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Explore other editions Ola cuts Q2 losses; PhysicsWallah IPO next week 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. Ola Electric's losses narrowed as the company's business scaled down. This and more in today's ETtech Top 5.Also in the letter:■ Groww IPO: Day 2■ Google ups Anthropic bet■ AWS brings Marketplace to IndiaOla Electric narrows loss in Q2 even as revenue plunges 43% Bhavish Aggarwal, CEO, Ola ElectricElectric two-wheeler maker Ola Electric Mobility trimmed losses in the July-September quarter by sharply cutting costs, even as revenue fell in a crowded EV market.Financials:Operating revenue: Rs 690 crore, down 43% year-on-yearEbitda loss: narrowed to Rs 137 crore, against Rs 279 crore a year ago, following the company’s focus on profitabilityGross margin: Sharply widened to 30.9% against 18.6% in the year-ago periodNet loss: narrowed 15.5% on-year to Rs 418 crore YoYThe auto business turned cash-generative, with the underlying cash flow at Rs 15 crore.But how: The company’s bottom line was propped up by lower expenses, which fell to Rs 893 crore from Rs 1,593 crore last year.Employee expenses dropped a whopping 60% to Rs 55 crore.Cost of materials consumed in manufacturing scooters halved to Rs 514 crore.Founder Bhavish Aggarwal has pivoted focus from rapid expansion to profitability over the past two quarters.Thanks to AI demand, we're seeing hockey stick growth: Freshworks CEO Dennis Woodside Dennis Woodside, CEO, FreshworksSoftware-as-a-service (SaaS) player Freshworks is riding the artificial intelligence (AI) wave, with revenue up 15% year-on-year to $215.1 million in the September quarter.“The AI demand we're seeing is real…our AI revenue has doubled year over year, and we’re seeing a hockey stick growth. We're seeing the use of AI agents increase 6X year over year,” Freshworks CEO and president Dennis Woodside told ET. The company raised its growth outlook for the third straight quarter.PhysicsWallah sets price band for Rs 3,480 crore IPO, offers to open next week (L-R) Prateek Maheshwari and Alakh Pandey, founders, PhysicsWallahEdtech unicorn PhysicsWallah has fixed the price band for its initial public offering (IPO) at Rs 103–109 per share. The Rs 3,480 crore issue will open for subscription next week.Tell me more: The company is eyeing a post-money valuation of Rs 31,500 crore, about 35% higher than its last valuation. If successful, it will mark one of the biggest listings in India’s edtech space.IPO details:Fresh issue: Rs 3,100 croreOffer for sale: Founders Alakh Pandey and Prateek Maheshwari will sell shares worth Rs 380 crore.Anchor book: November 10IPO opens: November 11IPO closes: November 13Tentative listing: November 18Q1 FY26 financials: PhysicsWallah's losses widened in the June quarter as expenses outpaced revenue growth.Operating revenue: up 33% to Rs 847 croreNet loss: widened 76% to Rs 127 croreExpenses: up 39% to Rs 1,057 croreGroww IPO fully subscribed on Day 2 amid retail interest (L-R) Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal, founders, GrowwBillionbrains Garage Ventures, the parent of wealth-tech platform Groww, saw its IPO fully subscribed on the second day, driven by strong demand from retail investors.Day 2 IPO subscription:Retail investors: 5.02 timesHigh-net worth investors: 2.26 timesInstitutional investors: 20%Overall: 1.64 times Investor interest: Groww shares are trading at an 11.5% premium over the IPO cap price in the grey market, hinting at likely listing gains.Also Read: Groww 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 KeshreNykaa, Paytm among six additions in MSCI India index FSN Ecommerce (Nykaa) and One 97 Communications (Paytm) were among six companies added to the MSCI India Standard Index in its latest rejig. The changes, tracked closely by passive and global funds, will take effect after market close on November 24. Paytm shares rally despite Q2 profit nosedive Vijay Shekhar Sharma, CEO, PaytmPaytm stock jumped 4.3% to Rs 1,323.10 on the BSE, even as its Q2 profit fell 98% due to a one-time gaming impairment. Upbeat revenue numbers, stronger merchant focus, and the boost from MSCI index inclusion drove the rally. Also Read: Paytm revenue rises 24%; to focus on merchants, AI, & loyalty: CEO Vijay Shekar SharmaGoogle in early talks to boost investment in Anthropic: report (L-R) Sundar Pichai, CEO, Google and Dario Amodei, CEO, AnthropicGoogle is in early talks to increase its investment in AI startup Anthropic, Business Insider reported. The discussions are still exploratory, and terms have yet to be finalised. Investment details: The potential size of the investment is unclear.The new funding round could value Anthropic at over $350 billion.Options on the table include a convertible note, a fresh funding round, or a strategic deal involving additional cloud services.Context: The talks come on the heels of a multi-billion-dollar agreement under which Anthropic is expanding its use of Google Cloud and its custom AI chips.Google to test building AI data centres in space Google is also taking AI to new heights. Literally.It will launch two solar-powered satellites in early 2027, each carrying four of its own tensor processing units (TPUs) to train AI models in space.The concept: With uninterrupted sunlight and natural vacuum-based cooling, space-based AI training could cut energy use by up to 40%. The project hints at a future where orbital data centres supplement or even replace energy-hungry Earth-based facilities. Amazon expands AWS Marketplace to India Amazon Web Services (AWS) is bringing its software Marketplace to India, making it easier for businesses to buy cloud-based tools in local currency amid growing demand for AI and digital transformation.What is it: AWS Marketplace lets companies access and buy third-party software for security, analytics, data management, and more. The platform features over 30,000 listings across 70 software categories, from providers like CrowdStrike, Cisco, Salesforce, Deloitte, Freshworks. Homegrown player Sarvam is also among the vendors.But why: With local availability, Indian customers can now transact in rupees. AWS India’s Praveen Sridhar said the launch will help Indian tech providers reach Indian users more efficiently, and enable Indian independent software vendors, channel partners, and system integrators to scale faster.Eye on India: India continues to attract tech giants ramping up their local presence. Google and Microsoft are building data centres, while OpenAI, Perplexity AI, and Anthropic are opening offices to tap into the country’s booming AI and cloud ecosystem. 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.
