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In today’s newsletter: 

• Cabinet clears online gaming bill 
• BlueStone shines after muted start  
• Weaver bags $170 mn from Lightspeed, Premji Invest

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India’s online gaming industry is at a turning point and this time, the government wants to decide the rules of play.

The Union Cabinet today approved the Online Gaming Bill, which aims to regulate online betting and money gaming platforms.

The draft bill proposes setting up a dedicated regulator to promote e-sports and online social games, sources told us.

• The bill, likely to be tabled in the Lok Sabha tomorrow, aims to promote competitive gaming as a legitimate sport while curbing illegal betting practices

It will also prohibit direct and indirect promotion of online money games while introducing penalties to curb wagering in competitive gaming.

• What remains unclear is how the bill will impact real-money gaming (RMG) companies such as Dream11, Games24x7, and Mobile Premier League (MPL)

India currently lacks a clear regulatory legal framework for the rapidly expanding yet increasingly turbulent RMG sector.

In April 2023, the Ministry of Electronics and Information Technology (MeitY) notified gaming-related amendments to the IT Act, 2021, which allowed multiple self-regulatory organisations (SROs) to determine whether a real-money game could be permitted in India or not. However, the ministry is said to have later dropped the SRO plan. 

Over the years, several RMG companies have pushed for a central regulation to eliminate the uncertainty of navigating through various state-specific regulations that frequently disrupt their business operations.

RMG apps account for the majority of revenues in India's gaming industry, which clocked a topline of $3.8 billion in FY24. 

• The sector, however, stands at a critical juncture

Its future hinges on the rollout of a comprehensive regulatory framework, upcoming court rulings on GST notices, the constitutional validity of state-level bans on RMG, and the role states have in regulating the sector.

From a dim debut to a brighter close, BlueStone Jewellery’s listing day found its sparkle.

The Mumbai-based jeweller’s debut lacked shine, opening in the red against its IPO price.

• Shares slipped out of the box, listing 1.3–1.6% lower at Rs 510 on NSE and Rs 508.8 on BSE in early trade

Despite a Rs 1,541-crore issue and Rs 693 crore in anchor backing, demand looked more silver than gold.

• Grey-market hype couldn’t hide the cracks, as rich valuations dulled the listing shine

The weak open gave way to a strong finish as the stock polished up by close.

• BlueStone closed at Rs 546 on BSE, a 7.3% premium that restored some sparkle

Bargain hunters rushed in once the early dullness dulled out, boosting late-session shine.

• Still, analysts warn that the real sparkle lies in margins, inventory turns, and store-level breakevens

Beyond BlueStone’s bounce, India’s unlisted shares have been steadily sliding in recent weeks.

• Once-hot counters like MSEI, Matrix Gas Renewable and Apollo Green Energy have dropped 40–50% from June highs, while Tata Capital and Nayara Energy are down nearly 30%
  

• Frothy valuations, steeper IPO discounts and tighter SEBI scrutiny have weighed on sentiment and cooled investor appetite
  

Dig deeper

Weaver Services has stitched together one of the largest private funding rounds so far this year. 

The housing finance company today announced it has raised a whopping $170 million in a fresh round. 

• Lightspeed and Premji Invest co-led the round in the company, which was founded less than two years ago
  
  
• Gaja Capital also participated in the round
  
  
• HDFC Bank’s former top boss, Keki Mistry, also invested in the company in his personal capacity 

• The company is expected to start operations in the coming weeks

We had told you all about the round on July 28. 

• A bulk of the fundraise will go towards acquisitions to grow its loan book
  
  
• The company has already acquired Capital India Home Loans for Rs 267 crore and is looking for at least two more assets, as we previously reported

Started by HDFC Limited veteran Satrajit Bhattacharya, the company will provide loans to self-employed people in Tier 2 and beyond regions.  

• While Bhattacharya will be the vice chair of the company, his co-founder, Anil Kothuri, former MD/CEO at Fedbank Financial Services, will run day to day operations at Weaver Services
  
  
• The space is already crowded with players like Vridhi Home Finance, Easy Home Finance, and Vastu Housing Finance, all raising capital to tap into a growing market 

Dig deeper

• TCS has opened a new AI-driven operations centre in Mexico City, reiterating its commitment to innovation in Mexico and Latin America. The new office in Mexico City is TCS' eighth operations centre in Mexico.

• Vodafone Idea has entered into a strategic partnership with IBM to modernise its IT systems, strengthen operations, and accelerate digital initiatives by leveraging artificial intelligence and automation.

What happens when machines become our co-workers, teachers, and coaches? 

In Co-Intelligence, Ethan Mollick answers with sharp insights and lively examples, showing how AI is reshaping business, learning, and daily life.

• An essential roadmap to mastering the skills of working alongside our most intelligent machines

Check it out

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