BigBasket feels qcomm heat; PhysicsWallah clears Sebi test
BigBasket feels qcomm heat; PhysicsWallah clears Sebi test
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BigBasket loses steam as quick commerce intensifies
Driving the news:
Tata Sons' FY25 annual report reveals a 3% dip in turnover for BigBasket's business-to-consumer (B2C) unit, Innovative Retail Concepts, which clocked Rs 7,673 crore.
Its business-to-business (B2B) arm, Supermarket Grocery Supplies, fared worse, falling 7% to Rs 2,227 crore.
Losses for the B2C business widened sharply to Rs 1,851 crore, up from Rs 1,267 crore in FY24.
Between the lines:
Tata 1mg back in investment mode after strong FY25 growth
By the numbers:
Consolidated revenue jumped 20% year-on-year (YoY) to Rs 2,392 crore.
Tata 1mg Technologies, its main entity, posted Rs 375 crore in revenue and Rs 65 crore in PAT (tripling YoY).
Subsidiary Tata 1mg Healthcare recorded revenue of Rs 2,016 crore but a Rs 342 crore loss.
The big picture:
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PhysicsWallah gets Sebi nod, set to raise Rs 4,000 crore in IPO
Driving the news:
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SuperK raises Rs 100 crore from Binny Bansal, Mithun Sacheti; cricketer Shubman Gill joins cap table
Deal details:
The round was led by Flipkart cofounder Binny Bansal's 3State Ventures and CaratLane founder Mithun Sacheti.
Existing investors Blume Ventures and Xeed Ventures also participated.
Adding a touch of star power, Indian Test skipper Shubman Gill also joined the captable.
By the numbers:
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CBDT sharpens AI tools for tax crackdown ahead of new law
Driving the news:
A recent crackdown prompted taxpayers to withdraw Rs 963 crore in deduction claims and pay an additional Rs 409 crore in tax.
Zoom out:
The taxpayer base has tripled from 30 million in FY14 to 90 million in FY25, thanks to digitisation and pre-filled ITRs – 99% of which are being accepted without edits.
Alphabet Q2 profit jumps 19% as AI demand powers cloud, YouTube
By the numbers:
AI Overviews now serve over 2 billion monthly users globally, and AI Mode – introduced in India and the US – has already hit 100 million monthly users.
What's new:
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Tesla braces for rough quarters as EV subsidies fade, autonomy bets rise
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A decline in BigBasket's turnover indicates increasing competition from quick commerce players. This and more in today's ETtech Top 5.■ Shubman Gill puts on investor cap■ Taxman's AI■ Alphabet & Tesla: Two tales of Q2Tata Digital-owned BigBasket is feeling the heat as quick commerce players like Blinkit, Zepto, and Swiggy Instamart tighten their grip on urban grocery demand. The pressure is showing in the numbers.The Tata Group has voiced internal concerns about BigBasket's sluggish execution, as we reported earlier this year. As a sign of its intent, the conglomerate began scouting for $1.3 billion in new capital in April, of which $1 billion is earmarked for BigBasket alone.In contrast, Tata Digital's epharmacy arm, 1mg, has bounced back with strong momentum After raising only $40 million since 2021 (when Tata acquired a majority stake), 1mg is now pursuing a $300 million external fundraise to expand offline operations and develop logistics, marking a shift from Tata's earlier debt-led digital strategy.Physicswallah founder Alakh PandeyPhysicsWallah has secured Securities and Exchange Board of India's (Sebi) approval to go public , becoming the first venture-backed Indian edtech startup to clear the regulatory hurdle for an IPO.The Noida-based firm confidentially filed IPO papers in March under the pre-filing route and now plans to raise Rs 4,000 crore at a valuation of Rs 35,000–40,000 crore. Sebi's approval came through on July 18, according to filings.Backed by WestBridge Capital, Lightspeed, GSV Ventures, and Hornbill Capital, PhysicsWallah last raised $210 million in September 2023, pegging its valuation at $2.8 billion.FY25 revenue crossed Rs 4,000 crore, as we reported earlier, more than doubling from Rs 1,940 crore in FY24. However, net losses widened to Rs 1,131 crore, mainly due to surging employee costs.PhysicsWallah now joins a growing IPO queue of new-age startups, including Meesho Pine Labs , and Urban Company . Together, this cohort could unlock over Rs 18,000 crore in fresh capital this year.Anil Thontepu (left) and Neeraj MentaSuperK, a value-first grocery retailer operating in small towns, has raised Rs 100 crore in fresh funding The retailer grew nearly 15% in FY25, up from Rs 85 crore the previous year. It now targets an annualised Rs 2,000–3,000 crore business in Andhra Pradesh and Telangana alone over the next five years. The latest round values the company at 2–2.5x its previous Rs 160 crore valuation.SuperK plans to expand to 300 towns and venture into smartphones and appliances. It is also strengthening its Costco-style membership scheme, which has helped double monthly footfall.Founded in 2020 by Neeraj Menta (ex-Flipkart) and Anil Thontepu (ex-PhonePe), SuperK currently operates 130 stores across more than 80 towns in Andhra Pradesh and Telangana, employing a franchise-led model.India's Income Tax Department is stepping up its use of artificial intelligence and big data to crack down on evasion ahead of a new income tax law in 2026, Central Board of Direct Taxes (CBDT) chairman Ravi Agrawal told us.Armed with over 6.5 billion digital transactions and data-sharing agreements with foreign tax bodies, the department is pushing analytics-led audits and behavioural nudges to drive voluntary compliance.Since April 2022, over 11 million updated returns have been filed, generating Rs 11,000 crore in additional tax revenue.Alphabet reported a robust second quarter, with net profit increasing 19% year-over-year to $28.2 billion, supported by ongoing momentum in cloud computing and a deeper integration of AI across its platforms. New launches, including key rollouts in India, added to the boost.Revenue climbed 14% YoY to $96.4 billion. Google Cloud led the charge with a 32% jump, touching $13.62 billion.CEO Sundar Pichai underlined the growing traction of AI Mode in answering complex queries. Next in line are Deep Search and advanced personalisation features. Meanwhile, Alphabet plans to increase its capital expenditure for 2025 to $85 billion, up from earlier estimates, citing a surge in demand for AI infrastructure.YouTube generated $9.8 billion in global advertising revenue. Its 'Other Bets' portfolio, which includes Waymo, contributed $373 million to the overall revenue.Tesla is gearing up for a challenging period as the US government scales back electric vehicle subsidies. CEO Elon Musk warned of a ' few rough quarters ahead ,' even as the company doubles down on self-driving tech and its upcoming robotaxi service. Second-quarter revenue fell 12% year-on-year to $22.5 billion — Tesla's steepest decline in over a decade. Global deliveries dropped 13.5% and adjusted profit per share missed estimates at 40 cents. Revenue from regulatory credits plunged 51%.Musk's narrative now hinges on autonomy, both in consumer EVs and the Cybercab platform, slated for a late-2025 launch. A new affordable EV model was quietly produced in June, though details remain scarce. Tesla also flagged delays in scaling production.
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