🚫 Zepto Delays, ⚖️ WazirX Fails, 🧊 BluSmart Freeze

🌞 Good Morning, Masala Crew!

Its Friday Junior!

Zepto put IPO plans on ice and WazirX got booted by Singapore—truly, anything is possible this week. It's Thursday, June 5, and today's brew is as spicy as a Naagin sauce drop. From rupee drama to Dixon’s China collab dreams, we’ve got plenty to stir into your morning.

Let’s pour it out 👇

☕ Chai Shots

• 🛑 Zepto’s IPO Plans on Ice: Zepto won’t be listing this year. With losses still high and stiff competition from Blinkit and Swiggy, the quick commerce player is reworking its cost structure and eyeing 2026 for its public debut.

• 🧑‍⚖️ WazirX Court Drama Continues: WazirX’s repayment plan for hack victims got shut down by Singapore’s High Court—even after most creditors backed it. The crypto exchange is now prepping an appeal to revive its reimbursement roadmap. More in the Big Brew!

• 📉 US Jobs Data Disappoints: U.S. private hiring slowed sharply in May, with just 37,000 jobs added—the weakest since early 2022. All eyes now turn to the official jobs report to gauge how deep the labor market slump runs.

• 🧊 BluSmart’s Freeze Continues: BluSmart’s promoters remain under scrutiny as the NCLAT declined to stay an asset freeze order citing financial misconduct. The case is up next at the Ahmedabad bench on June 12.

📈 Market Masala

• 📊 Markets Rebound After Losing Streak: After three days in the red, the Sensex added 261 points to end at 80,998, while the Nifty closed at 24,620, up 78 points. Global optimism and expectations of an RBI rate cut lifted stocks across sectors. Big movers included Jio Financial, Bharti Airtel, and Tata Motors.

• 📈 Reliance Infra Rockets 13%: Shares of Reliance Infrastructure jumped to a fresh 52-week high after the NCLAT put the brakes on an earlier NCLT ruling that had sent the company into insolvency. The spark? A payment spat over solar power invoices, where Reliance claims it settled dues worth ₹92.68 crore—making the insolvency claim irrelevant. The stock ended over 10% higher.

• 💸 Rupee Dips to 85.90: The rupee weakened for the second day straight, sliding 29 paise to settle at 85.90 per dollar. A cocktail of rising oil prices, nervous global sentiment, and FII outflows weighed on the currency ahead of the RBI’s rate verdict.

• 🛢️ India Bets Big on U.S. Energy: India is in talks to scale up imports of U.S. shale gas, LNG, and crude. The goal? Broaden energy sourcing while prices are in favor. But Trump’s looming tariff talk casts a shadow on progress.

• 🤝 Dixon Seeks China JV Nod: Dixon Technologies is eyeing a tie-up with China’s HKC to set up a screen-making unit in Noida for budget phones, TVs, and laptops. But since China’s a land-border neighbor, the deal needs a nod under India’s Press Note 3 framework.

🌎 Global Masala

• 🇺🇸 Wall Street Pauses as Hiring Slows: The Dow slipped 92 points on Wednesday, snapping a four-day rally, after a disappointing private payrolls report triggered fresh jitters about the U.S. economy. The S&P 500 stayed flat, and the Nasdaq inched up 0.32%, but eyes are now on Friday’s official jobs data for more clarity. Meanwhile, Trump took aim at Fed Chair Jerome Powell on social media, demanding quicker rate cuts.

• 🧊 Swiss Franc Turns Too Hot: Investors scrambling for safe assets have pushed the Swiss franc up 10% against the dollar this year. That’s great for forex traders—but not so much for Switzerland, where import-fueled deflation is back. The central bank may soon need to intervene.

• 💶 Bulgaria Gets Eurozone Entry Ticket: Starting Jan 2026, Bulgaria will officially adopt the euro, becoming the 21st country in the bloc. The ECB and EU Commission cleared the way, approving the shift from the lev to the euro.

🍵 The Big Brew ⚖️ WazirX’s Panama Move Backfires in Court

WazirX’s parent company, Zettai, just got its crypto restructuring plan rejected by the Singapore High Court, thanks to a key detail they left out: a secret Panama setup. Here's the chai-spill:

• 🕵️‍♂️ Zensui Surprise: Zettai didn’t tell the court it created Zensui Corp in Panama and planned to shift crypto there—big no-no.

• 🚫 No Plans to Get Licensed: Zettai openly said it won’t seek crypto licenses in Singapore or India. Not a great look for transparency.

• ⌛ Creditor Support Wasn’t Enough: Even with 93% of creditors backing the plan, the court flagged missing disclosures and compliance gaps.

• 🧑‍⚖️ Appeal Incoming: WazirX says it's not done yet—it plans to appeal. Meanwhile, user payouts remain stuck.

🔍 What does this mean?

• Crypto courts mean business—no shortcuts, no secrets.

• WazirX users will have to wait longer for reimbursements.

• India’s crypto watchdogs are watching—license up or shut down.

🚀 Startup Scoop

• 🔐 KiranaPro Gets Wiped Out: In a shocking breach, ONDC-linked grocery startup KiranaPro lost all its customer data and app code after its AWS and GitHub accounts were hacked—allegedly using a former employee’s credentials.

• 🌶️ Naagin Sauce Turns Up the Heat: Desi hot sauce brand Naagin raised $2.1 million to fuel its expansion—both in India and abroad. With KFC India on board and a factory upgrade underway, the brand’s aiming for mass market and B2B scale.

• 🎓 GyanDhan Goes Deeper with ₹50 Cr: Edtech lending platform GyanDhan is targeting Bharat with its new ₹50 crore funding round. Its pitch? Make loans simpler, and judge students on future employability—not just family wealth. It’s already disbursed ₹7,000 crore and counting.

🔍 What’s Brewing Next

• 🏦 RBI Rate Call Incoming: The RBI’s next rate announcement drops June 6. Speculation is heating up—will it be a 25 or 50 basis point cut? A larger cut could mean more affordable loans for MSMEs, homebuyers, and retail borrowers.

🧠 Chai Break Trivia

🧠 Chai Break Trivia
Did you know? The Eiffel Tower can be over 15 cm taller in summer 🌞
That’s because heat causes the metal to expand. So next time you visit Paris in July, you might just be seeing the tallest version of the iconic tower!

🫖 That’s a Wrap!

And just like that, your Thursday brew is served piping hot 🫖✨ From courtroom crypto chaos to saucy startup wins, it’s been a wild ride across the world of money, markets, and masala.

Until tomorrow, keep your chai strong, your news sharper, and your secrets more transparent than Zettai’s restructuring plan 😏