📉 Markets went crazy yesterday, unable to chart a clear course for 2025, as global markets remain volatile and India’s own growth problems stare us in the face. Sensex lost 1,000 points, and the Nifty50 was barely over 23,000.
💡 Quick spotlight: India ranked third globally in fintech investments, despite a 33% drop in funding, raising $1.9 billion in 2024. The sector faced headwinds from slowing demand and geopolitical pressures but held its ground globally.
Couple of things that made some noise.
Let’s hit it.
1 Big Thing: Groww eyes the public market 📈
The Arc and many others report that investment platform Groww could go public in the next 12-18 months, raising $700M at a valuation as high as $8 billion.
Groww reported ₹3,145 crore in revenue for FY24, up 119% YoY, but the net profits were in the red, with the company losing nearly ₹805 crores.
The company focuses on the everyday casual investors, unlike the power-trader that competitors like Zerodha cater to. Currently, the platform reports just over 13 million active users, adding 3-5L new users every month.
Quick nugget: Groww recently flipped its parent entity from the US to India as part of its IPO prep, paying ₹1,340 crore in taxes to the US government.
FYI, Groww is backed by Peak XV Partners (formerly Sequoia India) and hasn’t raised a major funding round since 2021.
Bottomline: over 2.3 crore investors entered the markets in 2024, which is the highest ever addition in a calendar year.
While we’re on IPOs,
Ather Energy received SEBI’s approval to move forward with its IPO.
The company plans to raise ₹3,100 crore through a fresh issue, targeting a valuation of $2.2–2.4 billion—an 80% jump from its $1.3 billion unicorn valuation in August.
Ather will be the second EV maker to list in India after Ola Electric.
The company’s market share surged from 6% in April to 16% by January 2024, thanks to new models like Rizta and rapid expansion in northern and western markets.
Pravesha produces plastic bottles, closures, drums, and over two billion cartons, labels, and leaflets annually for leading pharmaceutical companies.
Context: PAG is one of Asia-Pacific’s largest alternative investment firms, managing over $55 billion across credit, private equity, and real assets.
The deets: this is PAG’s second big bet in India’s packaging sector, following its nearly $1 billion purchase of Manjushree Technopack back in 2020.
Why this matters: since its first investment in late 2020, PAG has deployed approximately $1.5 billion in India.
The acquisition is one in many that highlight the growing apetite of global investment firms to acquire local assets, that act as a proxy for exposure to India’s growing consumer class.
Interarch is a top player in pre-engineered steel construction solutions in India, with integrated facilities for design and engineering, manufacturing etc.
The first order is for Tata Semiconductor Assembly & Testing Pvt. Ltd.’s semiconductor facility in Assam.
Second is for Agratas Energy Storage Solutions Pvt. Ltd.’s lithium-ion battery unit in Gujarat.
This is Interarch’s second lithium-ion battery manufacturing order, following their work with Exide Energy Solutions.
Stock is gaining momentum, reflecting investor confidence.
Google Finance
4. Chart of the day 📈
India is now the fourth-largest defence spender globally, a clear statement of its rising power and global ambition.
This trend has generally driven defence stocks to new heights. Beyond its borders, India is also trying to emerge as a defence exporter, aiming to arm allies and boost the economy through defence trade.
The emergence of the domestic tech industry further amplifies possibilities.
5. India draws the line on Russian oil tankers 🛢️
India has decided to reject oil tankers that have been sanctioned by the US for moving Russian oil. This decision comes after the US imposed its toughest sanctions yet on Russia’s energy trade.
These sanctions target 160 tankers and are part of the US’s toughest measures yet against Russia’s energy trade.
Why this matters: India buys a lot of oil from Russia, but these tankers won’t be allowed unless they were booked before January 10 and unload by March 12.
Speculative take: the incoming Trump administration may have influenced the move, with India complying to signal friendliness, alignment, and a fresh start.
There’s no immediate oil shortage though—OPEC and countries like the US and Brazil can supply more if needed. But oil prices have already jumped above $80 a barrel.
📈 IPO preps: Zepto received permission from the NCLT to shift its domicile back to India from Singapore as it plans its IPO this year
🌍 Disaster struck: An earthquake of 6.9 magnitude hit Southwestern Japan. Tsunami warnings were also issued.
🙏 MahaKumbh starts:The much awaited Mahakumbh 2025 started yesterday. Around 400 million devotees are expected to participate in this event.
🚀 Homegrown: India’s Pixxel is set to launch three hyperspectral imaging satellites via SpaceX from California, aiming to tap into the $19 billion satellite imaging market.
That’s a wrap! Don’t let the weekday blues get to you.
And if you’d like to place your brand on this newsletter, let us know.
Loved it :)
nice read