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Corporate

OpenAI launches Sora app to rival TikTok, Instagram

OpenAI described Sora’s launch as a potential “ChatGPT moment for video generation.”

OpenAI has unveiled a new video app, Sora, alongside its upgraded video model, Sora 2, marking a direct push into the short-form video space dominated by TikTok and Instagram Reels.

The app is currently invite-only and available on iOS in the U.S. and Canada. It enables users to generate, share, and remix AI-driven short videos featuring themselves and others.

Sora 2 brings major improvements over the first version, including better alignment with real-world physics. OpenAI noted that earlier video models sometimes produced unrealistic results—such as a ball teleporting after a missed shot—whereas Sora 2 ensures more natural outcomes like realistic bounces.

The new model also supports synchronized audio, while the “Cameo” feature allows users to insert themselves into videos by uploading a one-time recording for identity verification.

The app is designed for AI-generated content only, with a “Remix” feature allowing users to interact with trends, adopt popular formats, and co-create content. OpenAI described Sora’s launch as a potential “ChatGPT moment for video generation.”

Copyright concerns remain central. By default, Sora may include content from copyrighted materials unless rights holders opt out, and at least one major studio, Disney, has already chosen to exclude its content. The app also prohibits generating likenesses of public figures unless they have opted in.

OpenAI has introduced safeguards to prevent misuse. Users whose likeness is used can revoke access or remove content, and the app bans the creation of explicit, violent, or extreme videos.

Industry analysts see Sora as a significant step for OpenAI into social media, aiming to transform how video content is created and shared. However, some experts caution that a surge of AI-generated content could overwhelm authentic posts and create trust issues among users.

Looking ahead, OpenAI plans to expand Sora globally and release an API to allow third-party developers to integrate Sora 2 into other video tools. An Android version is also in development.

With Sora, OpenAI aims to redefine short-form video by centering AI-generated content rather than relying solely on user recordings—a move that could reshape the digital content landscape if widely adopted.

Also Read: Apple, Google, and Meta Face Legal Challenges Over Gambling Apps

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Beyond

Indian Stock Market Rebounds as RBI Maintains Repo Rate

The Indian rupee strengthened by 5 paise to 88.75 against the U.S. dollar in early trade, adding further momentum to domestic equities

Indian equity indices experienced a significant rebound on Wednesday, ending an eight-day losing streak. The BSE Sensex surged over 650 points to trade at 80,921 as of 11:57 AM, while the Nifty 50 gained 167 to trade at 24,778 as of the same time.

This uptick was primarily driven by strong buying interest in banking and financial stocks following the Reserve Bank of India’s (RBI) decision to keep the policy repo rate unchanged at 5.5% for the second consecutive meeting.

The RBI’s Monetary Policy Committee (MPC), led by Governor Sanjay Malhotra, opted for a neutral stance, indicating a cautious approach amid ongoing global uncertainties, including trade tensions and inflationary pressures. The central bank’s decision to maintain the current rate was seen as a move to assess the cumulative impact of previous rate cuts and fiscal measures.

Investor sentiment was further bolstered by the RBI’s proposals to enhance capital market lending by banks, provide greater operational flexibility for borrower accounts, and remove the regulatory ceiling on lending against listed securities. These measures are expected to improve liquidity and credit flow in the financial system, particularly benefiting sectors reliant on capital markets.

Global cues also contributed to the market’s positive performance. Asian markets, including South Korea’s Kospi, traded higher, and U.S. markets closed in the green on Tuesday, providing a favorable backdrop for Indian equities. Additionally, Brent crude oil prices declined by 1.4% to $67.02 per barrel, easing inflation concerns and supporting investor confidence.

The Indian rupee strengthened by 5 paise to 88.75 against the U.S. dollar in early trade, adding further momentum to domestic equities. The India VIX, a gauge of market volatility, fell by 3.68% to 10.66, indicating reduced investor apprehension and encouraging risk-taking behavior.

Looking ahead, market analysts maintain a cautiously optimistic outlook. Technical indicators suggest potential upside targets for the Nifty 50 at 24,970 and 25,050, with immediate resistance levels at 24,720 and 24,800. Key support levels are identified at 24,500 and 24,336. The market’s direction will depend on the RBI’s future policy actions, global economic developments, and domestic economic indicators.

Also Read: LG Electronics India to Launch ₹11,607 Crore IPO on October 7

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Corporate

Trump Grants Pfizer Three-Year Tariff Relief in Drug Pricing Deal

U.S. President Donald Trump announced a significant agreement with Pfizer to reduce prescription drug prices for American consumers.

Under the deal, Pfizer will offer many of its primary care and specialty medications through a new government purchasing platform, TrumpRx.gov, at discounts averaging 50% and reaching up to 85%. In return, Pfizer will receive a three-year exemption from tariffs proposed under a national security investigation into pharmaceutical imports.

The agreement also includes a commitment from Pfizer to invest $70 billion in U.S. manufacturing and research and development over the next few years. Additionally, Pfizer has pledged to provide all its prescription medications to Medicaid at “most-favored nation” prices, aligning U.S. Medicaid prices with those in other developed countries.

The TrumpRx platform, set to launch in early 2026, will serve as a direct-to-consumer website allowing Americans to purchase medications at discounted rates negotiated by the government. Pfizer’s participation in this initiative is expected to lower drug costs domestically while boosting pharmaceutical revenues internationally. The agreement is part of the administration’s broader efforts to align U.S. drug prices with those in other developed nations.

This deal marks a political and policy win for President Trump, contrasting his administration’s efforts to lower drug prices with Democrats’ healthcare proposals. Other pharmaceutical companies are reportedly considering similar strategies in response to the administration’s initiatives.

Pfizer’s stock experienced a nearly 5% increase following the announcement, reflecting investor confidence in the company’s new pricing strategy and tariff relief.

The agreement is expected to begin benefiting consumers in 2026, with the potential to significantly reduce out-of-pocket costs for prescription medications. However, experts caution that the full impact remains uncertain due to limited details on pricing terms and the scope of the discount programs.

This development is part of a broader effort by the Trump administration to address rising drug prices and reduce U.S. subsidies for global healthcare costs. The administration has indicated that similar agreements with other pharmaceutical companies may be forthcoming.

Also Read: Electronic Arts Acquired in $55 Billion Buyout

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Beyond

Sensex, Nifty Extend Losing Streak Ahead of RBI Policy Decision

Domestic equity benchmarks closed lower on Tuesday after a choppy trading session, with investor sentiment weighed down by persistent foreign fund outflows and caution ahead of the Reserve Bank of India’s (RBI) monetary policy announcement. The decline marked the eighth straight session of losses for both indices.

The 30-share BSE Sensex slipped 97.32 points, or 0.12 per cent, to end the day at 80,267.62. It had opened higher but gave up gains, moving between an intraday high of 80,677.82 and a low of 80,201.15. In the past eight sessions, the Sensex has lost 2,746.34 points, translating to a 3.30 per cent fall.

The broader NSE Nifty also finished in the red, down 23.80 points, or 0.10 per cent, to close at 24,611.10. Market breadth was mixed, with metal and banking counters advancing while realty and consumer durables stocks saw profit-booking.

Among the Sensex constituents, ITC, Bharti Airtel, Trent, Bajaj Finserv, Titan and Reliance Industries dragged the index lower. On the other hand, UltraTech Cement, Adani Ports, Tata Motors, Bharat Electronics, Bajaj Finance and Hindustan Unilever provided support with gains.

Analysts noted that investors were largely cautious ahead of the RBI’s Monetary Policy Committee decision, due on Wednesday, with expectations that the central bank could maintain a hawkish stance in view of persistent inflationary pressures.

The policy panel began its three-day deliberations on Monday, and markets are closely watching whether the RBI will adjust the policy rate or continue with its current stance.

Data from the exchanges showed that Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth ₹2,831.59 crore on Monday. Domestic Institutional Investors (DIIs), however, cushioned the fall by purchasing stocks worth ₹3,845.87 crore.

On the global front, Asian markets were mixed: Shanghai’s SSE Composite index and Hong Kong’s Hang Seng ended higher, while South Korea’s Kospi and Japan’s Nikkei 225 settled lower. European markets were trading without a clear direction in early deals, whereas U.S. stocks had closed higher in the previous session.

Meanwhile, international crude prices eased, with benchmark Brent crude falling 1 per cent to $67.29 a barrel, offering some relief to oil-importing countries like India.

Investor attention is now firmly on the RBI’s announcement, with economists expecting the central bank to maintain the repo rate at its current level but possibly signal a cautious approach toward inflation and growth outlook for the coming months. Analysts say that any surprise change in the rate could trigger sharp market movements, making today’s subdued session a reflection of investor caution ahead of the policy decision.

The RBI’s statement is expected to provide guidance on monetary policy direction, liquidity management, and potential interventions to stabilize financial markets, all of which will be closely monitored by both domestic and foreign investors.

The market’s performance over the next few sessions will likely hinge on the RBI’s tone and the broader response of FIIs and DIIs to any changes announced tomorrow.

Also Read: Nifty 50 Index Undergoes Reshuffle; IndiGo, Max Healthcare Included

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Technology

Global Launch of OnePlus 15 with Snapdragon 8 Elite Confirmed

OnePlus has officially confirmed the upcoming global launch of its next flagship smartphone, the OnePlus 15, though the company has not revealed an exact release date.

The announcement, made on Monday, September 29, 2025, gives fans a first glimpse into what the Chinese smartphone maker describes as a “premium, performance-driven” device aimed at competing in the high-end smartphone segment.

OnePlus confirmed that the OnePlus 15 will feature a special Sand Storm edition in a dune colour. This variant is designed using aerospace-grade Micro-Arc Oxidation (MAO) technology, which is applied to the middle frame and camera decorative elements.

The finish is expected to give the device a distinctive, durable look, combining both aesthetics and resilience.

The OnePlus 15 will be powered by Qualcomm’s newly launched Snapdragon 8 Elite Gen 5 processor, marking a significant performance boost over previous generations.

While official details on the processor’s specifications in the OnePlus 15 are limited, the Snapdragon 8 Elite Gen 5 is expected to deliver enhanced CPU and GPU performance, improved energy efficiency, and better AI capabilities, making it ideal for gaming, photography, and multitasking on a flagship device.

Battery life is another highlight, with the OnePlus 15 expected to house a 6,000 mAh battery, coupled with support for 100 W fast charging.

This combination is likely to allow users to charge the device fully in under 30 minutes, keeping up with the growing consumer demand for extended battery life and rapid charging in flagship smartphones.

Camera capabilities are expected to be a major focus for OnePlus 15. Rumours suggest a triple rear camera setup comprising a 50 MP main lens, a 50 MP telephoto lens, and an ultrawide sensor. On the front, a 32 MP camera is expected to handle selfies and video calls.

While OnePlus has not confirmed these specifications, the combination of high-resolution sensors and versatile lenses is aimed at appealing to photography enthusiasts who demand quality imaging from a flagship device.

Display specifications are expected to match the high standards of modern premium smartphones.

The OnePlus 15 is likely to feature a 6.78-inch LTPO AMOLED screen with a refresh rate of up to 120 Hz. Peak brightness is reported to reach 5,000 nits, which would allow for excellent visibility even under direct sunlight. The combination of high refresh rates and peak brightness is expected to enhance the user experience for gaming, video streaming, and general smartphone use.

Also Read: SEBI Bars Man Industries and Executives Over Fund Diversion

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Counterpoint

A Lotus in Steel, Glass and Technology to Bloom in October

When the Navi Mumbai International Airport is inaugurated, India will be unveiling not just new runways and terminals but a symbol of ambition. Rising from mangroves and mudflats, the lotus-inspired aviation hub is industrialist Gautam Adani’s attempt to transform Mumbai’s skies.

By Neha Bhaskar

Mumbai, 29 Sep 2025: Next month, on 8 October, when Prime Minister Narendra Modi inaugurates the Navi Mumbai International Airport (IATA: NMI), the moment will mark far more than the opening of another piece of critical infrastructure.

It will be the unveiling of a monument to modern India’s ambition — an airport born in adversity, sculpted through years of engineering audacity and now on its way to becoming one of the great regional aviation hubs of the world.

The date in October has been carefully chosen in an attempt to put Mumbai’s monsoon delays behind and to signal confidence that India’s most awaited airport will soon be ready for its first passengers.

For Mumbai, a packed city hemmed in by the sea and pressed to breaking point at Chhatrapati Shivaji Maharaj International Airport (IATA: BOM), the second international gateway is not a luxury but an existential need.

CSMIA is among the busiest single-runway airports in the world, straining under volumes it was never built to bear. A new airport has been spoken of for decades, but what remained only a dream for long is finally being translated into steel, concrete, glass, green and technology.

For billionaire infrastructure developer Gautam Adani and his family, the opening of NMIA is not only a matter of capacity and commerce but also a symbol of vision and succession.

This is the Group’s first greenfield airport and, more importantly for the Adani family, the first major infrastructure project to carry the imprint of the Indian industrialist’s younger son, Jeet Adani, who has been closely involved in overseeing its development.

What makes Navi Mumbai truly distinctive is that it is not just another terminal or another runway but an airport that announces itself with symbolism. Unlike the anonymous steel boxes that pass for terminals in much of the world, it will bloom with poetry.

Its lotus-inspired design, drawing on India’s national flower, turns cultural memory into living architecture. Each petal-like terminal module has been arranged to grow outward, ensuring that as traffic expands the airport can scale gracefully while still keeping passenger journeys compact and intuitive.

The lotus, often associated with resilience and purity, carries here the larger metaphor of India’s rise: rooted in tradition, yet rising above adversity into the modern light.

At full build-out, the airport will have four terminals and two parallel runways, able to handle up to 90 million passengers every year. That puts it in the same league as Heathrow, Istanbul or Dallas–Fort Worth, airports that define their cities as global hubs.

The inaugural phase alone will accommodate 20 million passengers, equivalent to the total annual traffic of entire nations such as Portugal or Greece.

The airport’s cargo handling capacity will grow from half a million tonnes to over three million, making Navi Mumbai as much a logistics giant as a passenger hub.

Inside, the experience is designed as part travel, part immersion. Passengers will encounter digital art galleries projecting the culture of Maharashtra, immersive tunnels that narrate the story of Mumbai and India through light and sound, lounges that echo the city’s café culture, children’s play zones, and forecourt plazas designed to feel like extensions of the metropolis outside.

The site itself was among the most challenging ever chosen for an airport in India. At Ulwe in Navi Mumbai, the land was a mosaic of mangroves, hillocks, rivers, dust and wetlands. Building here required one of the largest land-levelling exercises in India’s history.

Hills were flattened, rivers redirected, swamps reclaimed. More than 2,800 acres have been transformed into an aviation city. Where there was once wilderness, there now stretches a modern hub of concrete runways, glass facades and a control tower. The transformation was so immense that, for years, sceptics doubted it could ever be achieved.

Yet the location is strategic to a fault. Within sight of the newly opened Mumbai Trans Harbour Link, the longest sea bridge in India, and only a short drive from Jawaharlal Nehru Port, the country’s largest container gateway, Navi Mumbai International Airport sits at the junction of commerce and connectivity. It links seamlessly to the industrial belts of Thane, Taloja and Pune, and will eventually be tied into both the metro and suburban rail systems.

Few airports in the world sit amid such a concentration of road, rail, sea and air links. This is not simply an airport but a multimodal gateway, designed to bind together cargo flows from ship to plane, passengers from metro to terminal and businesses from factory to global markets.

The grandeur of the architecture and the ambition of the connectivity, however, rest on foundations built by sweat and grit. For nearly four years, tens of thousands of workers laboured through scorching summers and punishing monsoons. They moved earth, poured concrete, raised steel and laid tarmac, often under floodlights that turned night into day.

It is their fingerprints, calloused and unseen, that are pressed into the airport’s walls and runways. Jeet Adani, in his mid-20s when work began, took on the role of day-to-day oversight, walking the muddy site, pressing contractors and lending the project a youthful urgency.

For him, NMIA is not just an airport: it is his first signature on India’s skyline. If his elder brother Karan has become synonymous with ports and logistics, Jeet has now claimed aviation as his canvas. In that sense, Navi Mumbai is also a family milestone — a beginner’s win for the next generation.

For Gautam Adani himself, NMIA fits into a larger philosophy. As India’s most visible nationalist industrialist, his ventures are rarely framed as private enterprise alone. Ports, power plants, roads, renewable parks and now airports are woven into a larger story of nation-building.

He often argues that infrastructure is destiny, and that airports are not only gateways for trade and travel but also gateways of aspiration, shaping the impressions of millions of Indians and visitors alike.

With Mumbai finally entering the era of a dual-airport system, he is not merely operating an airport: he is etching his belief that India must match its infrastructure with its aspirations.

Technologically, Navi Mumbai aims to be one of the most advanced airports in the country. It will be among the first to adopt 5G-enabled operations, seamless biometric journeys under Digi Yatra, and IoT-driven traffic management. Cargo handling systems are semi-automated, built to handle pharmaceuticals, perishables, valuables and even live animals with world-class cold chain and security infrastructure.

Solar farms, rainwater harvesting and fleets of electric vehicles will ensure it meets stringent green standards. Where Delhi’s Indira Gandhi International remains India’s busiest with more than 70 million passengers last year, and Istanbul Airport crossed 76 million, Navi Mumbai’s eventual design capacity of 90 million places it squarely in this elite class.

No major airport in India is free from politics, and Navi Mumbai is no exception. The battle over naming rights — whether the airport should be named after Balasaheb Thackeray, the fiery founder of the Shiv Sena, or Dinkar Balu Patil, the farmer leader revered locally — continues to simmer.

In recent months, thousands of local people have demanded that the name DB Patil be affixed to the airport as recognition of his struggle on behalf of displaced farmers. Others insist that Ambedkar or Thackeray be immortalised instead. The Maharashtra government has sent multiple proposals to the centre, but no final decision has been made although Patil’s name seems to be the current frontrunner. The controversy is a reminder that airports are not just about planes and passengers: they are also about identity, pride and power.

Yet beneath the contest lies consensus: Mumbai needed this airport, India needed this airport and Adani has delivered it. When the first flights take off later this year, carrying business travellers, tourists and cargo alike, Navi Mumbai will immediately ease the pressure on the city’s skies.

Airlines such as Air India and IndiGo have already announced plans to operate dozens of flights a day from the new facility. For Maharashtra, the airport is expected to become a magnet for investment, drawing companies and talent to Navi Mumbai and beyond. For Jeet Adani, it represents a coming-of-age. And for India, it is another step in declaring to the world that its infrastructure will match its aspirations, lotus-like, rising resiliently from the mud to meet the sun.

Also Read: Trump’s India Strategy Could Backfire on US Giants: Here’s how

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Technology

Adobe Integrates Google’s Nano Banana AI into Photoshop

Adobe has introduced Google’s Gemini 2.5 Flash Image model, known as “Nano Banana,” into Photoshop’s Generative Fill feature. This integration aims to provide users with advanced AI-driven editing capabilities, enhancing their creative workflows.

Nano Banana is recognized for its precision in text-based edits and strong prompt accuracy. Unlike traditional AI models that generate new images from scratch, Nano Banana excels at editing and enhancing existing photographs with remarkable accuracy. Its capabilities include maintaining subject consistency across multiple images, making it particularly useful for tasks like adding props, adjusting lighting, or modifying backgrounds while preserving the integrity of the original content.

In Photoshop, users can access Nano Banana by selecting an area with tools like the lasso or marquee, then triggering the Generative Fill feature. The AI model processes the edit, aiming for highly realistic completions. Additionally, Nano Banana supports Smart Object adjustments, allowing for non-destructive editing, and offers a “Consistency Mode” to apply multiple edits while maintaining visual uniformity across the entire composition.

This integration follows Adobe’s broader strategy of incorporating multiple AI models into its suite of tools, providing users with a range of options to suit their specific creative needs. By embedding Nano Banana into Photoshop, Adobe offers enhanced flexibility and precision in image editing, catering to both professional and casual users seeking advanced editing solutions.

To utilize Nano Banana in Photoshop, users need to update to the latest version through the Creative Cloud app, navigate to Preferences > Generative AI Models, enable Google Gemini Nano Banana under partner model options, and restart Photoshop to activate the model. This seamless integration ensures that users can enhance their editing capabilities without disrupting their existing workflows.

Adobe’s collaboration with Google to incorporate Nano Banana into Photoshop underscores the growing trend of leveraging advanced AI models to augment creative processes. As AI continues to play a pivotal role in digital content creation, such integrations are expected to become increasingly prevalent, offering users powerful tools to bring their creative visions to life with greater ease and precision.

Also Read: Google Launches Mixboard: AI-Powered Visual Idea Board to Compete with Pinterest

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Corporate

US to Probe Waaree Energies Over Alleged Solar Tariff Evasion

U.S. Customs and Border Protection (CBP) has initiated an investigation into Waaree Energies Ltd., India’s largest solar panel manufacturer, over allegations of circumventing U.S. tariffs on Chinese-made solar cells and panels by mislabeling them as “Made in India.”

The inquiry follows a complaint from the American Alliance for Solar Manufacturing Trade Committee, a coalition of U.S. solar manufacturers including Qcells and First Solar, which suspects that Waaree avoided antidumping and countervailing duties imposed on Chinese solar products.

The U.S. has enforced tariffs on Chinese solar cells and panels for over a decade, and similar measures have been applied to imports from Southeast Asian nations in recent years.

India’s solar panel exports to the U.S. have surged since these tariffs were implemented, raising concerns among domestic manufacturers about potential tariff evasion. In response to the investigation, CBP has required Waaree to provide cash deposits on certain imports to secure potential duties.

Waaree Energies has not publicly commented on the ongoing investigation. The company operates Waaree Solar Americas Inc., which handles its U.S. operations.

The probe is part of broader scrutiny by U.S. regulators into the global solar supply chain, particularly concerning the use of components linked to forced labor practices in China’s Xinjiang region. While CBP has detained shipments from Chinese companies due to forced labor concerns, the agency has also increased inspections of Indian solar panel exports, including those from Waaree, to ensure compliance with U.S. trade laws.

Following the announcement of the investigation, Waaree Energies’ stock price declined by approximately 6% on the National Stock Exchange of India, reflecting investor concerns over the potential impact of the probe on the company’s U.S. market presence. Despite this setback, Waaree’s shares had previously surged nearly 37% since its market debut in October 2024, indicating strong investor confidence in the company’s growth prospects.

The outcome of the investigation could have significant implications for Waaree Energies and the broader Indian solar industry, which has been expanding its footprint in the U.S. market.

Also Read: India Rises to Third in Global Tech Startup Funding in 2025

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Corporate

Adani Energy Solutions Achieves Zero-Waste-to-Landfill Status Across All Sites

Adani Energy Solutions has announced that its corporate headquarters and all its operational sites have been certified under the Zero-Waste-to-Landfill standard, a benchmark recognising efforts to eliminate waste disposal to landfills. The move underlines the company’s renewed commitment to environmental sustainability practices as it scales its operations.

According to multiple reports quoting company sources and certification authorities, all facilities under Adani Energy Solutions—ranging from its central offices to its field units—now meet the criteria set by the certifying body. The certification ensures that materials typically sent to landfill are either eliminated, recycled, or otherwise diverted, and that any residual waste is minimal and managed without direct landfill disposal.

In its statement, Adani Energy Solutions said the certification reflects a deeply embedded waste management strategy and has been achieved via a comprehensive audit across its infrastructure. The company undertook measures such as waste segregation at source, reuse of materials, recycling protocols, and partnerships with vendors and waste management professionals to secure this status. Executive leadership emphasised that the journey toward zero waste is ongoing, with continuous monitoring, compliance, and improvements planned.

The certification is seen as significant both for the company and for the wider energy sector in India. As regulatory pressures and investor expectations around environmental, social, and governance (ESG) criteria rise, companies are under increasing scrutiny over their waste-management and environmental footprints. By securing Zero-Waste-to-Landfill certification, Adani Energy Solutions places itself among a growing group of firms that view sustainable operations not just as regulatory compliance, but as a core strategic asset.

Environmental analysts who have reviewed the announcement observe that while certification represents a milestone, its real impact will depend on consistency in implementation. Key challenges mentioned include maintaining staff buy-in across all sites, logistics of recycling or repurposing certain kinds of waste in remote locations, ensuring no hidden waste streams, and periodic verification to avoid slippages in standards.

Stakeholders, including investors and sustainability-rating agencies, are likely to view this as a positive signal. For Adani Energy Solutions, the certification offers reputational benefits, and potentially lower risks around environmental liabilities and regulatory non-compliance. Additionally, operational savings may arise over time from reduced costs related to waste handling, disposal, and raw material sourcing when recycling and reuse are optimized.

Despite the praise, industry watchers caution that certifications of this kind are not uncommon in certain sectors, but full compliance across diverse, distributed operational realities can be complex. The company has indicated its intention to publish periodic performance reports to make transparent how it continues to manage waste, what metrics it uses, and how it addresses residual waste that cannot be recycled.

Also Read: Infosys Expands Partnership with Sunrise to Accelerate AI-Driven IT

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Corporate

PhonePe Files For IPO via Confidential Route, Aims to Raise ₹12,000 Crore

Walmart-backed fintech firm PhonePe has moved closer to going public, filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India via the confidential route. The company is targeting a roughly ₹12,000 crore ($1.35 billion) initial public offering.

Under the confidential filing mechanism, PhonePe has submitted its PDRHP to market and regulatory bodies, including SEBI, BSE, and NSE, although neither the company nor its promoter has disclosed full details of the raise or timing. Sources suggest the IPO may involve a mix of fresh issuance of equity and an offer-for-sale component, with existing shareholders such as Walmart, Tiger Global, and General Atlantic expected to participate. Smaller investors may look to partially monetise holdings, while the promoter is unlikely to dilute its controlling stake significantly.

PhonePe’s financials ahead of the IPO show continued improvement. For the fiscal year ending March 2025, the company recorded revenue of approximately ₹7,115 crore, up about 40% from the prior year. Its losses narrowed year-on-year, falling to around ₹1,720-₹1,727 crore from nearly ₹1,996 crore a year earlier. PhonePe also reported becoming free cash flow positive, generating over ₹1,200 crore in cash flow from operations. Adjusted EBITDA (excluding employee stock option costs) rose sharply, as did adjusted profit after tax (excluding ESOP costs), which more than tripled. For the first time, the company posted a positive adjusted EBIT (excluding ESOP costs), signalling a stronger bottom-line trajectory.

The IPO is being structured under the “pre-filed DRHP” route introduced by SEBI, which allows companies to initiate regulatory review without making all business and financial particulars public immediately. This gives PhonePe flexibility to adapt disclosures and respond to market conditions before finalising the listing. According to sources, the IPO size is being finalised in the range of ₹10,000 to ₹13,000 crore, with about 10% of the company’s equity likely to be offered.

PhonePe has in recent months taken several preparatory steps for a listing. It converted into a public company earlier this year, introduced statutory independent directors and board committees, and effected a stock split of its shares in a 10:1 ratio. The firm has also expanded its services beyond payments: its operations now include lending, insurance distribution, wealth management, and stock broking, along with newer consumer tech businesses.

Despite strong growth, challenges remain. The fintech market is intensely competitive, regulatory oversight is tightening, and macroeconomic conditions could affect investor sentiment. For PhonePe, balancing growth, profitability, and market expectations will be critical in ensuring the IPO succeeds. Analysts suggest that how much stake existing backers sell, and how the fresh capital is deployed, will be closely watched by both markets and regulators.

PhonePe has not publicly confirmed the final IPO size, allocation of fresh issue versus offer for sale, or a listing date. The confidential filing begins the formal regulatory process, but a public launch remains subject to final approvals and disclosures.

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