📲 PhonePe’s $1.5B IPO ringing in

Good morning. India’s once-booming munchie market just hit a crunch.

According to Kantar, for the first time since the pandemic, desi households didn’t up their packaged snack intake averaging 12.8 kg per family this year.

Blame it on inflation, smaller pack sizes (hi, shrinkflation), or the rise of local players stealing bites. Biscuits and noodles are holding the fort, but big brands might need to spice things up to stay shelf-relevant.

PSA to go purchase your favourite crisps to keep the snack attack going 🥨

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 📲 PhonePe’s $1.5B IPO ringing in

• 🕊️ India wants peace

• 🗞️ Bite-sized summaries

  • ⁉️ Ceasefire or Ceasefire Not?

  • 🎬 Sardaar Ji 3 Pulled Over Pakistan Row

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian stock markets rebounded after the previous session’s decline. Positive cues from global markets and easing geopolitical concerns supported a recovery in key indices. Banking and FMCG stocks led the gains, while investor sentiment turned cautiously optimistic. Trading volumes remained moderate as participants awaited further clarity on international developments.

MARKETS

📲 PhonePe’s $1.5B IPO ringing in

Fintech unicorn PhonePe is dialing into the public markets. The Walmart-backed payments giant is prepping for a $1.5 billion IPO later this year, targeting a sweet $15 billion valuation. The company has roped in a lineup of heavyweight bankers - Kotak, JPMorgan, Citi, and Morgan Stanley - to make the magic happen.

After redomiciling from Singapore to India in 2022 (a legal move now common among IPO-hungry startups), PhonePe has been working hard to shape itself into a full-stack financial services player. But while it now offers insurance, credit, and stockbroking, it’s still UPI that keeps the lights on - making up the lion’s share of revenue.

Financials are looking healthier: net losses narrowed 29% in FY24 to ₹1,996 crore, thanks to a 74% jump in operating revenue (₹5,064 crore). But diversification remains a headache. Only 4% of that income came from its newer financial services offerings.

In the lead-up to the listing, PhonePe has already completed a corporate makeover. It converted into a public company this April, and filings suggest a draft red herring prospectus (DRHP) could land by August.

Why it matters: With India’s fintech space crowded and UPI margins razor-thin, PhonePe’s IPO is more than just a money grab - it’s a test of investor appetite for platform-based fintechs still wrestling with profitability and scale. If successful, it’ll be one of the largest tech listings India has seen post-Zomato and Paytm.

So, is PhonePe ready to go public? The markets will decide.

Read more: Economic Times

GEOPOLITICS

🕊️ India wants peace

As tensions swirl in the Middle East, India is making it clear - it’s not just watching from the sidelines. The Ministry of External Affairs (MEA) announced that India is ready to play an active role in promoting dialogue and diplomacy across the region’s many flashpoints, signalling a shift from observer to peace facilitator.

The move comes on the heels of a US- and Qatar-brokered ceasefire between Iran and Israel. With missiles already fired, airbases struck, and nerves on edge, India is pushing for calm. MEA spokesperson Randhir Jaiswal stated that New Delhi is “deeply concerned” about the rapidly evolving situation and believes “there is no alternative to dialogue and diplomacy.”

This isn’t just talk. PM Narendra Modi recently called Iranian President Pezeshkian to directly urge de-escalation - a clear sign that India is leveraging its diplomatic channels. Given its historic ties with both the Gulf and Israel, India is uniquely positioned to mediate and maintain balance in a region where trust is in short supply.

But there’s also a strategic angle. With Indian nationals living across the region and trade routes running through high-risk zones, stability isn’t just a foreign policy goal - it’s an economic imperative.

So while the West handles firepower and formalities, India is stepping up as the potential bridge-builder. The message from New Delhi is clear: it’s time to talk, and India’s ready to help get everyone to the table.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

⁉️ Ceasefire or Ceasefire Not? - A ceasefire between Iran and Israel helmed by a U.S. - Qatar deal - crumbled within hours as an Iranian missile strike on Beersheba killed civilians just before the 7 a.m. deadline. Israel retaliated with strikes near Tehran, accusing Iran of violating the truce; Tehran denied it. President Trump called out both sides for breaking the agreement and urged restraint, while Israeli forces threatened more “intense” operations. Despite halts in the very late afternoon, tensions remain high, with global leaders warning peace is still fragile and the diplomatic window narrowing.

🎬 Sardaar Ji 3 Pulled Over Pakistan Row - India’s latest Punjabi horror‑comedy, Sardaar Ji 3, is making waves after Bollywood star Diljit Dosanjh cast Pakistani actress Hania Aamir. Filmed in February before tensions with Pakistan escalated, the movie faced backlash from industry groups like FWICE, who demanded bans, passport cancellations, and withheld India release. Dosanjh defended the decision, noting that everything was fine during production and that producers have “invested a lot of money,” supporting an overseas-only launch from June 27. He also praised Aamir’s professionalism. With geopolitics reshaping entertainment, Sardaar Ji 3 becomes a flashpoint where art, business, and diplomacy collide.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Adani Group, Vedanta, others submit resolution plans to acquire Jaiprakash Associates.

• Unilever buys men’s personal care brand - Dr. Squatch.

• CMA to probe Google Search in the UK.

• WHO urges higher cigarette taxes.