One quick thing: 30% of Google's new code now AI-generated, says Sundar Pichai 

In today’s newsletter:

• Bizongo under fire over possible fraud
• Meesho clocks $6.2 billion GMV run rate
• Made-in-India HP laptops coming soon

P.S.: Introducing the Tech3 Podcast, your daily dose of tech and startup insights. Monday to Friday! Check it out on Spotify or Apple Podcasts

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When the books don’t add up and leadership changes faster than the market shifts, you know something is brewing beneath the surface.

Accel-backed B2B e-commerce startup Bizongo has found itself in a tricky situation after auditors raised concerns about possible financial irregularities. Here’s what we know:

• Suspicious vendor-customer relationships and missing Proof of Delivery (POD) documents have been flagged
  
  
• Bizongo claims the auditor’s concerns relate to a past fraud incident and that current operations remain unaffected
  
  
• An internal investigation is underway, led by an investor-formed committee with PwC at the helm

From financial missteps to governance chaos, Bizongo’s current saga mirrors the broader challenges plaguing the startup ecosystem, as seen with BluSmart (Gensol) and Medikabazaar.

Concerns about ghost transactions have emerged after Bizongo's FY24 financial records revealed matching addresses and duplicate names between customers and vendors.

• Further discrepancies were found in POD documents, which are essential for confirming product deliveries and verifying sales

“The inconsistent/inadequate audit evidence observed by us during the course of our ongoing audit…cast a doubt over the veracity of the amounts and underlying transactions recorded in the books of accounts…,” the audit firm noted. 

Bizongo’s latest troubles trace back to a case of fund misappropriation by a former employee in April 2024. 

• A series of events have since been triggered—appointment of a new CXO team, closure of the supply chain vertical, and most recently, the founder stepping back and investor board members resigning

Find out more

Meesho’s GMV is blasting off, and its secret weapon? A turbocharged, value-driven growth engine.

At $6.2 billion gross merchandise value (GMV) run-rate, growing 26% CAGR till FY31, Meesho is riding high while its rivals coast, says CLSA.

• While Flipkart and Amazon saw their market share shrink between 2020-2024, Meesho grew from low single-digits to 8.9%, the brokerage noted
  
  
• It now handles 36% more orders than Flipkart, and 48% more than Amazon

Who needs premium tags when you’ve got volume?

• Tier 2 traction has turned into turbocharged growth – over 85% of its 187 million users are from non-metros

Meesho’s average order value is a humble Rs 315-350 – just right for value-conscious shoppers.

• In fact, Tier 2+ towns are expected to drive 63% of India’s online shoppers by FY29 – boosting Meesho’s value-first game

Meesho’s secret sauce isn’t just its tech—it’s also its clever supply chain model.

• Meesho’s zero-commission marketplace model is backed by strong unit economics—Rs 82–85 revenue per order
  
  
• Its logistics arm Valmo now fulfills over 50% of orders, helping slash costs and lift margins

With five consecutive quarters of positive cash flow and a GMV-to-capital ratio of 8.9x, Meesho’s IPO isn’t just a dream—it’s a countdown.

Dig deeper

For HP, India is taking center stage, with laptops expected to roll off local production lines starting in May.

HP will begin manufacturing laptops, desktops, and all-in-ones in May through a partnership with Dixon Technologies, said its India Managing Director Ipsita Dasgupta told us in an interview.

• The company aims to nearly double its production capacity compared to 2023—even before the PLI boost

HP is a beneficiary of the  Rs 17,000 crore IT Hardware PLI scheme, and plans to increase local manufacturing year-on-year.

HP is confident that it will continue to get the kind of support it requires from the Indian government to drive its business, Dasgupta. 

"We want to manufacture more in India and participate. We are pretty confident that the government will help us make sure that happens," Dasgupta said.

She also indicated that US tariffs will not impact HP's India operations or its supply chain strategy.

Demand is booming in both commercial and consumer segments, with MSMEs, freelancers, gamers, and students fueling growth.

• The firm has also launched “HP Connects” centers in MSME hubs — offering hardware access and “CIO-as-a-service” support

Go deeper

Move over, Khans and Thalaiva—there's a new hero in town: Artificial Intelligence.

• And Producer Siddharth Roy Kapur says it's best to embrace it

While AI adoption is still in its early stages in filmmaking, he expects that complete sequences will eventually be delivered by AI.

Find out more

• Apple will remove its secret robotics unit from the command of its artificial intelligence chief, the latest shake-up in response to the company’s AI struggles.

• A recent Google study shows that 60% of Indians remain unfamiliar with what AI truly does, and only 31% have tried any Generative AI tool so far. 

Joe Goldberg returns in the final season of You 

• And this time, he's stalking the secrets of London’s high society. As he tries to outrun his past, a mysterious woman named Bronte adds a fresh twist. Watch it on Netflix

Want more?

L2: Empuraan, the much-awaited Malayalam sequel to Lucifer, sees Mohanlal return in a political thriller that dives deep into power, betrayal, and ambition. Check it out on JioHotstar

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