📱 India’s digital IPO wave

Good morning. RCB held the trophy after an eighteen-year long wait - well done to the team 🙌 🥂 

PBKS, next time though 💪 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 📱 India’s digital IPO wave

• 🇺🇸 Trump’s trade wars cast a long shadow on global growth

• 🗞️ Bite-sized summaries

  • 🥑 Food license revoked

  • 🧪 Perplexity Labs

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian shares declined, dragged down by financials, IT, and Adani group stocks after reports of a US probe into alleged Iranian LPG imports via Mundra port. The Sensex and Nifty 50 both slipped, with broader market resilience seen in midcap and smallcap indices, even as foreign outflow concerns and sector-specific pressures weighed on blue chips.

🌍️ International

• US stocks closed higher, led by gains in Nvidia and other chipmakers, as investors looked forward to potential progress in US trade negotiations. The S&P 500 is now less than 4% from its all-time high, though market sentiment remains cautious due to ongoing tariff uncertainties and mixed economic signals.

IPO

📱 India’s digital IPO wave

India’s digital economy is entering a new chapter - and this time, the story is being written on its own soil.

A new white paper by Bay Capital highlights that India’s publicly listed digital-first companies are now collectively valued at over $90 billion. While nearly a quarter of that comes from a single company, likely Zomato, the report views this concentration not as a weakness, but as a sign of a young market beginning to mature.

What’s driving this transformation? Profitability, scale, and a major shift in mindset.

• Startups that once chose to incorporate in the U.S. or Singapore to tap into global capital are now reversing course in a trend known as “reverse flipping.”

• Firms like Meesho, Razorpay, and PhonePe are moving their legal headquarters back to India and gearing up for IPOs on domestic exchanges.

• The reason is simple: capital is now abundant at home, and Indian markets are offering competitive - sometimes even better - valuations.

Behind this confidence lies a stronger foundation. India’s capital markets have evolved. Regulatory reforms, such as Sebi’s framework for listing high-growth but loss-making firms, have widened the door for innovation-led companies. And with over $40-50 billion returned to investors via tech exits in the last two years, there’s fresh liquidity ready to be deployed into emerging sectors like SaaS, spacetech, and climate tech.

But amid the excitement, Bay Capital sounds a note of caution: substance over slogans. It’s not enough for a company to claim it’s “digital-first” or “AI-powered.” Success comes down to basics—winning and keeping paying customers, maintaining sound unit economics, and running businesses with discipline and integrity.

The broader takeaway? India’s digital IPO market is in its early innings. As more companies build solid, scalable models, the ecosystem is poised to deepen and diversify. For founders, investors, and policy-makers, the message is clear: the future of Indian tech isn’t just global - it’s proudly, and profitably, local.

Read more: Times of India

GROWTH

🇺🇸 Trump’s trade wars cast a long shadow on global growth

The global economy is slowing - and the blame, according to a new OECD report, falls heavily on trade tensions reignited by U.S. President Donald Trump.

After a brisk 2.8% growth last year, the U.S. economy is now projected to slow to 1.6% in 2025 and further to 1.5% in 2026. The Organization for Economic Cooperation and Development (OECD) attributes much of this deceleration to Trump’s aggressive trade policies, which have ramped up U.S. tariffs from an average of 2.5% to a staggering 15.4%—the highest since 1938.

These tariffs aren’t just numbers - they’re price hikes on everything from raw materials for factories to goods on store shelves. As costs rise, so does uncertainty. Businesses hesitate to invest, consumers tighten their wallets, and trade slows. This paralysis isn't confined to America. The OECD expects global growth to cool to 2.9% this year, down from 3.3% in 2024, reflecting the ripple effects of rising protectionism and policy unpredictability.

Trump’s approach has marked a sharp departure from decades of U.S. support for free trade. Now, virtually every country faces some form of U.S. import tax. Industries like steel, aluminum, and autos have been hit particularly hard. And the rollercoaster isn’t over—Trump has threatened to double some tariffs, even as courts tussle over their legality.

China, already grappling with a shaky property market, is bracing for a slowdown from 5% growth to 4.3% by 2026, partly due to these trade headwinds. Meanwhile, Europe’s modest recovery continues, buoyed slightly by central bank rate cuts.

The OECD’s warning is clear: prosperity thrives on predictability. And right now, the world’s economic engine is running with a shaky hand on the wheel.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🏏 Cricket - an olympic sport - Former UK Prime Minister Rishi Sunak credited India's global influence, particularly through the IPL and BCCI, for cricket’s return to the Olympics after 100 years. Speaking at the IPL final in Ahmedabad, Sunak highlighted how the IPL has transformed global cricket, elevated women’s participation, and improved players like England’s Jacob Bethell. A passionate Royal Challengers Bengaluru and Virat Kohli fan, Sunak shared his personal connection through his wife’s Bengaluru roots. He also emphasized cricket’s diplomatic value, citing cricket-related conversations with leaders like Narendra Modi and Anthony Albanese, and called the India-England series a chance to strengthen bilateral ties.

🏢 Another round of layoffs - Microsoft has laid off over 300 additional employees, following last month’s termination of 6,000 roles—its largest layoff in years. According to a notice in Washington state, the job cuts are part of ongoing organizational changes aimed at adapting to a rapidly evolving market. While the specific roles impacted in this round were not disclosed, previous layoffs primarily affected software engineers. The move reflects a broader industry trend, with tech giants like Microsoft and Meta investing heavily in AI while using the technology to boost efficiency and reduce workforce needs. Microsoft had 228,000 full-time employees as of June 2024.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Tesla secures fourth India office in Mumbai as part of expansion strategy.

• India not invited at G7 meet in Canada 'yet another big diplomatic bungle': Congress.

• Trump vows to impose "large scale" fines on THIS US state after trans athlete wins state track event.

• The reason why a Royal Enfield will go ‘silent’ from next year.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• IPL 2025 final - RCB beat PBKS by 7 runs to hold the trophy for the first time in 18 years.

• Maalik teaser featuring Rajkummar Rao in a gangster avatar.