aircraft to meet peak travel demand, even as it battles heavy losses.

• 🏗️ Vedanta Tops Bid for JAL: Vedanta has offered a staggered ₹12,500 Cr plan to acquire debt-laden Jaiprakash Associates, strengthening its footprint in power, cement, and real estate.

• 🔋 Volkswagen Eyes India for Small EVs: VW sees India as a prime market for its new affordable EV line-up, with recent GST cuts making the country more attractive for global automakers.

🌍 Global Masala

• ⚖️ EU Fines Google $3.45B Over Adtech: Brussels hit Google with a €2.95 billion penalty for favoring its own ad services since 2014; Google will appeal, while U.S. political blowback adds fresh trade tension to the mix.

• 🌐 Global Week Ahead – Rates & Risk: France faces a no-confidence vote that could shake bond markets, while the ECB meets Thursday and is expected to hold rates at 2%. Key data: German trade (Mon), French industrial output (Tue), U.S. inflation (Thu), German inflation & U.K. GDP (Fri).

☕ The Big Brew 🚀 PhysicsWallah’s ₹3,820 Cr IPO: Big Bet on Offline Growth

Edtech unicorn PhysicsWallah (PW) is set for a ₹3,820 crore IPO, with most of the funds earmarked for expanding its offline and hybrid centres, covering leases, upgrading tech, and fueling marketing. Founders Alakh Pandey and Prateek Boob will also sell part of their stake.

📊 The numbers: FY25 revenue rose 49% to about ₹2,887 Cr, losses narrowed 78% to ₹243 Cr, and EBITDA turned positive at ₹193 Cr. Offline centres grew from 126 to 198, enrolments hit 3.3 lakh, and online paying users crossed 4.1M. PW’s YouTube empire also soared to nearly 99M subscribers.

👉 Why it matters:

• 👩‍🎓 For students: More local centres and better tech tools

• 📈 For edtech: Shows offline+online is the future while peers like Byju’s struggle

• 💰 For investors: Profitability progress is a plus, but rapid offline growth will test discipline

🚀 Startup Scoop

• 🛍️ Quick-Commerce Festive Hiring: Blinkit, Zepto, Swiggy Instamart, Flipkart Minutes, and others will boost staff by 40–60% this festive season, adding 80k–100k workers to handle an expected GMV of over ₹11,000 Cr.

🎲 Chai Break Trivia

Did you know 🎨 The world’s oldest known cave paintings, found in Indonesia, are more than 45,000 years old — older than the pyramids, Stonehenge, and even written language!

🔮 What’s Brewing Next

• 🧪 PW IPO Process: Updated DRHP filed; listing planned on BSE & NSE with BRLMs named—watch for next milestones on the offer structure and timing.

That’s today’s pour—edtech’s marquee listing, autos’ tax-cut discounts, and oil’s delicate dance all in one cup. Stay caffeinated, watch those markets, and I’ll be back tomorrow with another brew!