Author: Staff Writer

Foodtech major Swiggy on Tuesday moved to streamline its portfolio, with the board approving the sale of its entire stake in bike-taxi aggregator Rapido and a slump sale to transfer its quick-commerce arm Instamart into an indirect wholly-owned subsidiary.

The twin decisions, disclosed in regulatory filings, mark a notable reshuffle of Swiggy’s non-core investments and operating structure as the company sharpens focus on its primary food delivery and grocery marketplaces.

Swiggy will divest the Rapido shares it holds through Roppen Transportation Services in two tranches, selling a majority portion to MIH Investments One B.V., a Prosus group entity, and the remainder to an affiliate of WestBridge Capital, the filings show.

The combined consideration for the stake sale is reported at about ₹2,399–2,400 crore (roughly $270 million), representing a more than two-fold return on Swiggy’s original investment. Company filings cited by multiple outlets indicate the deals will be executed through transfers of equity and preference shares.

The board also approved a slump sale to move Instamart — Swiggy’s quick commerce business that promises groceries and essentials within minutes — into a newly incorporated step-down subsidiary.

Under the transaction, Instamart’s assets, liabilities and operations will be transferred at book value to the indirect arm, a move Swiggy said is intended to provide the unit with greater operational flexibility and to better align capital allocation across group businesses.

The company has indicated the slump sale is expected to complete after necessary shareholder and regulatory approvals.

Market reaction to the announcements was muted but positive in early trade, with Swiggy’s shares rising modestly before stabilizing, as investors parsed the implications of cash inflows from the Rapido exit alongside the strategic refocusing implied by the Instamart restructuring.

Analysts note that while the Rapido sale monetises a non-strategic holding, the Instamart reorganisation could be preparatory — enabling distinct governance, potential third-party investment or future strategic partnerships for the fast-growing but capital-intensive quick-commerce vertical.

For Rapido, the infusion from Prosus and WestBridge is expected to support an aggressive expansion and fundraise planned by the Bengaluru-based mobility player; several reports suggest the company is pursuing a broader financing round that would further bolster its valuation and product expansion into adjacent categories.

Swiggy’s exit removes a potential conflict after Rapido began venturing into food delivery and commercial services that could overlap with Swiggy’s core offerings.

Swiggy declined to comment beyond its exchange filings. The transactions reflect a broader trend among large Indian digital platforms to rebalance portfolios, monetise matured bets and ring-fence newer, capital-heavy verticals for targeted governance — a pattern likely to shape sector deals and investor interest in the coming quarters.

Also Read: Surat Startup DhiWise Rebrands as Rocket AI, Raises $15 Million Seed Round

Bajaj Electricals Ltd has won board approval to acquire the rights to the Morphy Richards brand and associated intellectual property from Ireland-based Glen Electric Ltd, a unit of the Glen Dimplex Group, paying ₹146 crore. The deal, which covers India and five neighbouring South Asian markets, marks a strategic move by Bajaj Electricals to assert greater control over a premium home appliance brand it has long partnered with.

Under the agreement, Bajaj Electricals will assume exclusive ownership of the Morphy Richards brand and related IP in India, Nepal, Bhutan, Bangladesh, the Maldives, and Sri Lanka. The consideration excludes applicable taxes and duties, and the acquisition remains subject to definitive agreements between the parties and to obtaining the required regulatory and statutory approvals.

The announcement of the acquisition sent Bajaj Electricals’ shares sharply higher. On the day the board approved the deal, the stock rallied more than 10 per cent, ending a four-day losing streak. Early trading saw volumes surge as investors reacted to the strategic implications of owning the Morphy Richards brand in the region.

Morphy Richards is a well-established name in consumer appliances, known for categories such as hand blenders, steam irons, ovens, coffee makers, juicers, and mixers. Bajaj Electricals has over the years operated under licensing and distribution ties with Morphy Richards; with this acquisition, the company aims to deepen its foothold in the premium appliance segment.

Analysts view the acquisition as an opportunity for Bajaj Electricals to reduce dependency on royalty/licensing costs and to better integrate innovation, design, and brand positioning under its own umbrella. The control over intellectual property is expected to give more flexibility over pricing, marketing, and product development. However, it will also confront Bajaj Electricals with the need to invest further in maintaining the brand’s premium perception, ensuring product quality, and keeping pace with competitive pressures from both local and global appliance makers.

Street observers added that the deal’s relatively moderate price tag suggests a lowgoing acquisition cost given the brand’s reach and reputation in the region. The markets have largely reacted positively, factoring in the potential upside from higher margins and reduced royalty outflows. Bajaj Electricals will need to ensure efficient supply chain, product innovation, and strong post-sales support to fully lever the brand acquisition.

In its recent first quarter results, Bajaj Electricals posted a steep fall in profits, with revenue from operations slipping compared to the same period last year, and margins under pressure. The Morphy Richards acquisition could help the company diversify its revenue streams and contribute to growth in higher-margin premium products.

Bajaj Electricals’ history with Morphy Richards dates back years through licensing agreements and co-marketing under the brand in India. This move to acquire full rights in the region places the company in a position to control the product roadmap, design, and pricing more directly. It may enable faster launches, tighter quality control, and more coherent marketing.

The company noted in its regulatory filings that consummation of the deal will require negotiation of definitive agreements and receipt of required approvals. Bajaj Electricals must also manage the brand transition—including IP registrations, possible adjustments in supply relationships, and adaptation to market dynamics across differing South Asian territories.

As Bajaj Electricals sets out to integrate the Morphy Richards brand, the broader home appliance sector will be watching whether the move translates into stronger growth, improved profitability, and enhanced brand resonance among consumers seeking premium offerings. The acquisition represents a clear bet on brand ownership at a time when product differentiation and IP control are becoming increasingly important in India’s consumer durables market.

Also Read: Surat Startup DhiWise Rebrands as Rocket AI, Raises $15 Million Seed Round

Surat-based startup DhiWise has rebranded as Rocket AI and positioned itself as a fully AI-first company, raising $15 million in a seed funding round led by Salesforce Ventures and Accel, with participation from Together Fund. The company announced on September 23 that it will use the funds to expand research and development, enhance product capabilities, and establish a global presence with new headquarters in Palo Alto, California.

Founded by Vishal Virani, Rahul Shingala, and Deepak Dhanak, Rocket AI is an app-building platform that allows users to convert plain English prompts into fully functional, production-ready applications. Unlike typical AI tools that generate code snippets or mockups, Rocket provides end-to-end build capabilities, covering the user interface, backend, integrations, and scaling.

In an interview with Moneycontrol, co-founder and CEO Vishal Virani said, “We’ve moved from design-to-code utilities to an AI-driven build system. The goal isn’t snippets; it’s shipping real products reliably.” He added, “Over the last two years, users asked us for outcomes, not just assistance. They wanted us to help them ship full solutions faster and maintain them easily. That’s when we realised speed is the moat. Rocket reduces time-to-value from months to days, while keeping quality and security intact.”

The rebrand reflects a wider trend among SaaS startups in India to pivot toward AI-first models in order to attract investor and customer interest. According to Tracxn, AI-focused SaaS deals have surged in 2025, with firms like Accel, Lightspeed, and Peak XV backing India-founded companies targeting global markets. Startups such as Whatfix, Atlan, and Capillary have similarly sharpened their AI positioning to secure larger investment rounds.

Rocket, which launched four months ago, claims to have 400,000 users across 180 countries and has facilitated the creation of over 500,000 production-ready apps. The company currently employs 60 people across Surat and Palo Alto and plans to double its India-based product and engineering teams over the next year.

Virani told Moneycontrol that Rocket is designed to serve both startups and enterprises. “Our platform is equally useful for a small business in Brazil trying to build an internal tool or a Fortune 100 company looking for scalable AI-native solutions. The common thread is speed, scale, and reliability,” he said.

The seed funding marks a critical step in Rocket’s growth trajectory, as the startup looks to establish itself as a global player in the AI-powered application development space.

Also Read: Alkem launches Pertuza biosimilar to make breast cancer treatment more accessible

Leading Indian IT services companies are signaling a major shift in their operations following the U.S. administration’s announcement of a steep hike in H-1B visa fees to $100,000.

According to a report by the Economic Times (ET), several top Indian firms have told the government they plan to reduce their reliance on H-1B visas and move more work to India for U.S. clients.

The fee increase, announced on September 19, 2025, has raised concerns among Indian IT companies about exposure to uncertainties in U.S. immigration policy that could disrupt long-term business planning. India has historically been the largest beneficiary of the H-1B program, with nearly 71 percent of the visas issued to Indian nationals.

Citing officials, ET reported that firms including Tata Consultancy Services (TCS), Infosys, LTI Mindtree, HCL America, Wipro, Tech Mahindra, and L&T Technology Services are re-evaluating the scale of their on-site presence in the U.S. Data from the U.S. government shows that TCS ranked second among the top 100 H-1B recipients with 5,505 visas, while Infosys received 2,004, and LTI Mindtree 1,044. Together, the top seven Indian firms among the 100 largest H-1B beneficiaries account for 14,565 visas.

An official familiar with the matter told ET that larger U.S. tech firms such as Amazon, Microsoft, Apple, Meta, and Walmart would also face the biggest challenges, as they hold far more H-1B visas. “It’s a bigger problem for big tech companies like Amazon, Microsoft, Apple, Meta, and Walmart to tackle as they have substantially more such visas,” the official said.

The visa fee increase is expected to have an immediate impact on staffing decisions and cost structures. Several Indian IT executives have indicated that while some work can continue in the U.S., a larger share will be handled from Indian delivery centers. This strategic pivot aligns with Prime Minister Narendra Modi’s push for greater self-reliance across sectors, including technology.

The ET report noted that startup AI firms, many of which had considered relocating teams to the U.S. to leverage the global innovation ecosystem, may now prefer to keep operations in India. This could influence the growing AI sector, as companies weigh cost, talent availability, and regulatory risks in making expansion decisions.

Analysts say the move may accelerate India’s position as a global IT hub, with more projects being executed from domestic delivery centers rather than offshore locations. “The visa policy change may encourage firms to invest in India-based talent and technology infrastructure,” said a senior IT analyst.

Despite the fee hike, major Indian IT companies continue to emphasize their commitment to U.S. clients. TCS, Infosys, and Wipro executives are reportedly engaging with clients to ensure project continuity while adjusting staffing plans. At the same time, the companies are seeking ways to manage visa-dependent costs without affecting delivery timelines or contractual obligations.

Market reaction has been mixed. While some IT stocks fell marginally due to concerns over higher costs, investors see potential long-term benefits from increased operational control and reduced dependence on U.S. immigration policies.

The shift away from H-1B dependency comes amid broader global concerns over talent mobility and rising costs in the U.S., especially in sectors such as AI and advanced technology services where specialized talent is critical. Indian IT firms appear to be responding proactively, signaling a structural recalibration in how cross-border services are delivered.

With the H-1B fee hike now in effect, India’s IT industry is set to reassess not only U.S.-bound staffing but also global delivery strategies. ET’s reporting suggests that the move could reshape outsourcing patterns, with a stronger emphasis on India as the backbone of IT service delivery for major American clients.

Also Read: Alkem launches Pertuza biosimilar to make breast cancer treatment more accessible

Alkem Laboratories has introduced Pertuza (420 mg/14 mL), an indigenously developed pertuzumab biosimilar, in India for treating HER2-positive breast cancer. The drug is intended to provide a more affordable alternative to the innovator product while maintaining its clinical benefits.

Clinical trials conducted by Alkem’s biosimilars arm, Enzene Biosciences, showed that the biosimilar matched the reference pertuzumab product in efficacy, safety, and immunogenicity. This means that in head-to-head comparisons, Pertuza performed similarly in slowing tumour growth, had comparable side effects, and triggered immune responses similar to the original drug.

Affordability and access are central to Alkem’s strategy. Experts say that even though pertuzumab (sold globally under the brand name Perjeta by Roche) has improved outcomes for many patients, its high cost has put it out of reach for large segments of the Indian population. The launch of Pertuza is seen as a step toward reducing that gap.

Dr Vikas Gupta, Chief Executive Officer of Alkem, expressed that oncology is a priority area for the company. He said that Alkem is committed to combining scientific excellence with wider access. He added that Pertuza aims to bring this critical therapy to thousands of women each year who would otherwise be excluded from treatment because of cost barriers.

Experts believe that the launch of Pertuza could help in several ways. It could ease pressure on patients’ finances, potentially improve the adoption of HER2-targeted therapy across private and public hospitals, and reduce dependence on imports of expensive biologics. Since patent and pricing issues have often delayed entry of biosimilars in India, Pertuza’s approval shows progress in regulatory pathways and domestic manufacturing capabilities.

There is some competition: earlier, Zydus Lifesciences had won conditional approval for a pertuzumab biosimilar called “Sigrima”, but its launch was delayed because of legal challenges from Roche concerning patent protection. That case underscored both the regulatory and intellectual property hurdles that biosimilars face.

In the broader context of cancer care, India has a large and growing burden of breast cancer, and particularly of HER2-positive cases, which are more aggressive and require costly targeted therapy. Making treatments like pertuzumab more affordable could lead to earlier treatment, improved survival rates, and better quality of life for patients who otherwise might skip or delay therapy. Experts believe that innovation in biosimilars is key to scaling up access in oncology in India.

Overall, Pertuza’s launch is being viewed as a positive development — both from a medical standpoint and a policy perspective — in terms of driving down costs, enhancing local R&D and production, and widening access to vital cancer therapies.

KEC International, a leading global EPC (Engineering, Procurement and Construction) company in power transmission and distribution, has won new orders worth ₹3,243 crore.

The contracts include its largest-ever EPC order in the international T&D segment, strengthening its global order book and boosting its presence in high growth regions.

The fresh orders cover the construction of 400 kV transmission lines in the United Arab Emirates (UAE), along with supply of towers, hardware and poles in the Americas. According to the company, the Middle East is playing an increasingly important role in its international business and this deal further cements its strength in that region.

Vimal Kejriwal, Managing Director & CEO of KEC International, said the order wins are particularly special because this is their largest EPC order to date in the international T&D business. He noted that the contracts will play a key role in driving the company’s targeted growth moving ahead. With these orders, the company’s year-to-date order intake has now reached approximately ₹11,700 crore.

KEC International’s recent performance has also shown improvement in Q1 FY26. The firm reported a rise of about 42.3% in its consolidated net profit to ₹124.60 crore, compared to the same quarter last year. Revenue from operations also rose by over 11% year-on-year. The EBITDA (earnings before interest, taxes, depreciation and amortisation) margin expanded as well, helping support investor confidence.

Markets reacted positively to the announcement. Shares of KEC International rose sharply, gaining around 6 to 6.5% in early trading after the order news, reflecting optimism around the company’s prospects.

The new orders are expected to help KEC in multiple ways. They will deepen its international footprint, especially in the Middle East and Americas, and improve its order book strength in the transmission & distribution sector. They may also help buffer against domestic market slowdowns, as international contracts often bring scale and longer execution windows. The company has been focusing on diversifying both geographically and in its business verticals.

While challenges remain in managing supply chain, raw material costs, and timely execution of large projects, KEC’s ability to win such large orders is seen as evidence of its operational strength and competitiveness. The contracts’ size and international nature suggest confidence from clients in KEC’s execution capabilities. Overall, this development marks a strong moment for the company as it navigates a shifting landscape in global infrastructure development.

Also Read: JSW Energy Acquires Tidong Hydro Project for ₹1,728 Crore, Boosting Hydro Portfolio

The Government of India has rejected the request from Vedanta’s unit, Vedanta Cairn Oil & Gas, to extend its Production Sharing Contract (PSC) for the offshore CB-OS/2 block in the Cambay basin, Gujarat. Instead, it has directed the state-owned Oil and Natural Gas Corporation (ONGC), which holds a 50 per cent stake, to take interim control of operations, assets, data, and ongoing management.

The CB-OS/2 block had been operated under Vedanta Cairn with a 40 per cent share, while Invenire Energy holds the remaining 10 per cent. The PSC for the block was originally signed on August 30, 1998, and expired on June 30, 2023. Vedanta and its partners had continued conducting operations while awaiting the government’s decision on the renewal of the contract.

The CB-OS/2 block includes the Lakshmi and Gauri fields. It currently produces around 3,400 barrels of oil per day and about 3.4 lakh standard cubic metres of gas daily. Reserves in the block, according to a 2019 report by DeGolyer & MacNaughton, are estimated at about 13.6 million barrels of oil and oil-equivalent gas.

In its filing, ONGC said the takeover is “purely interim,” intended to maintain continuity of petroleum operations in public interest and to safeguard reserves, until the block is re-awarded. Vedanta has contested some of the government’s positions, including objections raised by the Ministry of Petroleum & Natural Gas regarding its demerger plans, and disputes over how profit petroleum is computed in other blocks, especially Rajasthan.

Although this decision marks a setback for Vedanta, analysts believe the financial impact on the group will be limited. The CB-OS/2 block contributes less than 0.3 per cent to Vedanta’s overall EBITDA. Moreover, other key Vedanta blocks have already been granted extensions: the Rajasthan block RJ-ON-90/1 has been extended to May 14, 2030, and the Ravva field (PKGM-1) has been extended to October 27, 2029.

The refusal to renew the CB-OS/2 PSC and the transfer of interim control to ONGC follows a letter from the Ministry dated September 19 informing partners that the extension application “has not been accepted.” No specific reason was cited in the notification. Vedanta Cairn has denied allegations made by the ministry related to liabilities disclosure.

This development will have implications for Vedanta’s operations in the Cambay basin going forward, as ownership under the government nominee shifts in the short term, while the longer term future of the block remains to be decided.

Also Read: JSW Energy Acquires Tidong Hydro Project for ₹1,728 Crore, Boosting Hydro Portfolio