Welcome to a New Edition of ETtech Unwrapped

As we dive into another exciting weekend, we bring you the latest edition of ETtech Unwrapped, your go-to newsletter for the most significant stories from the tech world this week. Let’s unpack the highlights that are shaping the landscape of technology, finance, and innovation.

Top Stories This Week

Uber’s Potential Acquisition of BluSmart

In a move that could reshape the electric vehicle (EV) ride-hailing market in India, Uber Technologies is reportedly in early discussions to acquire BluSmart Mobility, a Gurugram-based all-electric cab service. This acquisition could bolster Uber’s presence in the burgeoning EV sector, which is gaining traction in India. The deal comes at a time when Uber India has reported a 41% rise in operating revenue, reaching ₹3,762 crore, with losses narrowing by 71%. This growth indicates a promising trajectory for the ride-hailing giant in the Indian market.

Roll-Up Ecommerce Model Faces Challenges

The roll-up ecommerce model in India is experiencing turbulence as founders of previously acquired brands are reclaiming their businesses. This trend is emerging amid funding struggles, with many founders opting to take back control of their brands at significantly lower valuations than when they were sold. This shift raises questions about the sustainability of the roll-up model and the future of ecommerce in India.

Quick Service Restaurants (QSR) Innovate with Custom Offerings

Quick service restaurant brands like Wow Momo, Chaayos, and Chai Point are capitalizing on the rise of quick commerce platforms such as Blinkit, Zepto, and Swiggy Instamart. By introducing customized versions of their top-selling products, these brands are tapping into the growing demand for instant delivery, showcasing the adaptability of the food service industry in a rapidly changing market.

Apple Expands Its Supplier Network in India

In a significant move to deepen its presence in India, Apple has enlisted Wipro Enterprises and Lakshmi Machine Works (LMW) as new suppliers. This expansion is part of Apple’s broader strategy to diversify its supply chain and enhance local manufacturing capabilities, reflecting the company’s commitment to the Indian market.

Google Acquires Cybersecurity Startup Wiz for $32 Billion

In a landmark deal, Alphabet, Google’s parent company, has confirmed its acquisition of cybersecurity startup Wiz for a staggering $32 billion. This all-cash transaction is set to enhance Google Cloud’s offerings and strengthen its position in the cybersecurity space, which is increasingly critical in today’s digital landscape.

Fintech Updates

NPCI’s Initiative Against UPI Fraud

The National Payments Corporation of India (NPCI) is taking proactive measures to combat online frauds associated with the Unified Payments Interface (UPI). The NPCI is working to phase out ‘collect calls’ for merchant payments, a move aimed at safeguarding consumers and enhancing the security of digital transactions.

Interministerial Panel for Fintech Challenges

In response to the regulatory hurdles faced by the fintech industry, the Indian government has established an inter-ministerial committee. This panel aims to address the various challenges that fintech companies have encountered, signaling a commitment to fostering innovation while ensuring compliance with regulatory standards.

PayU’s Strategic Investment in Mindgate

PayU, a major player in digital payments, has acquired a 43% stake in Mindgate Solutions, valuing the company between $200 million and $250 million. This acquisition marks the first phase of a larger plan for PayU to gain full ownership of Mindgate over the next three years, highlighting the ongoing consolidation in the fintech sector.

Banks Collaborate with I4C to Combat Fraud

In a bid to enhance security measures, major Indian banks and payment firms like Razorpay and Cashfree are integrating their systems with the Integrated Cyber Crime Coordination Centre (I4C). This collaboration aims to facilitate swift action against payment frauds, reflecting a collective effort to bolster the integrity of digital transactions.

Growth-Stage Deals in Fintech Show Promise

Despite a challenging investment climate in recent years, data from Venture Intelligence indicates that growth-stage fintech deals have attracted over $550 million in capital in 2025. This resurgence suggests a renewed interest in the fintech sector, with several deals nearing completion, signaling a potential recovery in investment activity.

Funding News

Pilgrim’s Successful Fundraising Round

Pilgrim, a direct-to-consumer beauty and personal care brand, has successfully raised ₹200 crore through a mix of primary and secondary funding. This brings its total capital raised to approximately ₹421 crore, underscoring the brand’s growth trajectory in the competitive beauty market.

Everhope Oncology Secures $10 Million

In a significant development for healthcare, Everhope, a joint venture focused on cancer care, has raised $10 million in seed funding. The funds will be utilized to establish cancer care clinics in major cities like Delhi and Mumbai, aiming to enhance access to quality cancer treatment in India.

GoZero’s Funding Boost

GoZero, a new-age ice cream maker, has raised ₹30 crore from existing investors, including DSG Consumer Partners and Saama Capital. The funding will support the company in expanding its supply chain, driving product innovation, and enhancing brand growth, reflecting the increasing consumer demand for innovative food products.

Eye on AI

Leadership Changes in Tech Companies

The rise of artificial intelligence (AI) is prompting significant leadership changes within India’s tech services companies. Eight firms, including LTIMindtree and Cyient, have appointed new CEOs, while others like Wipro are restructuring their organizations to better align with the evolving business landscape driven by AI advancements.

Indian AI Startups Target the US Market

A wave of Indian AI startups is setting their sights on the United States, seeking to attract investors who are more conversant with AI technologies. This trend highlights the global ambitions of Indian entrepreneurs and their desire to tap into the vast market potential in the US.

Tech and Policy

Indian Semiconductor Companies Seek Global Talent

As the semiconductor industry in India begins to take shape, homegrown companies are actively seeking global talent to spearhead their operations. This move is crucial for establishing a robust semiconductor ecosystem in India, which is poised for significant growth in the coming years.

Elon Musk’s X Corp Challenges Indian Government

In a notable legal development, X Corp, formerly known as Twitter, has filed a writ petition in the Karnataka High Court against the Indian government. The lawsuit challenges the government’s authority to issue information blocking orders under the IT Act, highlighting ongoing tensions between tech companies and regulatory bodies in India.

As we wrap up this edition of ETtech Unwrapped, it’s clear that the tech landscape is evolving rapidly, with significant developments across various sectors. Stay tuned for more updates as we continue to track these stories and their implications for the future of technology and innovation.