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The Latest Breaking News from ET

Sarvam: When US slams the door, India begins to find its own opening

Sarvam AI’s rise to a $1.5 billion valuation after raising $234 million marks a major milestone for India’s push toward AI sovereignty. The funding comes shortly after the U.S. restricted foreign access to some of Anthropic’s most advanced AI models, highlighting the risks of relying on foreign-controlled AI technologies.

The Economic Times

ETtech interview: AI is a capital game; our fundraise is large for India but quite small in the global context: Sarvam cofounders

In an interview with ET, Sarvam cofounder Pratyush Kumar said Sarvam — which counts HCLTech, Bessemer Venture Partners, Peak XV, Khosla Ventures, and Lightspeed among its backers — expects to be in a “constant cycle of building bigger models, raising more capital, and scaling up.” The company is also looking…

The Economic Times

Deeptech VC YourNest closes Rs 400 crore continuation fund

YourNest Venture Capital has launched a Rs 400 crore continuation fund, YourNest Continuum Fund I, anchored by HDFC AMC. This fund will invest in seven top-performing deeptech startups, providing liquidity to existing investors while enabling continued growth for companies like Miko and Exponent Energy towards future exits.

The Economic Times

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Purplle pauses fundraising talks as founders bag Rs 90-100 crore stake

Beauty retailer Purplle has paused fundraising talks due to valuation disagreements, while founders are buying back shares at a valuation of about Rs 11,300 crore. The company is focusing on its in-house brands and aggressive offline expansion, aiming for a valuation reflecting its rapid growth.

The Economic Times

Indian VCs turn to US AI startups in search of bigger returns

Indian VC firms are increasingly backing AI startups founded by non-Indians, drawn by the promise of higher returns, writes Swathi Moorthy.

The Economic Times

IPO-bound Zetwerk’s FY26 operating revenue rises to Rs 15,900 crore: Crisil

IPO-bound Zetwerk anticipates a rise in operating income to Rs 15,900 crore in FY26, driven by strategic exits from non-core segments and reduced civil infrastructure exposure. Despite this growth, Crisil assigns an 'A-/negative' rating, citing risks from civil EPC business exits and weak profitability metrics.

The Economic Times

Razorpay begins IPO process; files confidential DRHP to raise Rs 5,000-6,000 crore

Fintech major Razorpay has officially commenced its IPO journey by filing its draft red herring prospectus with SEBI, aiming to raise Rs 5,000-6,000 crore. This move follows shareholder approval for a fresh issue and an offer-for-sale component, marking a significant step after its reverse flip to India.

The Economic Times

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Razorpay confidentially files IPO papers with Sebi

Fintech firm Razorpay is preparing for its stock market debut. The company has confidentially filed for an initial public offering. Razorpay aims to raise between $600 million and $700 million. Its valuation is expected to be between $5 billion and $6 billion. This move signals a significant step for the…

The Economic Times

Nukes, crude sanctions & frozen assets: Inside the 14-point US-Iran peace agreement

A draft agreement between Iran and the United States has reportedly surfaced. This framework could unlock 24 billion dollars in frozen Iranian assets. Sanctions on Iran's energy sector may be eased. The Strait of Hormuz could reopen. Broader negotiations are expected to follow this initial understanding.

The Economic Times

Jobseekers flood market after global tech layoff wave

A significant surge of over 56,000 Indian tech professionals from major global companies are now actively seeking new jobs, a fourfold increase in the past month. This influx of talent follows widespread global tech layoffs, intensifying competition in India's job market.

The Economic Times

US ban on Anthropic's Fable 5 & Mythos 5 to put Indian IT services firms at competitive disadvantage

US restrictions on foreign access to Anthropic's advanced AI models, Mythos and Fable 5, are creating a significant competitive disadvantage for Indian enterprises and IT service providers. This exclusion, particularly from Fable 5's coding capabilities, raises concerns about digital equity and strategic dependency, as Indian data contributed to the models'…

The Economic Times

Project Glasswing melts: US government suspends early access to Anthropic's Fable 5, Mythos 5 within days of rollout

India's brief access to advanced AI models from Anthropic has ended. A US government directive halted local access to Mythos 5 and Fable 5. This development signals a new AI export control regime. Governments now view frontier AI as strategic assets. India's engagement on technology policy faces new challenges.

The Economic Times

DLI-backed chip companies call for government procurement support

Indian semiconductor startups are urging the government for stronger market access and intellectual property protection. They highlight the need for procurement support to foster growth and maintain domestic ownership. Existing schemes have boosted design capabilities, but incentives for electronics makers to adopt Indian chips are lacking. Founders emphasize that capital…

The Economic Times

B Capital leads SolarSquare’s $50-55 million round at $500 million valuation

The latest round comes about 18 months after SolarSquare raised $40 million in a funding round led by Lightspeed. That round had also seen participation from Lightrock, Elevation Capital, Lowercarbon, Rainmatter and Gruhas Proptech.

The Economic Times

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The Economic Times

Former Paisabazaar CEO Naveen Kukreja looking to secure $9 million for new wealthtech bet

Former Paisabazaar CEO Naveen Kukreja is reportedly seeking $9 million for his new wealthtech startup, aiming to build a platform for retail investors. The venture will focus on investment advisory, including emergency funds, insurance gaps, and asset allocation rebalancing, while also offering distribution services. This move enters a competitive market…

The Economic Times

Former Paisabazaar CEO Naveen Kukreja eyes $9-million raise for new wealthtech bet

The Economic Times

'If US Secret Service took lessons from Jaunpur police...': Metal detector inserted in candidates' mouths during UP constable exam. Watch viral video

A viral video shows security personnel inserting metal detectors into candidates' mouths during the Uttar Pradesh Police Constable Recruitment Examination, sparking hygiene and health concerns. The examination saw nearly 28.87 lakh candidates competing for 32,679 vacancies across 1,183 centres under tight security.

The Economic Times

Fable 5's cost challenge; Opendoor's India exit

Anthropic's Fable 5 could rewrite how IT works, but the price tag and performance quirks raise hard questions. This and more in today’s ETtech Top 5.

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The Economic Times

Physical security startup Coram AI raises $35 million co-led by Ansa Capital, Battery Ventures

The San Francisco-based company was cofounded by Ashesh Jain, formerly head of autonomy at Lyft's self-driving division, and Peter Ondruska, who led AI research at Lyft before moving to Toyota's Woven division after it acquired Lyft's self-driving unit in 2021.

The Economic Times

India is set to rewrite its oil destiny, moving from risk to leverage

In a landmark agreement, India is teaming up with the UAE to significantly increase its oil reserves, transitioning into a strategic player on the world stage. This partnership promises enhanced storage solutions and ensures the nation's energy supply is more secure than ever.

The Economic Times

Stocks in news: Lenskart, PFC, RIL, Hindustan Zinc, Tata Consumer

Indian markets saw volatile trading on Wednesday, closing slightly down. Lenskart, PFC, RIL, Hindustan Zinc, and Tata Consumer are in focus. ADIA plans to sell Lenskart shares. Tata Consumer targets over 20% EBITDA margin. Reliance Industries subsidiary will redevelop a Mumbai slum. REC Ltd will merge with Power Finance Corporation.…

The Economic Times

Proposed commission caps may drive consolidation in insurance distribution: Acko CEO

Acko founder Varun Dua anticipates regulatory changes to insurance distributor commissions will drive consolidation and professionalization within the sector. He believes lower commissions could encourage wider market penetration, particularly in smaller towns, making insurance more accessible to a broader population. Dua suggests differentiating commission structures by product type.

The Economic Times

Deeptech startup Ethereal Machines raises $28.5 million from Avataar Ventures, Peak XV, others

Deeptech startup Ethereal Machines secured $28.5 million in funding. This capital will fuel the construction of a large manufacturing facility near Bengaluru. The company will also develop India's first indigenous CNC controller. Expansion of its AI-driven software platform is also planned. New teams will be established in the US and…

The Economic Times

Contactless card payments on the rise as Indian shoppers swipe less, tap more

Indian shoppers are increasingly opting for contactless 'tap-and-pay' card transactions, with estimates suggesting they now account for up to a third of total card swipes. This trend is driven by younger consumers and a preference for speed, as contactless payment infrastructure expands across the country.

The Economic Times

ADIA to sell 2.3% Lenskart stake in Rs 1,944 crore block deal

Abu Dhabi Investment Authority is set to divest a 2.3% stake in Lenskart for approximately Rs 1,944 crore via a block deal. This follows SoftBank's recent Rs 2,873 crore share sale. Despite the sale, ADIA will retain significant holdings, indicating substantial paper gains on its 2023 investment. The move comes…

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