Eid Mubarak to all our readers! We're taking a day off today, so no regular Tech3 edition. But we've got you covered with the top stories of the day. The Tech3 Podcast will be back with a new episode tomorrow!

SaaS startup InVideo was on the brink of shutting down by mid-2021. Growth had plateaued, and despite raising $35 million, its earlier product—InVideo Studio—wasn’t scaling fast enough.

Then came the pivot.

In mid-to-late 2022, InVideo launched an entirely new AI-powered product, InVideo AI, which transformed its trajectory. Today, the company has hit $70 million in annual recurring revenue (ARR).

AI pivot: For InVideo, AI wasn’t just an enhancement—it was a lifeline. The company is now one of the largest Indian customers of OpenAI, Anthropic, Google, and ElevenLabs, using AI to automate video creation for businesses and content creators.

• This shift helped InVideo break past its revenue stagnation and secure a strong global foothold

Still chasing ‘extreme PMF’: Despite its milestone, InVideo’s founder Sanket Shah insists the company hasn’t yet reached its ideal product-market fit (PMF).

“There’s a point where, when I sleep, the company still keeps growing. That’s extreme PMF. We’re not there yet,” Shah told us.

The company is now focused on refining its AI offering, expanding its customer base, and scaling efficiently—without rushing to raise new funding. What's driving the growth?

Find out more

• Dream Sports, the parent firm of fantasy sports major Dream11, has shifted its domicile from Delaware, United States to India, joining the ranks of several top Indian startups moving their base back to the home country, often referred to as 'reverse flipping', amid favourable economic policies and compliance requirements.

• MeitY is looking into allegations that two runner-up entries in a government-backed web browser competition were repackaged versions of existing software, a government source said. The scrutiny follows accusations that Ping and Bharat Web Navigator, which came second and third, respectively, in the India Web Browser Development Challenge (IWBDC), made only superficial changes while presenting it as an original creation.
  
  
• Indian startup founders have called for government regulation that can proactively curb anti-competitive practices and prevent "dominant digital gatekeepers" while welcoming The National Company Law Appellate Tribunal (NCLAT)'s ruling on the Competition Commission of India’s (CCI) antitrust order against Google.
  
  
• Infosys, India’s second-largest IT firm, has established AI innovation labs and AI factories with top clients to incubate and scale emerging AI technologies, according to Chief Technology Officer Rafee Tarafdar. The labs focus on assessing proof of value for AI solutions, while the AI factory productises and scales them across business lines.
  
  
• K Ganesh, promoter and founder director of BigBasket, said that while the online grocery platform needs to catch up in the quick commerce space, it has inherent supply chain benefits that will help it beat rivals Zepto, Blinkit, and Instamart in the long run.
  
  
• India’s leading electronics manufacturers - Dixon, Optiemus, Zetwerk, and Bhagwati - are in talks with global component makers to establish joint ventures and strategic partnerships aimed at bringing advanced technology to the country. Each company is preparing to invest between Rs 800-Rs 1,000 crore to scale up local production.