☕ Uber’s Tip Trick & a Bank in Trouble

☕ Good Morning, Masala Crew!

It’s Thursday aka Friday Junior, and we’re rolling toward the weekend with a spring in our step—thanks to a rebound in the markets, drama in the AI world, and a flood of startup moves.

Today’s edition is equal parts kadak and chaotic, with a dash of crypto, a sprinkle of policy masala, and just enough gossip to keep it fun.

Let’s stir it up, shall we? 🍵

☕ Chai Shots

• 🚕 CCPA Grills Uber Over 'Advance Tips': The Central Consumer Protection Authority has sent a notice to Uber over its new feature prompting riders to pay a tip before their trip begins—raising ethical red flags. The government called it manipulative, and similar features on Ola and Rapido may also come under scrutiny.

• ☕ IndusInd's Rough Brew: The bank logged its first quarterly loss in nearly two decades, and its largest ever quarterly loss following the unearthing a ₹172 crore fraud, resignations at the top, and internal audit chaos. More in The Big Brew 👇

• 🧠 Meta's Startup Play: Meta is handing out up to $6,000/month in credits and mentorship under its new "Llama for Startups" program. The goal? Win over small AI players and build loyalty for its Llama models as the open-source AI race heats up.

• 🔐 Coinbase Confirms Insider Breach: At least 69,000 users had data—including ID info, balances, and transaction history—compromised after customer service staff were allegedly bribed. The hacker demanded a $20M ransom, which Coinbase refused to pay.

• ⚖️ IREDA Moves DRT to Recover ₹729 Cr from Gensol: After filing for bankruptcy proceedings, state-run IREDA has also moved Delhi’s Debt Recovery Tribunal to claw back dues from solar player Gensol and its EV lease unit.

📈 Market Masala

• 📊 Market Rebound Breaks Losing Streak: After three days of declines, the Sensex bounced back by 410 points to close at 81,596, while the Nifty climbed 130 points to end at 24,813. Auto, IT, and pharma stocks led the charge, snapping the slump in style.

• 📉 RBI Hits the Accelerator: With inflation easing to a multi-year low, the central bank has cut rates, eased norms for NBFCs, and is pumping liquidity to spur growth. Economists are calling it a decisive pivot toward expansion.

• 🔮 Morgan Stanley Bets Big on India: The global investment house sees Sensex at 89,000 by June 2026, banking on strong earnings, robust domestic demand, and policy tailwinds.

• 🌎 India-US Trade Deal Deadline Nears: With Trump’s 26% tariffs set to kick in after July 9, India is pushing hard for an exemption. A mini-deal is expected to include concessions on goods, digital services, and non-tariff barriers.

• ⚡ Ola Electric Starts Delivering Roadster X Bikes Tomorrow: The long-awaited Roadster X e-motorcycle, priced from ₹74,999 to ₹1.54L, is finally hitting the streets. The 9.1kWh model claims a 501km range, putting Ola in pole position in the premium EV two-wheeler race.

🌍 Global Masala

• 📉 Wall Street Stumbles on Budget Jitters: The Dow plunged over 800 points as investors panicked over spiking Treasury yields and fears that Trump’s new tax bill will widen the deficit. A weak bond auction made matters worse.

• 🪙 Bitcoin Mania 2.0: Crypto bulls charged ahead as BTC hit $109K. Analysts say bipartisan momentum for crypto legislation is helping reduce the regulatory overhang.

• 📱 OpenAI Buys Jony Ive’s 'io' for $6.4B: The design wizard behind the iPhone is teaming up with Sam Altman to create sleek AI hardware. Expect ChatGPT... but beautiful.

• 📉 Builder.ai Files for Bankruptcy Despite Microsoft Backing: The once-hyped AI app builder is entering insolvency after Viola Credit froze $37M in its accounts. Its new CEO revealed cash reserves had dwindled to less than $7M.

☕ The Big Brew: IndusInd’s ₹2,329 Cr Meltdown

It’s a cleanup job of epic proportions at IndusInd Bank. In Q4FY25, the bank posted its first quarterly loss in 19 years, a staggering ₹2,329 crore.

• 🧾 Fake Numbers Everywhere: ₹172.6 crore was wrongly logged as fee income in microfinance. This comes after derivative trades and income classification errors were previously discovered, adding to the mess.

• 🚨 Suspected Internal Fraud: The board suspects staff were in on it and has initiated reports to investigative agencies.

• 🧳 Leadership Walkout: The CEO and deputy CEO exited stage left last month amid the chaos.

• 📉 Moody’s Downgrade: The bank’s credit rating was cut with a negative outlook.

What does this mean? It’s back to basics for IndusInd. The board says it’s “starting with a clean slate” and cleaning up books, but with shaken investor confidence and regulator attention, the road to redemption will be steep.

🌟 Startup Scoop

• 🧠 Zoca Raises $6M to Power Local Biz with AI Agents: Founded by IIT grads, Zoca is building an operating system for hyperlocal businesses like salons and pet care. Its AI tools automate Google rankings, social media, paid ads, and rebooking—all through AI agents. The new funds will help expand its U.S. footprint and double down on product development.

• 🐉 Mythik Nets $15M to Be the 'Disney of the East': Jason Kothari’s new venture wants to retell Eastern mythology using immersive tech for a global audience. Investors include Shah Rukh Khan’s family office and BITKRAFT. Mythik’s content strategy targets a 3.5B-strong audience across Asia.

• 🚛 Fleetx.io Bags ₹100 Cr to Upgrade Indian Logistics: The SaaS startup helps fleet operators digitize logistics with IoT and automation. After cutting losses and posting 36% revenue growth in FY24, it’s back in the market for Series C funding led by IndiaMart and BEENEXT.

• 🌱 CleanMax Plans ₹5,000 Cr IPO to Power Green Energy Boom: The Brookfield-backed firm, which supplies renewable energy to Amazon and Google, is going public. The proceeds will fund aggressive capacity expansion as corporates race toward net-zero.

🧠 Chai Break Trivia

Did you know? The Indian state of Meghalaya is home to the wettest place on Earth—Mawsynram. This tiny village receives over 11,800 mm of rainfall annually, making umbrellas, bamboo raincoats, and singing in the rain part of everyday life!

🔮 What’s Brewing Next?

• 🚘 Updates on India’s EV and export policies

• 🏦 Continued fallout from IndusInd’s quarterly mess

That’s your spicy sip for Friday Junior ☕️

As we coast into the weekend, remember—markets may dip, startups may pivot, and Elon may tweet, but your morning masala will always be served piping hot. Catch you tomorrow for more chai, charts, and cheeky commentary!