One quick thing: Quick services startup Pronto relocates from Gurugram to Bengaluru to tap tech talent  

In today’s newsletter: 

• Lalit Keshre turns billionaire after Groww IPO
• Govt clears Rs 7,172 cr electronics PLI push
• Bengaluru gears up for tech summit with AI-powered PC

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From Lepa village in Madhya Pradesh to the helm of one of India’s most valuable fintech companies, Groww cofounder and CEO Lalit Keshre has hit a milestone few startup founders ever do, and he did it in style, off the back of a blockbuster stock market debut.

Groww’s parent, Billionbrains Garage Ventures, listed on November 12 at Rs 112 a share, against an issue price of Rs 100, and has since rallied over 70% in just four sessions.

The stock hit the 20% upper circuit on November 17, touching an intraday high of Rs 178.23 on the NSE, pushing the company’s market cap past Rs 1 lakh crore.

• The scrip closed at Rs 174.45, up 17.45%

This makes it one of the strongest public-market debuts for an Indian tech startup in recent years.

• Keshre holds 55.91 crore shares, a 9.06% stake in Groww

With the stock trading at record levels, his holding is now valued at Rs 9,448 crore, placing him firmly around the $1 billion threshold.

Keshre, 44, grew up with his grandparents in Lepa village, attending Khargone district's only English-medium school. After cracking the IIT entrance exam and earning dual degrees from IIT Bombay, he joined Flipkart as an early product manager.

• In 2016, he and three fellow Flipkart executives left to launch Groww

• The platform has since become one of India's leading retail investment apps

Groww’s listing has also significantly boosted the wealth of its other cofounders.

• Harsh Jain: Rs 6,956 crore (41.16 crore shares)

• Neeraj Singh: Rs 6,476 crore (38.32 crore shares)

• Ishan Bansal: Rs 4,695 crore (27.78 crore shares)

Find out more

The IT ministry’s component product-linked incentive scheme is gathering steam!

On November 17, the government announced 17 new approved projects under the Electronic Components Manufacturing Scheme (ECMS), worth Rs 7,712 crore.

• The projects range from India’s first optical transceiver manufacturing project, printed circuit board up to 40 layers, quartz crystal manufacturing, among others
  
  
• This brings the total approved projects under the scheme to 24

Major investors of the cumulative Rs 7,712 crore total investments include:

• Aequs Consumer Products Private Limited, with Rs 1,500 crore investment
  
  
• TE Connectivity India Private Limited, with Rs 612 crore
  
  
• Jabil Circuit Private Limited, with Rs 957 crore  

The approved projects also saw the scheme’s first investment from Jammu and Kashmir.

• J&K-based Meena Electrotech Private Limited will invest Rs 111 crore

IT Minister Ashwini Vaishnaw informed that the government is also working with the smartphone industry on the next phase of its production-linked incentive (PLI) scheme.

Additionally, the minister also said that rising geopolitical tensions have ‘pushed India’s electronics industry to a decisive inflexion point.’

• In that regard, Vaishnaw recommended developing resilient, domestic supply chains and improving the quality of work

The minister, meanwhile, also commented on the recently released DPDP Rules, which brought the DPDP Act into implementation.

• He said the government is in consultation with the industry to further shorten the compliance timeline of the DPDP Act – from the current 12 to 18 months – and will soon issue an amendment to that end
  
  
• He also reiterated that amendments to the RTI Act will not weaken its provisions

At the 28th Bengaluru Tech Summit (BTS 2025), Karnataka is positioning itself not just as India’s tech capital, but as a blueprint for sovereign, accessible AI infrastructure.

• The three-day summit kicks off on November 18 at BIEC, bringing together deep-tech innovators, space entrepreneurs, policy architects, and 60+ global delegations

The Karnataka government, on November 17, announced KEO, a compact and affordable device built on an open-source RISC-V processor and a Linux-based OS.

• The PC includes 4G, Wi-Fi, USB-A/USB-C, HDMI, and on-device AI that works without internet connectivity

It comes preloaded with BUDDH, an AI agent trained on the Karnataka DSERT syllabus for students in low-connectivity regions.

• Chief Minister Siddaramaiah will formally unveil the device at BTS

The Karnataka government will also launch three major policy frameworks at BTS 2025:

• SpaceTech Policy
  
  
• Startup Policy 3.0
  
  
• Centres of Excellence for quantum technology and electronics

The state has also earmarked Rs 600 crore to accelerate its DeepTech Roadmap.

Themed ‘Futurise’, BTS 2025 will feature 10 conference tracks spanning DeepTech, Semicon, Biotech, HealthTech, Defence & SpaceTech and AI.

• In partnership with mobility startup Tummoc, the Karnataka government will offer free Metro travel for delegates attending BTS at BIEC from November 18 to 20

• Amazon founder Jeff Bezos is reportedly joining and partially funding Project Prometheus, an AI start-up debuting with $6.2 billion and with Bezos serving as co-chief executive.

• Infosys has introduced a new AI-first Global Capability Centre (GCC) model aimed at helping enterprises set up and transform their captive centres into technology and innovation hubs.

Creators are trading ad money for subscribers. 

• Why? To ditch the algorithm volatility and advertiser cycles for stable income 

Ads reward reach. Subscriptions reward relationships, said marketers. 

If members are loyal and the list keeps growing, creator income can be in crores per year. But conversion to paid subscribers and retaining them remains a tall task, especially in India, where consumers’ default mode is free.

• Kunal Kamra, Samay Raina, and Tanmay Bhat are some of the creators who have switched to subscriptions 

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