Lenskart eyes Rs 8,000 Cr IPO; Swiggy delivers annual report card

It’s a sad end for a once-promising startup.

BluSmart has reportedly entered insolvency proceedings amidst mounting corporate governance troubles at the company. 

This comes months after the troubled EV ride-hailing company had halted cab bookings on its app and begun transitioning its vehicles onto other platforms. A SEBI probe had earlier accused a company co-founder of misappropriating funds intended to purchase EVs.

ICYMI: An X user recently shared a video of BluSmart’s fleet of Tata Tigor EVs eating dust in a Delhi basement.

Meanwhile, Maharashtra has taken matters into its own hands when it comes to urban mobility. The state government is set to introduce its own mobile app-based passenger transport service for taxis, auto-rickshaws, and bike taxis to “create an alternative to the monopoly of private companies”.

In other news, smartphones have become a true Make in India success story.

India has overtaken China to become the top exporter of smartphones to the US, according to research firm Canalys. Smartphones assembled in India accounted for 44% of US imports of those devices in Q2 2025—a 13% annual increase. 

This was largely driven by Apple’s accelerated supply chain shift to India amid an uncertain trade landscape between the US and China.

Every opportunity counts.

In today’s newsletter, we will talk about 

• Lenskart eyes Rs 8,000 Cr IPO
• Swiggy delivers annual report card
• AI for the oil and gas industry

Here’s your trivia for today: What was the name of the first privately funded spacecraft to reach orbit?

Ecommerce

Lenskart eyes Rs 8,000 Cr IPO

Omnichannel eyewear retailer Lenskart has filed its DRHP with SEBI for an IPO comprising a fresh issue of shares worth Rs 2,150 crore and an offer for sale of up to 132.29 million shares. It is reportedly looking to raise Rs 8,000 crore in the entire issue.

The Peyush Bansal-led firm also turned profitable, clocking a profit of Rs 297.3 crore in FY25. It posted a 22% growth in revenue from operations at Rs 6,652 crore, up from Rs 5,427 crore in FY24. 

All the details:

• Co-founder and CEO Peyush Bansal will sell up to 20.5 million equity shares, acquired at an average cost of Rs 18.60 per share. Co-founder Neha Bansal, also a promoter, plans to offload up to 5.7 million shares at Rs 7.60 apiece.
• Among institutional investors, SoftBank will sell up to 25.5 million shares, purchased at an average price of Rs 74.26, while Schroders Capital will offload up to 19.1 million shares at Rs 40.90 per share.
• Lenskart will also acquire an 80% stake in Spain-based Stellio Ventures SL, the company behind the Meller sunglasses brand, for Rs 406 crore. The deal involves Lenskart purchasing 32,226 shares of Stellio, representing 80% of its fully diluted share capital.

Funding Alert

Startup: Sharpsell.ai

Amount: Rs 30 Cr

Round: Series A

Startup: Zepto

Amount: Rs 7.5 Cr

Round: Undisclosed

Startup: Passprt

Amount: $500,000

Round: Pre-Seed

Foodtech

Swiggy delivers annual report card

Swiggy is shifting its strategy after years of rapid growth. The food and grocery delivery platform will enter FY26 focused on improving operational efficiency and moving its newer businesses toward profitability, marking a sharp departure from the infrastructure-heavy playbook that defined its last two years. 

The company reported a 30% reduction in its consolidated adjusted EBITDA loss, which narrowed to Rs 1,911 crore in FY25. Swiggy’s adjusted revenue rose 46% to Rs 9,028 crore, buoyed by gains in food delivery and a surge in order volume from Instamart.

Key takeaways:

• Instamart remained one of Swiggy’s fastest-growing businesses, with GOV climbing 82% to Rs 14,683 crore and adjusted revenue more than doubling to Rs 3,811 crore. Order volumes reached 285 million. 
• Swiggy said the era of aggressive expansion is over. “FY26 will mark the start of the shift from infrastructure investment to infrastructure leverage in quick commerce,” it said, signalling its intent to focus on utilisation, not just growth.
• A key part of that strategy involves Megapods—large-format dark stores that carry up to 50,000 SKUs and are optimised for automation. Though they require higher upfront investment, these hubs now serve 20% of Instamart’s orders despite making up only 10% of its store footprint.

Startup

AI for the oil and gas industry

In the oil and gas sector, companies still rely on outdated systems and Excel sheets, slowing down operations, compromising safety, hindering speed, and decision-making. Gurugram-based deeptech startup Oges is changing that with AI-powered solutions. Built for the oil fields, Oges’ technology empowers firms to find new reserves, fix workflows, and build smart apps.

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Saurabh Srivastav, Solo Founder and CEO of OGES, is using AI to modernise the global oil and gas industry, starting from Gurugram.

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News & updates

• Forecast: The International Monetary Fund on Tuesday slightly upgraded its 2025 and 2026 economic growth forecasts for India, citing a more favourable global economic situation. The IMF revised its growth forecast for India to 6.4% for both 2025 and 2026, up from the 6.2% it had projected in April.
• Regulations: The RBI capped lenders’ collective investments in AIFs at 20% of the funds’ corpus. Lenders will need to make 100% provisions on investments in alternative investment funds that have exposure to the lenders’ borrowers, according to the rules, which will kick in from January 1, 2026.
• AI deal: Microsoft is reportedly in talks with OpenAI for a new agreement that would give it ongoing access to the startup’s technology even if OpenAI achieves what it defines as advanced general intelligence. If the deal goes through, it would clear a key hurdle in OpenAI’s transition toward becoming a fully commercial enterprise. 

What was the name of the first privately funded spacecraft to reach orbit?

Answer: SpaceShipOne.

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