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Explore other editions ETSA 2025's star speakers; Swiggy mulls $1.5 billion QIP Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mail Thank you for subscribing to Morning DispatchWe'll soon meet in your inbox. Happy Thursday! A star-studded lineup of speakers will attend the 11th edition of the Economic Times Startup Awards this Friday. This and more in today's ETtech Morning Dispatch.Also in the letter:■ Results corner: Ixigo, Shiprocket■ Jupiter raises funds■ SBI MF acquires Lenskart stakeET Startup Awards 2025: Star-studded panel to shed light on startup story (L-R) Rapido cofounder Aravind Sanka, Lenskart CEO Peyush Bansal, Union minister Piyush Goyal, Myntra CEO Nandita Sinha and Urban Company CEO Abhiraj Singh BhalIt's almost time! The 11th edition of The Economic Times Startup Awards (ETSA) kicks off on October 31 in Bengaluru, with a stellar lineup of past and present winners and nominees.Who’s attending: Union minister Piyush Goyal will join as the guest of honour at the ceremony. He is expected to highlight the government's ongoing efforts to expand the Startup India mission and bolster support for entrepreneurs.On stage: Lenskart CEO Peyush Bansal, winner of the 2024 Startup of the Year award, is among the most anticipated speakers. His company is prepping for a Rs 7,300 crore IPO this week.Urban Company founder and CEO Abhiraj Singh Bhal, winner of the 2025 Startup of the Year award, will join a panel alongside Rapido cofounder and CEO Aravind Sanka and Myntra CEO Nandita Sinha, to reflect on the past decade of India’s startup growth. Also Read: The Economic Times Startup Awards 2025: And the big winners are…ET Startup Awards 2025 | We must look beyond big-ticket listings to small caps going public: Peak XV's Ashish Agarwal Ashish Agrawal, managing director, Peak XV PartnersPeak XV Partners managing director Ashish Agrawal said India's expanding IPO pipeline needs to look beyond big-ticket listings and focus on small-cap startups taking the public route. Agrawal, who won the ET Startup Awards 2025 in the Midas Touch category, also emphasised the importance of a stable and predictable regulatory environment, especially for fintech firms navigating compliance uncertainties.Quote, unquote: “Many of the younger companies are early in their journeys and provide a good compounding opportunity for retail or public market investors to grow their wealth,” Agrawal told ET.Background: An IIT Kharagpur alumnus, Agrawal joined Peak XV (then Sequoia Capital India) in 2013 as an analyst and rose to managing director in 2021. His standout bet has been stockbroking startup Groww, which is now eyeing a public listing.Peak XV invested around $30–35 million in Groww, and its pre-IPO stake is now valued at $1.4–1.5 billion, potentially yielding a $200–250 million return.Also Read | ET Startup Awards 2025: How we arrived at the winners... the methodologyExclusive: Swiggy mulls up to $1.5 billion fundraise for balance sheet boost Sriharsha Majety, Group CEO, SwiggySwiggy is contemplating a qualified institutional placement (QIP) of up to $1.5 billion to shore up its balance sheet, sources told ET. The move comes amid an escalating quick commerce race, with rival Zepto recently raising capital. Details:Talks with potential investors are still in early stages.The base QIP size is expected to be $1 billion, but could stretch to $1.5 billion.Swiggy may also raise capital separately for its quick commerce division, another source added.Also Read: ETtech Explainer: Swiggy's losses balloon despite push to improve economicsSwiggy’s war chest: Swiggy's market capitalisation stands at approximately Rs 96,000 crore.As of June 30, it held about Rs 5,300 crore in cash. An additional Rs 2,400 crore will come in once it completes the sale of its Rapido stake to Prosus and WestBridge Capital. This will bring its cash pile to nearly Rs 7,800 crore. Also Read: Rapido looks to close $550 million in financing as Swiggy ends rideYes, but: The company burned over Rs 1,000 crore in the April–June quarter alone. At this rate, it has an estimated runway of 6-7 months.Building a moat: “The quick commerce space is in an armed standoff between incumbents with strong cash reserves,” said Karan Taurani, executive vice president, Elara Securities, a Mumbai-based brokerage firm. “External factors such as Amazon Now, Flipkart Minutes and the entry of JioMart add another layer of competition although they have yet to prove their mettle.”Also Read: Blinkit tops quick commerce with over 50% market share, set to gain more: BofAIxigo posts 37% revenue growth; slips into loss on one-time costs (L-R) Rajnish Kumar and Aloke Bajpai, cofounders, IxigoLe Travenues Technology, the parent company of online travel aggregator Ixigo, saw a rise in operating revenue during the July-September quarter, fueled by growth in all its business segments.Number-wise:Operating revenue rose by 37% year-on-year (YoY) to Rs 283 crore. However, net loss was Rs 3 crore, compared to a profit of Rs 13 crore a year earlier. Total expenses increased to Rs 290 crore. But why: Managing director and group CEO Aloke Bajpai explained that the loss was due to a one-off employee stock option plan (Esop) accounting charge of Rs 27 crore, related to early achievement of performance milestones. There was also a Rs 1.47 crore loss from its associate firm, Freshbus.Shiprocket’s FY25 revenue rises 24% Saahil Goel, cofounder, ShiprocketIPO-bound ecommerce enablement firm Shiprocket reported a 24% YoY increase in revenues.Revenues grew to Rs 1,632 crore for FY25, up from Rs 1,316 crore in FY24.Net loss reduced to Rs 74 crore in FY25 from Rs 595 crore in FY24, mainly due to revenue growth and lower exceptional expenses. The company cited most losses as stemming from employee stock ownership plan (ESOP) expenses of Rs 91 crore.PB Fintech Q2 results: Profit skyrockets 165% YoY to Rs 135 crore on strong insurance growth (L-R) Alok Bansal and Yashish Dahiya, cofounders, PB Fintech groupPB Fintech, the parent company of Policybazaar and Paisabazaar, had a standout September quarter, delivering one of its strongest performances since its initial public offering in 2021.Financials:Operating revenue: Up 38% year-on-year (YoY) to Rs 1,614 croreConsolidated profit after tax: Surged 165% YoY to Rs 135 croreOther Top Stories By Our Reporters Jitendra Gupta, founder, JupiterJupiter secures $15 million: Bengaluru-based fintech startup Jupiter Money has raised $15 million (Rs 115 crore) in a fresh round of funding from existing investors. The valuation was not disclosed, but sources indicated it was done at Jupiter’s previous round valuation.SBI Mutual Fund buys Lenskart stake: SBI Mutual Fund has picked up a stake in IPO-bound eyewear retailer Lenskart for Rs 100 crore from cofounder and promoter Neha Bansal.‘Groww less vulnerable to F&O trading curbs than peers’: Online investment platform Groww’s revenues are likely to be less affected than its peers, such as Angel One, if the expected curbs on retail derivatives trading come into effect, according to a note by Nuvama Institutional Equities.GitHub’s India bet: India has become the fastest-growing region for software developers on GitHub, with 21.9 million users as of October 2025, and is projected to overtake the United States with 57.5 million users by 2030.Global Picks We Are ReadingApple's family sharing helps keep children safe. Until it doesn’t (Wired)OpenAI’s chief Sam Altman gets a licence to play the field (FT)Paris Hilton has been training her AI for years (The Information) Explore other editions Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mailThank you for subscribing to Morning DispatchWe'll soon meet in your inbox.
