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Explore other editions Groww CEO interview; Swiggy, Google results Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mail Thank you for subscribing to Daily Top 5We'll soon meet in your inbox. Groww CEO Lalit Keshre talked about the company's upcoming IPO. This and more in today's ETtech Top 5. Also in the letter:■ ETSA 2025's star speakers■ PhonePe scores big■ Ola Electric gets funding greenlightGroww IPO: We make so much money, we could keep it all — but that's not how you build a 100-year-old company: CEO Lalit Keshre Lalit Keshre, CEO, GrowwAhead of its November 4 debut, wealth-tech platform Groww is launching its Rs 7,000-crore IPO this week, aiming for a valuation of $8 billion. CEO Lalit Keshre, in an interaction, told us that listing is a natural step for a company managing billions in customer wealth. “We want to be accountable to the public,” he said. Edited excerpts:Why go public? One is brand building. Second is to strengthen our tech infrastructure. Third is to scale up the MTF (Margin Trade Funding) book. We launched MTF just around nine months ago, and we were late to the game. Fourth is LAS (Loans Against Securities) aimed at our affluent users with larger portfolios who need credit.” Product roadmap: Stocks plus ETF adoption is around 72%. Mutual funds are at 55–60%, and that keeps growing year on year. Derivatives are around 9% to 10%. MTF is still small at 1–2%. Lending is also 1–2%. Then there is wealth management. We have around 3,00,000 "affluent" customers, which is a sizable base we need to serve.Also Read: Groww completes acquisition of wealthtech platform FisdomChange of heart: Groww's founders will not sell any shares in the upcoming IPO, reversing their earlier plan to offload one million each. Investor Tiger Global has cut its offer-for-sale to 51.84 million shares from 64.8 million, reducing the total OFS to 557.23 million shares. In addition, the IPO is expected to generate about Rs 2,400–2,500 crore in gains for employees via ESOPs (employee stock ownership plan)Also Read: Physicswallah said to plan Rs 3,820 crore IPO in weeksSwiggy Q2 results: Losses widen despite revenue growth Sriharsha Majety, group CEO, SwiggyFood delivery giant Swiggy's consolidated net loss for the September quarter rose to Rs 1,092 crore, up from Rs 626 crore a year ago. The company blamed the loss on its holding entity's accounts. However, losses narrowed slightly from Rs 1,197 crore in the June quarter.The financials:Operating revenue: Jumped 54% YoY to Rs 5,561 crore, and grew 12% sequentially from Rs 4,961 crore in the previous quarter.Expenses: Rs 6,711 crore, up 56% YoY, thanks to higher costs across advertising, delivery, stock purchases, and finance. What else: Swiggy's board is set to meet on November 7 to consider raising Rs 10,000 crore ($1.1 billion) via a qualified institutional placement (QIP), to shore up its balance sheet amid intensifying competition and a tight funding climate.ET was the first to report on Thursday (today) that the company is exploring a potential fundraise.Google parent Alphabet posts first $100 billion quarter as AI fuels growth Sundar Pichai, CEO, GoogleGoogle parent Alphabet crossed the $100-billion mark in quarterly revenue for the first time, helped by robust gains in search, ads, and a booming cloud division.Key numbers:Revenue: $102.3 billion, up 16% YoYNet income: $35 billion, up 33% YoYSegment-wise:Search and ads: $56.6 billion (vs $49.4 billion)YouTube ads: $10.3 billion (vs $8.9 billion)Cloud: $15.2 billion, up 34%.Also Read: Samsung reports 32% rise in operating profit, predicts continued AI-related growthET 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 methodologyGeneral Atlantic invests another $600 million in IPO-bound PhonePe (L-R) Sameer Nigam and Rahul Chari, founders, PhonePeGeneral Atlantic has pumped another $600 million into PhonePe, reinforcing its faith in the fintech major ahead of its public listing next year.Deal details: The venture capital firm's total bet on the Walmart-backed company is now its largest in India, sources told us, surpassing the $870 million it put into Reliance Jio Platforms in 2020.The latest round values PhonePe at $14.5 billion, a 16% premium on its previous valuation.In May 2023, the company had raised $850 million from a mix of new and returning investors. What else: PhonePe has now raised $1.6 billion across four major rounds. The fresh funds will help employees exercise stock options and meet tax liabilities, the people cited told us. No founder or employee received liquidity previously. Full stack: PhonePe remains India's UPI leader and expanded into a full-stack platform offering credit, insurance, and broking. It is currently focusing on scaling unsecured loans, personal credit products, and secured credit distribution.Ola Electric Tech gets Rs 250 crore from Ola Cell Tech Bhavish Aggarwal, CEO, Ola ElectricOla Electric Technologies (OET), the manufacturing and R&D arm of Ola Electric, has cleared a Rs 250-crore funding infusion from group company Ola Cell Technologies (OCT).Deal details:The OET board approved the allotment of 25 crore preference shares to OCT.Each share is priced at Rs 10 (face value) and carries a 0.001% non-cumulative, non-participating dividend.Funds will be raised through a mix of public offers, rights issues, qualified institutional placements, private placements, or other permitted routes.Background: In its June quarter earnings, Ola Electric said it had begun battery cell production, with deployment in vehicles starting from Navratri. It has also entered the battery energy storage market.This follows a board resolution by Ola Electric on October 26 to raise up to Rs 1,500 crore via equity and convertible securities.Also Read: Ola Electric Tech to raise Rs 878 crore via preferential allotment to Ola Cell Technologies 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 Daily Top 5We'll soon meet in your inbox.
