Groww delivered strong returns to early investors after the IPO lock-in expired. This and more in today's ETtech Top 5.
Also in the letter:
■ Flipkart's GST setback
■ Uber CEO in India
■ GitLab to cut jobs
Groww turns multi-bagger for Peak XV, YC, Ribbit after IPO lock-in expiry
Early backers of Groww – Peak XV, Ribbit Capital and Y Combinator – have started cashing out after the IPO lock-in expired, logging multi-bagger returns.
Number-wise:
- Sequoia Capital, Peak XV (formerly Sequoia Capital India), Micky Malka’s Ribbit Capital, and YCombinator together sold 29.52 crore shares or 4.7% of Groww, via block deals.
- The deal happened for Rs 180-181 a share.
- The full block, in which more than 60 global and domestic investors participated, is valued at Rs 5,318 crore.
Bumper returns:
The sale adds to already outsized gains from
Groww’s debut. The fintech
listed last Novemberat Rs 100 a share and has since climbed over 40%. Today, the stock closed down 5.5% at Rs 183.10 on the BSE.
During the IPO:
- Peak XV Partners sold shares worth Rs 1,582 crore.
- Y Combinator offloaded stock worth Rs 8,187 crore.
- Ribbit Capital exited shares worth Rs 5,618 crore.
Current stakes:
- Peak XV Partners has netted another Rs 1,116 crore and holds a stake worth Rs 18,000 crore. The fund had invested Rs 200-250 crore in the company.
- Following Tuesday’s deals, Y Combinator’s Groww stake is worth Rs 9,911 crore, while Ribbit Capital holds shares worth Rs 1,122 crore in the company.
Also Read:
ET Awards: Groww CEO Lalit Keshre on building India’s largest stock broking platform and future growth plansMobikwik swings to black with Rs 4 crore profit in Q4
One Mobikwik Systems, the parent of Mobikwik, swung to profit in the March quarter, with revenues inching up and margins improving.
Financials:
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Net profit: Rs 4.38 crore, versus a net loss of Rs 56 crore a year earlier.
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Revenue from operations: Rs 289 crore, up 8% on-year.
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Ebitda: Rs 10 crore, versus an Ebitda loss of Rs 56.5 crore last year.
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Total income: Rs 296 crore, up 6% YoY.
Driving the growth:
Management said the quarter capped a “transformational year” led by structural margin expansion across Payments and Financial Services, and a deliberate shift towards higher-quality lending.
Mobikwik's core payments engine continued to grow strongly, powered by rising UPI adoption and cleaner unit economics.
Enterprise AI firm Fractal Analytics posts 17% rise in Q4 revenue; profit doubles to Rs 115 crore
AI company Fractal Analytics posted strong numbers on the back of robust demand for AI-led transformation and expanding margins.
Q4 snapshot:
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Revenue from operations: Rs 886.3 crore, up 17% YoY.
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Net profit: surged to Rs 115 crore, more than double a year ago.
FY26 scorecard:
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Revenue: Rs 3,300 crore, up 19% YoY.
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Net profit: Rs 287 crore, up 30% YoY.
Strong suit:
Healthcare and life sciences emerged as Fractal’s breakout vertical, growing 82% You in Q4 and 66% for FY26. The company told investors it will continue to lean into innovation, with R&D spending at 6.4% of annual revenue.
Also Read: AI firms scout for startup buyouts to boost full-stack tech capabilities
West Bengal tax body rejects Flipkart's GST exemption model for delivery charges
A West Bengal appellate tax body has overturned an earlier ruling that would have exempted Flipkart’s delivery charges from GST.
Driving the news: Flipkart India Pvt Ltd, an entity of the Bengaluru-based ecommerce giant, tried to classify itself as a goods transport agency (GTA) – a label that attracts GST exemption when services are provided to individuals not registered under the indirect tax regime.
In December 2025, the West Bengal Authority for Advance Ruling (WBAAR) had backed this view, holding that Flipkart’s model qualified as a GTA service.
Yes, but: The appellate authority disagreed. It said customers are buying goods, not hiring a transporter, and that Flipkart’s hub-based sorting, tracking and last-mile delivery resembles organised ecommerce logistics far more than conventional road transport.
What this means: The ruling could reshape how ecommerce and quick commerce structure delivery fees, many of which have toyed with similar models to blunt their tax bill.
“The taxation of intracity goods transport services has been increasingly debated, and this ruling, though on specific facts of supply of goods by an ecommerce player, further accentuates the ambiguity in current classifications, such as GTA or other goods transportation services like couriers, and local delivery services," Bipin Sapra, partner and leader-indirect tax, EY, told us.
Uber CEO Dara Khosrowshahi begins five-day India visit; meets finance minister Nirmala Sitharaman
Uber CEO Dara Khosrowshahi is in India this week as the ride-hailing company doubles down on one of its most strategic markets.
Meetings in India: Khosrowshahi has already met Finance Minister Nirmala Sitharaman and Aviation Minister Ram Mohan Naidu in New Delhi. He is also expected to meet Transport Minister Nitin Gadkari and other senior ministers during the visit.
India game plan: After meeting Sitharaman, Khosrowshahi said the number of earners on Uber’s platform in India has quadrupled since 2022. The two discussed Uber’s long-term investment roadmap for the country, he added.
His visit comes as competition intensifies: local rival Rapido has been steadily gaining market share.
On the ground:
- Uber recently pumped Rs 3,000 crore into its India business.
- It has also invested in fleet operators such as Carrum Mobility and Everest Fleet.
During his 2024 visit, Khosrowshahi told ET that India had become more competitive, with a new crop of mobility players entering the fray.
GitLab to cut jobs, reinvest in AI agents push: CEO Bill Staples
Software development platform GitLab is trimming headcount as it races to re-architect itself around AI agents, Bloomberg reported.
Why the cuts: CEO Bill Staples told employees the changes are less about cost-cutting and more about moving faster and staking a greater claim in the fast-moving AI tooling market.
The company hasn’t disclosed how many roles will be affected. More details are expected on June 2 with its quarterly results.
What’s changing:
- Fewer management layers and a reshuffled research and development organisation.
- Pullback in select geographies.
- AI agents will take over more internal workflows, including approvals and reviews.
- Staffing levels to be recalibrated to boost speed and customer service.
The move comes amid a broader wave of cuts across tech and AI, with DeepL, Freshworks, Coinbase, Cloudfare and Kyndryl among the latest to tighten belts.
Also Read: Over 93,000 jobs cut in tech so far in 2026 as AI drives layoffs at Freshworks, Coinbase, others
