Varaha secured $20 million in a Series B funding round led by WestBridge Capital

Varaha $20 Million Funding

Varaha, a leading carbon removal project developer, has already raised $20 million as the initial tranche out of a larger round of funding, totaling $45 million in a Series B round. WestBridge Capital led this strategic investment. It was a pointer to the deep institutional faith in the Varaha mission to solve the problems faced by the environment with technology and science.

There was also an additional investment by the current investors, such as RTP Global, which invested pro rata, and Omnivore, which was one of the oldest investors of the company. This capital injection is meant to speed up the growth curve of Varaha as it endeavors to increase its presence and perfect its specialized technology in the world carbon market.

Strategic utilization of funds

Varaha, the Gurugram-based enterprise, has already presented the detailed strategy on the recently obtained capital, and the three development pillars are outlined. Varaha is planning to support geographic growth, extending its carbon removal solutions to new locations. A considerable part of the investment will be focused on the reinforcement of the scientific base of the firm and its Measurement, Reporting, and Verification (MRV) capabilities.

These are the technical features that are essential for providing integrity and transparency of carbon credits as produced in their projects. The company seeks to expand a new model of industrial partnership that seeks to expand its capacity of operations to a broader group of global partners, subsequently enhancing the total effect of its carbon sequestration efforts.

Expansion strategy and diverse portfolio

At the center of the expansion strategy of the company is the Varaha Industrial Partners Program or VIPP. Under this program, Varaha works with industrial operators that have gasification facilities and access to renewable biomass. With the experience in MRV systems and carbon credit origination offered by Varaha, these partners can easily trade in their sustainability initiatives.

The VIPP is operational and has experienced great penetration in many regions. Other current initiatives are a partnership with a large cashew producer in West Africa, working with a variety of agribusiness enterprises in India, and a strategic involvement in an Indian steel enterprise that is already working on ambitious decarbonization objectives.

The strategy of Varaha to eliminate carbon is complex and utilizes four specific pathways in order to produce an effect on the environment. These are the biochar production, afforestation, reforestation and revegetation, regenerative agriculture, and enhanced rock weathering. This broad portfolio has enabled the company to handle carbon removal on different scientific levels.

This funding has been publicly announced shortly after a series of significant commercial achievements, including an offtake deal with Microsoft to eliminate more than 100,000 tonnes of carbon dioxide using a biochar project in India. Varaha has also achieved other high-profile deals with Google and a large aviation organization that is located in the United States, establishing it as a commercially feasible leader in the nascent carbon removal industry.

Conclusion

The $20 million in Series B funding procurement is a significant event in the life of Varaha because it is a transition into the next stage of global expansion. The company has achieved this by balancing strong scientific credibility with a strong business model to attract the highest value investors, such as WestBridge Capital, as well as being awarded contracts in some of the largest corporations in the world.

As Varaha keeps developing its MRV and expanding its industrial relations, it is in a strong position to make a character in the worldwide move to curb climate change. This investment not only confirms the innovative directions of carbon sequestration taken by Varaha, but it also grants the means to translate its scientific capabilities into extensive environmental remedies.

HORIBA India announced the acquisition of a 100% stake in Pristine Deeptech to deepen its research and development initiatives

HORIBA India acquisition Pristine Deeptech

Pristine Deeptech has officially been acquired by HORIBA India at a 100% stake. This acquisition is the turning point for the company in its efforts to further its research and development projects in the Indian market. Pristine Deeptech is known to be a startup based on the research and development that deals with the application of lab-grown diamonds, especially their use in semiconductor technology and quantum research.

With the finalization of this deal, Pristine Deeptech becomes an entirely owned subsidiary of HORIBA India, and this new relationship opens a new dawn to both companies as they join their individual expertise to stretch the frontiers of science and technology in the industry.

Strengthening HORIBA’s expertise

The strategic acquisition is aimed at boosting the expertise of HORIBA in diamond-based technologies that are becoming crucial in the next generation of high-tech industries. Based on reports by HORIBA, Pristine Deeptech integration assists in the development of a specialized research and development center situated in India. This center will prove significant in increasing the capacity of the company in providing advanced analytical and measurement solutions.

In its emphasis on growing its lab-grown diamond, HORIBA is poised to lead the advanced materials research, which will enable it to satisfy the demanding requirements of the semiconductor value chain and the new quantum research industry. This action is an important one in enhancing the competencies of the company in innovative materials, which are needed to propel innovation in several technical fields.

Expansion and integration

Pristine Deeptech, having been initially established in Gujarat, contributes several domain skills to the table, namely in the domains of diamond research and vacuum technologies. A combination of these competitive abilities with HORIBA’s world-class measurement and analytical technologies is likely to generate intense synergies.

According to HORIBA, this strategic action will enable the firm to further focus on innovation and increase its general R&D presence in India. This growth is not just a business deal but a reaffirmation of HORIBA long term intentions in the Indian local market. The company also intends to make a contribution to the technological development and the development of society by investing in the local talent and the specialty startups, and ensuring the high precision of the materials and manufacturing process.

The acquisition is well-aligned with the larger business framework of HORIBA India that functions along three main lines, namely in Energy and Environment, Bio and Healthcare, and Materials and Semiconductors. The group already has a large share in the international market, with about 80% of the market share in emission measurement systems and about 60% in the mass flow controller.

These flagship products have made HORIBA a leader in measurement and analysis. HORIBA is expanding its portfolio by incorporating the expertise of Pristine Deeptech in vacuum technologies and lab-grown diamonds, which guarantees that the company will continue to be a powerhouse in the semiconductor sector. This combination of new technologies will enable HORIBA to offer a more complete support in the whole semiconductor production and research cycle.

Conclusion

The acquisition of Pristine Deeptech by HORIBA India in its entirety is an indication of a widening trend of global leaders investing in high-tech niche Indian startups to drive global innovation pipelines. The specialization in the area of lab-grown diamonds in quantum and semiconductor research is giving HORIBA a technological edge that will be beneficial to its Materials and Semiconductors vertical. The strategic integration not only complements the HORIBA analytical solutions but also consolidates its content in developing a healthy R&D ecosystem in India.

With the collaborative effort between Pristine Deeptech and vacuum and diamond research and HORIBA and their measurement capabilities starting to be formed, the industry can look forward to a major input into the development of the next generation technologies and the further optimization of the global semiconductor value chain.

Dhan reported an impressive ₹408 crore profit on ₹877 crore revenue in the fiscal year 2025

Dhan FY25 financial results

The Indian stock brokerage industry is currently marked by high momentum, with leading platforms recording a sustained growth in profits and high growth rates. The stockbroking and investment platform, Dhan, has reported an impressive financial result during the fiscal year that ends in March 2025, becoming one of the leading financial services companies in the industry.

As per the standalone financial reports that Dhan filed with the Registrar of Companies, the revenue of the company experienced a dramatic increase, increasing by more than 2.3 times per annum. Operating revenue grew to ₹877 crore in FY25 as compared to the previous fiscal year, when the firm registered ₹371 crore.

Dhan’s integration and primary driver

Dhan has continued to rely on the brokerage services as the main driver of its financial success. The proportions of the total operating revenue were around 88% in income received on brokerage fees and commissions in equity, derivatives and commodities trading. The growth of this particular segment was 2.35 times, and it was ₹769 crore last fiscal year.

Other operating activities recorded ₹108 crore in the company. At the inclusion of the non-operating income, including interests on fixed deposits, inter-corporate deposits, and current investments, Dhan had a total income of FY25 of ₹887 crores.

Pravin Jadhav is the founder of Dhan, who began the company in 2021. By providing an extensive selection of trading choices in equity, ETFs and futures and options, Dhan has created a desired place among active traders and young investors. Its integration with such tools as Smallcase and TradingView has also increased its popularity.

Dhan had 9.8 lakh active clients as of December 2025, implying a market share of 2.2%. This is a significant growth compared to the 4.69 lakh active users in FY24. The company has not yet caught up with the industry leaders, such as Groww and Zerodha, in absolute user base; however, the high growth rate of the company is also a strong point in the financial year.

Detailed expenditure and profitability

As the business grew, the total expenses of Dhan also rose from ₹341 crore in FY25 to ₹175 crore in FY24. Commission to selling agents constituted the largest cost element of the platform, which almost doubled to ₹82.6 crore, constituting approximately 24% of the overall expenditure.

Another significant area of investment was advertising and promotional activities, where the amount spent was ₹1.7 crore, which is 2.7 times more than what was spent last year. The costs of employee benefits also increased by 66% to ₹73 crore, whereas the costs of software and technology increased by more than 85% to ₹39.7 crore. The other overheads that added to the overall costs were royalty fees, demat charges and legal and professional fees.

This massive growth in revenue enabled Dhan to speed up its profitability with its Profit After Tax (PAT) growing 2.6 times to reach ₹408 crore in FY25, as compared to ₹159 crore in FY24. The efficiency of the company is indicated by its better Return on Capital Employed (ROCE) of 91.9% and EBITDA margins of 63.25%.

With unit economics, the firm expended ₹0.39 to get one rupee of operating revenue. This financial strength was paired with Dhan becoming a unicorn in October, after a series B funding round of $120 million led by Hornbill Capital that valued Dhan at $1.2 billion. This round also offered high-paying exits to early angel investors and supporters, with some of them realising returns close to 45 times their initial contribution in a period of less than four years.

Conclusion

The India stock market is in a buoyant condition during that period, as seen in the performance of Dhan in FY25. Though the larger market has encountered headwinds in the last fiscal year, as a result of the regulatory changes and higher tax rates on futures and options, Dhan has laid out a strong financial basis.

The company has a strong presence among active traders, a cash and bank balance of ₹1,498 crore, and is poised to sail through the market changes in the future. With the rivalry between stockbroking platforms gaining momentum, Dhan has been able to sustain high margins whilst getting a significant number of users, which draws attention to the fact that the company is becoming a powerful force in the financial services industry.

IIT Mandi Hosts DRDO Workshop on Armament Research, Strengthens Ties for Defence Innovation

IIT Mandi DRDO workshop

IIT Mandi Signs MoU with DIHAR to Boost Joint Research and Training in High-Altitude Technologies

February 032rdnd , 2026; Mandi: The Indian Institute of Technology (IIT) Mandi, one of India’s leading IITs, in collaboration with the Defence Research and Development Organisation (DRDO), successfully organised a one-day workshop on Armament Research and Development at its North Campus. The workshop brought together senior scientists from multiple DRDO laboratories—including the High Energy Materials Research Laboratory (HEMRL), Armament Research and Development Establishment (ARDE), Terminal Ballistics Research Laboratory (TBRL), Centre for Fire, Explosive and Environment Safety (CFEES), and the Defence Institute of High-Altitude Research (DIHAR)—along with faculty members from IIT Mandi to explore collaborative opportunities in advanced defence technologies.

Additionally, an MoU was signed between IIT Mandi and the Defence Institute of High-Altitude Research (DIHAR) for joint research and training of manpower.

The inaugural session featured addresses by Prof. Laxmidhar Behera, Director, IIT Mandi; Dr. Prateek Kishore, Director General (Armament and Combat Engineering), DRDO; and Dr. A. P. Dash, Director, High Energy Materials Research Laboratory (HEMRL), Pune. The speakers highlighted the importance of sustained collaboration between academia and defence research organisations to advance indigenous technologies and self-reliance.

The programme commenced with a welcome address by Prof. Shyam Masakapalli, Dean (SRIC), IIT Mandi, who highlighted the significant research accomplishments of IIT Mandi faculty through DRDO-funded projects over the years. Dr. Ashish Jauhari, Coordinator, Armament Research Board (ARMREB), DRDO Headquarters, introduced ARMREB and outlined its mission to harness academic talent and nurture research in armament technologies.

Prof. Laxmidhar Behera, Director, IIT Mandi, said, “At IIT Mandi, we are dedicated to advancing indigenous research in critical defence technologies. Our partnership with DRDO ensures that academic innovation translates into practical solutions, strengthening India’s self-reliance and fostering technological leadership.”

Dr. Prateek Kishore, Director General (Armament and Combat Engineering), DRDO, said, “Academic institutions such as IIT Mandi play a vital role in advancing defence research by contributing scientific depth and innovation. Such collaborations are essential for building robust, indigenous capabilities in armament technologies.”

Following the inaugural session, the workshop transitioned into technical discussions featuring presentations by ARMREB panel coordinators across key domains of armament research. These included Armament Design Mechanism and Ballistics, Materials for Armament Applications, Armament Sensors and Electronics, Combustion Detonics and Shockwaves, Safety, Test and Evaluation, and High Energy Materials. Each session was followed by interactive discussions, reflecting the spirit of academic–scientific exchange. 

The workshop underscores IIT Mandi’s commitment to fostering a vibrant academic–defence research ecosystem, advancing indigenous technologies, and contributing to India’s vision of self-reliance in cutting-edge defence innovation.

About IIT Mandi:

Indian Institutes of Technology Mandi is one of the top second-generation IITs located in Kamand Valley, Mandi district of Himachal Pradesh, India. It is one of eight new Indian Institutes of Technology (IITs) established by the Ministry of Human Resource Development, Government of India, and recognized as one of Institutes of National Importance.

IIT Mandi’s permanent campus about 14 km (8.7 mi) from Mandi consists of the South and North campuses connected by a narrow neck. The South campus is on the left bank of the Uhl River below Kamand village. The North campus is along the Kataula Khad opposite Salgi village. A transit campus at Government Post graduate College, Mandi was handed over by the Himachal Pradesh Government on 16 November 2009.

The Kamand campus ground-breaking ceremony, to mark the start of construction, was held on 13 April 2012. On 25 April 2015, IIT Mandi became the first of all the new IITs to completely shift B. Tech students to its permanent campus in Kamand. Since its inception the institute has been involved with more than 275 Research and Development (R&D) projects worth more than ₹120 crore. In the past 10 years, the institute has signed Memorandum of Understanding (MoU) with as many as 11 international and 12 national universities.

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Market intelligence startup Mindcase secured ₹1.5 crore in a pre-seed funding round led by AJVC

Mindcase ₹1.5 crore funding

Mindcase is a Gurugram-based market intelligence company that has raised ₹1.5 crore during a pre-seed raise. AJVC, an early-stage venture capital firm set up by Aviral Bhatnagar, led the investment. This capital inflow is allocated to various important growth initiatives as per a formal press release by the company. In particular, the funds will be used by the startup to expand its self-serve Software-as-a-Service (SaaS) subscription and extend its data and intelligence to many new domains and markets. The investment will be used to boost the global go-to-market activities of the company.

Core technology of Mindcase

Kritish Puri and Saurabh Shubham, alumni of IIM Ahmedabad, founded Mindcase. Mindcase is both a data analytics and an artificial intelligence company. The fundamental technology of the startup has hundreds of proprietary AI agents and specialized workflows that are used to process large volumes of unstructured market and consumer data. The platform helps in converting this complex information into ready-to-use knowledge by aiding strategy and business units that require quality data to make decisions that are well-informed. Although the startup had originally concentrated on offering tailor-made market intelligence solutions to big businesses, it is shifting its focus to wider adoption.

Advanced workflows and expanding portfolio

One of the key aspects of the current development of Mindcase is the scaling of the fast, self-service SaaS platform. This action is aimed at fueling the use of the product repeatedly and extending it into the broader market beyond its current enterprise customer base. In future projections, the company has provided a roadmap to expand more on the capabilities of its products by introducing more sophisticated agentic workflows. Such technical improvements will enable a wider spectrum of applications to take place, eventually enabling Mindcase to create a strong and comprehensive intelligence solution that will be capable of serving business and strategy teams worldwide.

Through this new capital, Mindcase becomes part of a long list of startup firms funded by AJVC. The investment company has actively participated in funding various innovative startups in various fields. Care Dale, HandyPanda, Multibagg AI, Nuyug, Mithila Foods, Jaagruk Bharat, TruFides AI, Chop Finance, Gaadi Mech, and Iztri are other firms under the investment portfolio of AJVC. This investment underscores the continuous efforts by AJVC to support young startups that employ technology to address complex business issues in the current market.

Conclusion

The successful pre-seed funding round represents a point of shift when Mindcase leaves the domain of offering customized enterprise solutions and enters the scalable system of SaaS. The startup has the potential to transform the market intelligence landscape by using its proprietary artificial intelligence agent technology and the skills of its founders, who are trained at IIM Ahmedabad.

The support through AJVC will not only offer the required capital but also the strategic assistance required to venture into new markets and distinguish its technological services. Since Mindcase is still expanding its intelligence platform, the company still has the same mission of making business decisions easier by providing sophisticated data synthesis and making them accessible globally.

Indian proptech sector collectively secured $550 million in 2025, driven by full-stack models and IPO momentum

Indian proptech sector records $550 million funding growth in 2025 with rising IPO momentum

The Indian proptech market is a huge and diverse field with real estate, hospitality, co-working, co-living, interior design, and construction technology, and it has already demonstrated a tremendous resurgence in 2025. The industry has managed to regain the attention of investors who had left owing to difficult economic times in 2023, and this has caused a significant surge of capital. The increased interest is entrenched in the fast adoption of innovative technological developments.

The prevalence of artificial intelligence, data analytics, and automation has entirely changed the way the industry goes about property discovery, asset management, construction efficiency, and the customer experience in general. Through the use of such tools, startups are currently coming up with more advanced and efficient solutions that will attract both consumers and institutional investors.

Funding milestones and integrated business models

In 2025, the proptech industry as a whole raised over $550 million in capital spread among 32 individual transactions. These phenomenal figures were led by a few significant players in the industry that have managed to scale their operations. At the forefront was the construction technology and building materials platform Infra.Market that raised approximately $175 million.

Such a transaction was specifically significant because it represented more than 30% of the total capital raised in the proptech sphere throughout the year. The other notable parts of this funding figure were the hospitality major OYO, as well as the real estate brokerage company Square Yards, the latter of which was able to raise a $35 million funding round. These figures highlight a strong desire to make investments in ventures that will be able to show scale and market dominance in their niches.

The major trend of the 2025 funding environment is the evident trend in investor preference towards full-stack and transaction-based proptech. During earlier cycles, most of the focus was on the platforms that were classifieds-only and that were mainly discovery engines. Shareholders are now focusing more on startups that demand further monetization and have end-to-end control over property transactions.

This development marks a shift towards a more integrated business model where businesses have control over the whole value chain the preliminary discovery to the ultimate closing of a transaction. This full-stack strategy will allow proptech startups to capture higher margins, guarantee quality, and offer a seamless experience to the end-user, which will ultimately lead to more sustainable long-term development.

Public market wave and market evolution

The year 2025 was also the point of departure of the co-working segment, with a wave of companies moving to the public markets. Three of the biggest players in this category, which had successfully gone to the stock market in the year, are WeWork India, IndiQube, and Smartworks. These firms were also pre-IPO fundraising giants leading up to their listings, adding to the overall amount of capital consumed in the sector.

The shift toward initial public offerings is an indicator that the proptech sector is approaching the stage of maturity when established players can obtain liquidity and expansion by conducting public market offerings. The prominence of these co-working companies indicates a larger stabilization and professionalization of the flexible workspace sector in India that has become a permanent element of the business real estate environment.

To fully understand the importance of the money raised of $550 million raised in 2025, it is important to put it within the framework of the performance of the sector in the past. The Indian proptech industry has been characterized by radical changes in the last few years that resemble the instability of the macro market environment. The sector had enjoyed the wave of startup financing in India in 2021, with an astonishing investment of $1.56 billion worth of funds in the sector.

This trend started to change in 2022 when the economic situation in the world changed, and the funding started to reduce, which resulted in the 2023 crisis. The revival in 2024 has led to the consistent increase in 2025, meaning that the sector has not yet come back to the record-high level of 2021, but it has settled on a global and more sustainable upward trend with regard to the core technological value.

Conclusion

The presence of a high-level maturation of the sector is observed in the performance of the Indian proptech sector in 2025. Startups are demonstrating that they can handle the complexities of the real estate and construction lifecycles by abandoning the basic listing service model and moving to full-stack models that are technologically advanced.

The backing of high-value dealings by companies such as Infra.Market and the successful IPOs of co-working giants are a good indicator of a well-developed ecosystem that is capable of supporting early-stage innovation and late-stage exits. The ability to raise over $550 million in the current year will act as a testament to the resilience of the industry and the significance of the industry in the future of the digital economy in India, as the industry continues to integrate AI and data analytics into its operations.

Mr. Salai thought on union budget 2026

Mr. Salai Kumaran

Salai Kumaran, the Chief Executive Officer of IndiaLand Group, brings over three decades of  experience in finance, banking, and real estate. His career began in 1987 as a stenographer,  followed by an Assistant Manager role in the government sector in 1993 and five years in banking  before moving into real estate. 

At Tidel Park, Chennai, Mr. Kumaran served as CFO from 1999, playing a key role in developing  one of India’s leading IT parks. His contributions were recognized with a certificate of  appreciation from former Prime Minister Shri A.B. Vajpayee. Since 2006, he has been an  important member of IndiaLand, a subsidiary of the Spain-based Americorp Group, which has  developed over seven million square feet of commercial space across Chennai, Coimbatore,  Pune, and Mumbai. As CEO, he shapes the company’s strategy, market presence, and innovation. 

Under his leadership, IndiaLand plans to strategically invest over INR 1,500 crore in Indian real  estate over the next three years, with a focus on expanding India’s office spaces and industrial  parks. In 2024, the company committed an investment of INR 500 crore to enhance its office and  industrial park facilities in Tamil Nadu, including eight lakh square feet of office space in  Coimbatore, as part of an MoU signed during the Global Investors Meet in January 2024. An  additional INR 100 crore is designated for developing a 6.5 lakh square feet industrial and logistics  park in Oragadam, near Chennai, expanding the facility to nearly one million square feet. He is  also overseeing plans to enter Bengaluru and Hyderabad through joint ventures to develop one  million square feet of office space in each location. 

In 2025, he oversaw the process of IndiaLand Tech Park obtaining Environmental Clearance from  the State Environment Impact Assessment Authority (SEIAA), Tamil Nadu, for an expansion  project in Keeranatham Village, Coimbatore. Similarly, under his direction, IndiaLand Tech Park,  a LEED Platinum-rated IT SEZ campus in Saravanampatti, Coimbatore, onboarded global financial  giant State Street as its newest tenant. This addition highlights the appeal of IndiaLand’s eco friendly, grade-A infrastructure among MNCs seeking sustainable and future-ready workspaces  in India’s tier-II cities. 

As a thought leader in REITs and asset tokenisation, he is publishing research and writing a book  on redefining real estate investment models in India. Outside his professional sphere, he  advocates for innovative construction technologies, including precast technology, cellular  lightweight concrete, geopolymer concrete, and Gypcrete. In his free time, Mr. Kumaran enjoys  reading, watching sports, and writing devotional and philosophical poetry. His financial expertise, 

industry foresight, and creative vision make him a respected leader and a transformative voice  in India’s real estate sector.

Godrej Properties announced a significant achievement in sales performance with ₹1,000 crore plots in Panipat and ₹2,000 crore luxury homes in Worli

Godrej Properties Sales Performance

Godrej Properties has made a remarkable announcement of success in its sales performance, with a successful entry in the Panipat market. In the launch of its first plotted development project in the region, called Evora Estate, the company recorded the sale of plots worth more than ₹1,000 crore in the real estate business.

The project is situated in Panipat, Sector 40, and it occupies a total area of 43 acres with a Mediterranean architectural theme. As the company stated, it has sold above 600 plots, which cover almost 8 lakh square feet of saleable area. This launch, which initially commenced in December 2025, has actually emerged to be the most successful plotted development so far in the history of Godrej Properties in terms of cumulative sales value.

Strategic location and luxury success

The impressive sales reaction among Evora estate can be attributed to its strategic location along NH-44A and the overall development of Panipat as a housing area of choice. The city has witnessed chronic infrastructure improvement and connectivity through the National Highway, which makes the city a prime residential catchment area within the influence zone of the Delhi-NCR.

The growing industrial and transport infrastructure in the area has contributed to its appeal to homebuyers. Evora Estate is intended to provide a high standard of living in the form of an exclusive clubhouse and other leisure amenities. The project is the fourth plotted residential township in the North India portfolio of Godrej Properties, and it highlights the need to have well-designed neighbourhoods in the rising economies.

In another statement, Godrej Properties indicated outstanding sales volumes in its luxury real estate venture, Godrej Trilogy, at Worli, South Mumbai. In a regulatory filing, the company affirmed that it has already sold more than ₹2,000 crore worth of homes in the initial phase of this upscale project. The three towers comprise the project, and the first launch had an inventory worth approximately ₹3,500 crore.

The houses sold at this stage were on two of the towers, called Seaturf and Seafront, on preferential floors. It has an area of 2.63 acres and provides apartments of three and four bedrooms with a low density of only three houses per floor to serve the ultra-luxurious segment of the real estate market in Mumbai.

Connectivity and leadership

The availability of connectivity is also another major attraction in the Worli area because the project will provide two minutes of connectivity with the Mumbai Coastal Road, and is close to the Bandra-Worli Sea Link and Metro Line 3. These characteristics have contributed to high curiosity among buyers to get high-quality, sustainable living accommodations that have easy access to the major commercial and social centres of Mumbai.

Gaurav Pandey, Managing Director and CEO of Godrej Properties, remarked on the recent sales achievements, saying that the success of the projects such as Evora Estate proved strongly that the company believes in the potential of the emerging markets. According to him, home buyers are rising in search of quality of life and long run worth in well-planned developments.

With the company still growing its presence in the state of Haryana and other strategic areas, it is committed to the development of sustainable environments that will add value to the local communities. The two successes at Panipat and Worli underscore the capacity of Godrej Properties to fit in various real estate market segments, including the plotted townships and vertical luxury apartments.

Conclusion

The recent sales performance of Godrej Properties in Panipat and Worli is an indication of a strong demand for quality real estate in various geographical markets and types of projects. The developer has already recorded a combined sales of more than ₹3,000 crore in these two locations, a testament that it is at the forefront of the market and that its strategic project unveilings are working.

Evora Estate has set a new standard for plotted development in North India, and Godrej Trilogy has confirmed the power of upper-tier house development in South Mumbai. These milestones are indicative of a wider tendency of residential and investment buyers to focus on well-linked, amenity-enhanced, and reputed developments to meet their residential and investment requirements.

Mokobara revenue doubles to ₹230 crore in FY25 amid strategic expansion

Mokobara ₹230 crore revenue

The direct-to-consumer (D2C) luggage and travel accessories brand by Peak XV, known as Mokobara, has shown impressive growth in the past two fiscal years. As per the financial statements by the company obtained from the Registrar of Companies, the operating revenue of the firm shot to ₹230 crore in the fiscal year ending in March 2025. This is a 97% growth over the ₹117 crore registered in FY24 and over fourfold growth compared to the ₹53 crore in FY23.

The Mumbai-based startup mainly earns its revenues through the sale of high-quality luggage, bags, and other travel-related accessories via online shopping platforms as well as its growing chain of stores. These physical products are the only source of operating revenue at the company in FY25.

Rapid scaling and core operations

Besides its operations, Mokobara has also recorded an interest income of ₹10 crore in the year 2025. This, combined with its operating revenue, led to a total income of ₹240 crore, which is a major increase from the ₹119 crore total income that the company recorded last fiscal year. This rapid expansion in the top-line has been matched by the vigorous approach that the company has taken in the business in the quest to secure market share and brand awareness, but because of this, the company has found itself in an equally increased financial liability. The current assets of the firm were of ₹204 crore in FY25, and this was backed by cash and bank balances amounting to ₹72.5 crore.

The high growth rate of the business model of Mokobara has led to the fact that the expenditure on various categories of spending has significantly increased. Procurement was the highest single cost to the luggage brand and increased by 91% to ₹109 crore. This purchase expense constituted around 43% of the total spending at the company in FY25. At the same time, brand visibility had also been heavily invested, the amount of advertising expenditure had increased by 88 percent to ₹46 crore.

There was also a significant increase in the human capital investment, with the expenses on employee benefits surging to nearly ₹25 crore. Other significant operating expenses were the logistics expenses, which were ₹11 crores, and the warehousing expenses were ₹8 crores. The net company expenditure increased more than two times, as a total of ₹251 crore was incurred during FY25 as compared to ₹123 crore in the previous year.

Profitability metrics and competitive landscape

With Mokobara focusing on growth and offline expansion, the bottom line has been experiencing the pressure of the rising costs of operation. The company had recorded a net loss of ₹10 crore on FY25 compared to the ₹4 crore loss experienced on FY24. The performance metrics of the company reveal that the Return on Capital Employed (ROCE) and EBITDA margin were reported to be -11.61% and -6.52%, respectively.

In unit economic terms, the information suggests that Mokobara utilizes ₹1.09 in generating every single rupee of operating revenues in the financial year. These numbers indicate that, though the company is effectively taking up mind space and market share, the expenses of developing an offline presence and driving sales have postponed the accomplishment of breakeven.

In total, Mokobara has increased about $24 million in financing. Sauce, Saama Capital, and Peak XV Partners are the major names that top its list of investors. Mokobara competes with such brands as Nasher Miles, Zouk Bags, and Acefour Accessories in the ever-more-congested luggage and accessories industry, which has experienced considerable disruption and entry of a number of new competitors since 2020. The trend of outsourcing production and design has enabled numerous companies to access the sector, resulting in a buyer market where brands are having to vie against each other with regard to gaining consumer attention by positioning themselves differently and offering high-quality products.

Conclusion

The trajectory of Mokobara shows that it is heavily aimed at achieving large-scale growth in the premium travel segment. The company has significant cash reserves and a solid growth pace, which makes it look quite likely that it will cross the ₹500 crore revenue milestone, which may be achieved as early as FY26 or FY27, without any urgent need to raise funds.

The way ahead is to schedule high growth and stabilize the costs involved with its expanding offline presence. With the company still slicing and dicing the market among the discerning customers, the industry watchers are left wondering whether Mokobara will still pursue its independent growth strategy, or if it will one day be acquired by a consolidating industry.

Nifty PSU Bank index slips 8% over two trading days, Indian Bank and BOB witnesses decline of up to 11%

Nifty PSU Bank index slips 8%

The index of Nifty PSU Bank has also shown a significant decline, falling by 8% in the past two trading days, when investors were involved in profit booking activities. In the intra-day trade on Monday at the National Stock Exchange (NSE), the index declined by 2.4%, which is a continuation of the low growth that had started after hitting record highs. Individual performers at the Indian Bank declined by 4% to ₹810.60 with an overall decrease of 11% during the two days following a record high of ₹923. Bank of Baroda (BOB) also experienced a decline of 3% in intra-day trade to ₹270.50, and as a result, this cumulative loss had reached 10% in the span of two days.

Performance and primary focus

The largest public sector lender in the country, State Bank of India (SBI), was not spared in the sell-off. Its stocks declined 3% to ₹990.20 in the intra-day trades on the NSE. SBI market price is down by 8% within the last two trading sessions and is declining on a record high of ₹1,083.60 that was experienced on Sunday, February 1, 2026.

The Nifty PSU Bank index had other constituents, which included Punjab National Bank, Uco Bank, Punjab and Sind Bank, Indian Overseas Bank, and Union Bank of India, which also, each of which was down by about 2%. Even following this short-term correction, the Nifty PSU Bank index has been able to outperform the rest of the market by far, gaining 21% in the past five months as opposed to the 1% increment in the Nifty 50.

The market trend coincides with huge policy announcements on the future of the Indian banking sector. The Centre has announced intentions to set up a top-tier banking committee on Viksit Bharat. This committee has the responsibility of scrutinizing the structure of the sector in a manner that will prepare it to enter the second stage of Indian economic development.

One of the main areas that the panel will be concerned with is the development of fewer and bigger banks with robust balance sheets, and this may include the compaction of small public-sector banks. In addition, the committee should review the ownership structures in banks and the disproportion between ownership and voting rights in private banks, which, at the moment, limit voting to no more than 26%.

Ambitious disinvestment and market segments

The government can also review the foreign ownership policies, such as the 20% foreign direct investment (FDI) limit on state-owned banks, as part of the structural review. According to analysts at ICICI Securities, shifting towards a standardized and transparent system rather than case-by-case approvals would enhance efficiency in the deployment of capital and risk management.

In FY27, the Centre has established a target of ₹80,000 crore of disinvestment and monetisation of assets. This is a steep 135% growth based on the adjusted FY26 forecast of ₹33,837 crore. With the government still seeking to complete all disinvestment decisions by the cabinet, which include the realisation of stake sales in IDBI Bank, LIC, and dilution of stake in other PSU banks to comply with minimum public shareholding requirements, Finance Minister Nirmala Sitharaman has hinted that the government will still pursue all disinvestment proposals approved by the cabinet.

According to the opinion of market professionals at JM Financial Institutional Securities, this forward-looking attitude of the government is a plan to achieve significantly greater financial demands of the economy by 2047. It is regarded as a critical step towards the Viksit Bharat theme since the assessment of whether the existing banking system will be able to serve the demand in the future is considered.

The increase in the securities transaction tax (STT) is deemed to have negative impacts on the short-term market sentiment, although it is likely to aid in the management of speculative behavior. The fact that GST does not apply to domestic brokers is a marginal positive. The aggressive miscellaneous receipts target of FY27 shows that the government is considering key initiatives within the space of the public sector banking to achieve its financial objectives.

Conclusion

The 8% decline in the Nifty PSU Bank index in recent times signifies a bout of consolidation and profit-taking after a couple of years of outperformance. India banks, including Indian Bank and Bank of Baroda, have fallen by double-digits; the long-term prospects of the industry are being pegged on the ambitious reform agenda of the government.

Under the plans with a high-level review committee, possible bank mergers, and an ambitious ₹80,000 crore disinvestment agenda, the landscape of the state-owned banking sector is ready to undergo major structural changes. Shareholders are now weighing these long-term growth opportunities and policy changes against short-term market instability and new tax structures.

Biopharma leaders welcome Biopharma SHAKTI for India’s pharmaceutical landscape

Biopharma Leaders Welcome Biopharma SHAKTI

The Indian pharmaceutical environment has been provided with a groundbreaking program by the Union Budget 2026-27 in the form of the program, Biopharma Shakti. Finance Minister Nirmala Sitharaman declared that it will allocate ₹10,000 crores in the coming five years directly to establish India as the global biopharmaceutical manufacturing hub. The move has received extensive praise among the industry players who consider it a decisive investment in the future of health and innovations in the country. The government is indicating a new priority in favor of high-value, complex therapies by designating biopharma as one of seven strategic frontier areas necessary in the treatment of the modern disease burden.

Central objective of the Biopharma Shakti program

One of the primary goals of the Biopharma Shakti program is to create a strong ecosystem of biologics and biosimilars domestic production. With the changing focus in India on health issues to non-communicable diseases, including cancer, diabetes, and autoimmune diseases, access to these superior medicines is becoming urgent to increase longevity and quality of living.

The budget presents an elaborate roadmap that involves the creation of the three new special institutes dedicated to the research and production of biopharmaceuticals. The seven existing National Institutes of Pharmaceutical Education and Research (NIPERs) will be transformed into updated labs and pilot-sized production plants to widen the current infrastructure and talent shortfalls.

Initiative and strategic shift

The Biopharma Shakti program is planned to take India a step further as a nation producing generic drugs and become one of the world’s manufacturers. According to the leaders in the industry, the focus on biologics is especially opportune because the country is on the verge of leading globally in this area. To facilitate this shift, the government has suggested a significant growth of the national clinical trials network, which it intends to develop into 1,000 accredited clinical trial sites nationwide. A special scientific cadre will be strengthened in the Central Drugs Standard Control Organisation (CDSCO) to facilitate and match international standards of regulation and thus shorten the period of clearance, and increasing the competitiveness of India among other countries in the world.

The strategic change under Biopharma Shakti does not concern only the scale-up of manufacturing, but also the domination of future patent cliffs in foreign markets in the coming four years. The initiative is beneficial in enabling new-age therapies to be more affordable and accessible to a larger population, both in terms of exports and domestic health security.

In addition to the long-term infrastructure objectives, the budget will bring immediate relief to patients by waiving basic customs duty on 17 cancer drugs and by expanding waivers on seven rare cancer drugs. The combination of these with the development of a dedicated global workforce of allied health workers and care providers is indicative of a patient-first strategy that would make India base its economic development on a more robust and inclusive healthcare system.

Conclusion

Biopharma Shakti is a landmark in the transition journey of India to value-oriented leadership in the life sciences industry. The ₹10,000 crore commitment is on a long-term basis of innovations, which links research and development to high-level manufacturing and regulatory superiority. This initiative will strongly establish India as a force to be reckoned with in terms of biopharmaceutical innovation in the world by solving the bottlenecks in talent and infrastructure.

By aligning the country’s capabilities with the best international standards, the nation guarantees that the life-saving therapeutic interventions of high quality continue to be available to the patients within India and even beyond the nation, which eventually leads to the vision of a healthy and stronger country.

The Union Budget of India allocated ₹6,000 crore for digital census implementation

Union Budget digital census allocation

A major turn in the administrative history of the country has lately been made when the Union Budget has set aside ₹6,000 crores towards the coming population census. This huge financial injection is a new era for the exercise, which traditionally is a decennial count, yet has had to endure a long delay of more than five years.

This expenditure is notably impressive compared to the amounts allocated to it in the past, since it indicates almost a six-fold hike from the budgeted ₹1,040 crore allocated in the revised estimates of the 2025-26 period. This is an exclusive allocation to the office of Registrar General and Census Commissioner of India to ascertain that the infrastructure is sound enough to cope with the massive size of the project.

Key feature of the digital leap

This new census exercise is a significant paradigm shift in the way India gathers its most crucial national statistics and leaves traditional paper-pencil exercises behind, and shifts towards an entirely digital framework. With the massive budget, the census will make use of sophisticated mobile applications to simplify data collection and provide a higher level of accuracy.

The major aspect of this digital jump is the self-enumeration, which provides citizens with the ability to self-enlist information via digital means. This program is in line with the overall trends in the fast-growing digital transformation market in the country, which is a testimony to the high priority of the government in the construction of digital public infrastructure as well as in the development of advanced skilling in the country.

Strategic timeline and goal of this inclusion

The population census is now to be planned to open officially on April 1, 2026, and will be conducted in two phases. The initial step, which includes the house-listing and housing census, will take place up to September 30, 2026. The second step, which will be focused on the population enumeration, will occur in February 2027.

This timeline will enable an extensive collection of demographic, socioeconomic, and cultural populations in the country. In addition to the core census activities, the budget also covers the National Population Register (NPR) so that the government can have access to integrated and updated data to govern and plan its policies in the next few years.

One of the most innovative aspects of this next census is that caste enumeration will be included; it will be the first time such information will be recorded in this particular form. This inclusion is aimed at offering a more detailed and finer picture of the heterogeneous population of the country.

Although the specific methodology of this particular endeavour is yet to be fully developed, the idea is to record an in-depth socioeconomic picture of different groups. The census will attempt to offer a more objective base of information that represents the cultural intricacies of the Indian population, as the traditional demographic questions are coupled with these more precise social metrics.

Conclusion

The allocation of ₹6,000 crore to the census in India is an indication of a clear step towards a more efficient and technologically advanced system of keeping national records. The government is also ensuring that the information gathered is timely and accurate by dealing with the long-term delays and adopting a fully digital strategy.

This investment will not only support the short-term logistical demands of the 2026-2027 census but also create a digital infrastructure that will support the future planning and development objectives of the nation over a decade. The shift towards mobile apps and self-enumeration is an indicator of a new India that is willing to use technology to support all-around national development.