Reliance Industries is revamping Jio Platforms’ IPO plans amid investor disagreements over valuation. This and more in today's ETtech Top 5.
Also in the letter:
■ Swiggy's stock tumbles
■ IT body pushes for WFH
■ Vaishnaw courts Google
Jio IPO set to be fully fresh funding; no OFS
Reliance Industries is overhauling Jio Platforms’ planned listing, junking the offer for sale (OFS) route in favour of a fully fresh issue after disagreements with existing investors over pricing, sources told us.
Driving the news: The shift in structure is aimed at avoiding an overheated valuation, protecting retail investors, and leaving headroom for the stock to climb post listing. A fresh issue sends all proceeds to Jio instead of selling shareholders, while existing investors are diluted proportionately.
"About Rs 25,000 crore could go towards debt repayment, with the balance deployed for other requirements as they arise," one of the sources said.
Listing implications: The new structure could pull down Jio’s earlier valuation range of $133 billion–$154 billion, and Reliance’s current 67% stake will dilute. Filing of the draft prospectus may now be delayed by around a month, likely pushing the IPO to July.
Also Read: Reliance Jio IPO soon? Here's what Mukesh Ambani said on India's largest listing plans
Back and forth: Jio, India’s largest telecom operator by market share, has been in intense talks for over a month with global tech firms, sovereign wealth funds and private equity investors on how to structure and price the multi-billion-dollar issue.
While shareholders want to “price the IPO to perfection” by pushing for a higher band, RIL believes that approach risks burning retail investors if the stock lists below issue price, the people added.
Also Read: Ambani's Reliance Jio: Businesses and investors of the IPO-bound firm
DailyObjects in talks to close Rs 300 crore funding round
Lifestyle accessories brand DailyObjects is in advanced talks to raise about Rs 300 crore in a mix of primary and secondary capital led by Xponentia Capital, people in the know said.
Number-wise:
- The round is set to lift the company’s valuation to roughly Rs 1,000 crore, up from about Rs 400 crore in its last fundraise.
- About Rs 80-100 crore of the deal is expected to be secondary, with early backer Roots Ventures likely exiting its stake.
Tell me more:
The Gurugram-based brand plans to deploy fresh capital to deepen its omnichannel presence, add over 100 stores in the next three to four years, and accelerate its push into international markets.
DailyObjects, which sells phone cases, laptop sleeves, smartwatch accessories and other tech gear, is said to have generated around Rs 200-220 crore in revenue in FY26. It is currently tracking an annualised revenue run rate of about Rs 300 crore.
Wingreens World snaps up Safe Harvest in all-stock deal
Wingreens World, maker of Wingreens Farms dips and snacks and Raw Pressery juices, has acquired Bengaluru-based Safe Harvest in a 100% share-swap deal, marking its fifth acquisition.
Deal details:
- The transaction closed alongside a Series D round led by Ashish Kacholia, with participation from Alchemy Fund.
- The funding round includes a cash infusion of Rs 120 crore.
- With this raise, Wingreens’ total funding tally rises to Rs 556 crore.
Value addition: Safe Harvest makes staples and cold-pressed oils, as well as cereals, grains, pulses, millets, flours, spices, natural sugars and honey. The acquisition extends Wingreens’ portfolio beyond dips and snacks into a wider everyday pantry basket.
Founded in 2011, Wingreens has expanded from dips and sauces to include Raw Pressery juices, cereals, baked snacks, muesli and other packaged foods.
Swiggy shares plunge 7% after Q4 results
Food and grocery delivery platform Swiggy saw its stock fall about 7% to close at Rs 263.95 on Monday after announcing its fourth-quarter FY26 results on Friday.
Q4 snapshot: The Bengaluru-based company reported a 45% year-on-year rise in operating revenue for the March quarter to Rs 6,383 crore. It also narrowed its net loss by 26% YoY to Rs 800 crore, aided by controlled losses in its quick commerce business.
Also Read: Swiggy CEO Sriharsha Majety sees telecom parallels in qcomm frenzy, says strategic clarity is key
Tell me more: Analysts attributed the decline in stock price on Monday to the sudden drop in quick commerce GOV, which signalled a slowdown in the vertical.
Also Read: Urban Company shares tank 9% after Q4 net loss swells to Rs 161 crore despite a sharp revenue uptick
IT employees' body urges govt to mandate work-from-home for 5.8 million workforce after PM's message
The Nascent Information Technology Employees Senate (NITES), an IT employees’ body, has urged the labour ministry to advise companies to allow work-from-home (WFH) for India’s 5.8 million IT workers.
This comes after Prime Minister Narendra Modi called for austerity measures in the national interest.
What's happening?
- NITES has written to labour minister Mansukh Mandaviya seeking a WFH advisory for IT and ITES firms.
- The group said the move aligns with Modi’s call to cut fuel use, avoid non-essential travel and encourage remote work amid global uncertainty.
- It added that the IT sector had successfully operated remotely during the Covid pandemic and urged firms to allow WFH wherever feasible for a limited period.
Also Read: Nasscom flags continued hybrid work as IT firms brace for West Asia impact
What the PM said: On Sunday, Modi urged people to reduce petrol and diesel consumption amid supply concerns linked to the West Asian conflict. He called for greater use of public transport and work-from-home practices, similar to measures adopted during the Covid pandemic.
Also Read: IT rules amendments may create obligations outside law: Nasscom
Google seriously considering manufacturing AI servers in India: Minister Ashwini Vaishnaw
Google has agreed to seriously consider manufacturing AI servers in India, IT minister Ashwini Vaishnaw said.
Driving the news: "I have requested Google and other major players to manufacture AI servers in India. AI servers made here match global standards. HP has already started manufacturing AI servers in the country," Vaishnaw said at the CII Annual Business Summit 2026.
Broader ecosystem: Vaishnaw said about $200 billion in data-centre investments are flowing into India, alongside new subsea cable projects linking the country to key global markets.
He added that India exported Rs 30,000 crore worth of made-in-India electronic components to China last year.
Significance: AI servers are specialised high-performance systems used to train large language models and power real-time inference. Vaishnaw’s comments matter because Google is diversifying its supply chain, and India is positioning itself as a global manufacturing base.
Also Read: Govt eyeing minimum design skills target for component scheme companies
