Taxman taps into crypto gains
Eyes on India-UK trade deal, NSDL’s IPO, and Amazon acquires Bee.
🗓 Morning, folks!
Markets bounced back strong on Wednesday, lifted by optimism around a new US–Japan trade deal. Solid corporate earnings buzz also helped keep the bulls in charge.
💡 Spotlight: Crypto taxes are adding up
For the first time, the Indian government has disclosed how much it collected in taxes from cryptocurrencies and virtual digital assets (VDAs), ₹437.4 crore in FY24, a sharp 62.5% jump from the ₹269 crore collected in FY23.
The update follows the 2022 rollout of a 30% tax on crypto profits and 1% TDS on transactions over ₹10,000, as the government aimed to regulate, and monetize, the fast-growing digital asset space.
With FY25 filings still underway, more data is yet to come. But this early snapshot shows that while crypto may still be volatile, but its contribution to India’s tax base is becoming a little more real.
1 Big thing: India and UK ready to seal trade deal 🤝
PM Modi is headed to London this week, where India and the UK are expected to sign a long-awaited free trade agreement.
The deal, spanning goods, services, investment, and IP, is being called the UK’s most significant trade pact since Brexit.
A key highlight is a “double contribution” exemption that would allow Indian professionals working in the UK to skip social security payments for up to three years, saving nearly ₹4,000 crore annually for workers and companies.
India will get zero-duty access on 99% of its exports to the UK, giving a big boost to sectors like textiles, footwear, gems, auto components, and marine products. In return, India will gradually lower tariffs on 90% of UK goods, including cars, whisky, chocolates, and medical devices.
The agreement also opens the door for UK firms to bid for large Indian government tenders and includes short-term work access for Indian chefs, yoga instructors, and other skilled workers.
For India, the deal unlocks new trade corridors and strengthens its global positioning. For the UK, it’s a $6.5 billion bet on post-Brexit economic revival.
2. Amazon buys Bee to power AI wearables ⌚
Amazon has acquired the AI wearables startup Bee, which is best known for its $50 device that listens to and summarises your day.
Bee’s device, the Pioneer bracelet, records and transcribes the owner’s activities, using that information to populate to-do lists and summarise conversations.
The deets: Bee had raised $7 million in funding last year & currently offers both a Fitbit-style bracelet and an Apple Watch app. What sets Bee apart in a crowded AI wearables space is its affordable price point, making it accessible to mainstream consumers who may find premium AI devices out of reach.
This approach contrasts with other AI wearable startups like Humane AI and Rabbit, which have struggled to gain traction despite sleek designs and heavy hype.
The why: Amazon’s acquisition of Bee suggests a serious push into on-the-go AI assistants, expanding beyond its home-based Alexa ecosystem. As users demand more context-aware, mobile, and proactive AI, wearables represent a natural next step.
3. Minda plugs into Qualcomm’s cockpit tech 🚘
Minda Corporation is partnering with Qualcomm to develop next-gen smart cockpit systems for India’s auto market, think touchscreens, voice assistants, and AI features turning dashboards into digital command centers.
At the core of this system is Qualcomm’s Snapdragon Cockpit Platform, part of its broader Digital Chassis suite. Minda will lead design and integration, while Qualcomm brings the tech stack to enable enhanced displays, real-time connectivity, immersive audio, and AI smarts.
As cars shift from hardware-driven to software-defined, smart cockpits are becoming the new battleground, especially in India’s fast-growing mid and premium auto segments.
This partnership marries Qualcomm’s global chip dominance with Minda’s local manufacturing and automotive expertise, aiming to bring connected car experiences to a much broader market.
Zoom out: today’s car buyers want their vehicles to feel like smartphones, complete with voice control, cloud sync, smart navigation, and sleek digital dashboards. With rising demand for in-car tech, the cockpit is quickly becoming a make-or-break selling point.
4. Gupshup secures $60 million to scale AI play 🔥
Gupshup has just bagged $60 million in a mix of equity and debt round.
Gupshup provides conversational engagement infrastructure to enterprises across marketing, sales, and customer support use cases.
What’s brewing: the round was led by Globespan Capital Partners and EvolutionX Debt Capital. With this new capital, Gupshup plans to double down on its AI-driven messaging platform and fuel expansion in emerging markets.
Here’s the twist: the fundraise comes just two months after Gupshup laid off 200-300 employees. Despite that, the company is clearly gearing up for bigger things, including a potential public listing in the next 12-24 months.
5. India’s stock vault is unlocking an IPO of its own 💸
NSDL is set to launch its ₹4,000 crore IPO in the last week of July or early August.
What they do: it’s the silent engine behind your demat account, it keeps records, handles trades and powers the Indian capital market.
The deets: it's a full offer-for-sale of 5 crore shares. Target valuation? ₹16,000 crore.
Worth noting: NSDL first filed its IPO papers in 2023 but later trimmed the issue size after valuation negotiations, submitting a revised version this May and now it’s finally hitting the bourses.
Zoom out: with rival CDSL already listed, all eyes are on NSDL. It's the older, bigger player in India's market infra, handling most of the country’s demat activity.
6. Stocks that kept us interested 🚀
1. First Energy powers up with Inox Wind 💨
Inox Wind shares were in focus after the company announced that it has secured a 51 Mega Watt order from First Energy.
First Energy is a Thermax Group company and a leading renewable energy solutions provider in the commercial & industrial space in India.
The deets: this marks the first order from First Energy to Inox Wind and involves the supply of IWL’s 3 MW wind turbines, featuring a 140-meter hub height and 145-meter rotor diameter.
The why: First Energy is growing quickly in India’s clean energy space for businesses. This new partnership will help it expand even faster. Inox Wind continues to be a go-to-partner for big renewable energy companies, offering end-to-end wind power solutions and supporting India’s shift to greener energy.
What else are we snackin’
💸 Liquidity boost: the RBI will lend ₹50,000 crore to banks for two days starting July 23 to ease cash shortages, after short-term interest rates rose above the repo rate.
❓Under the scanner: the Enforcement Directorate has accused Myntra of breaking India’s FDI rules by running a multi-brand retail business while claiming to operate as a wholesaler.
That’s a wrap! Don’t let the weekday blues get to you.
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