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In today’s newsletter:

• Microsoft, Nayara and India's sovereignty risk
• Lenskart founder Peyush Bansal's quest for promoter tag 
• Freshworks' AI refresh

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When Big Tech pulls the plug, India takes notice.

Microsoft restored services to Russia-linked Nayara Energy on July 30, two days after the Indian refiner dragged the tech giant to the Delhi High Court over the abrupt suspension of access to Outlook, Teams, and other cloud tools.

• The disruption began on July 22, following fresh European Union sanctions against Nayara Energy, which is 49% owned by Russian oil major Rosneft. 

The sanctions formed part of the EU’s 18th package targeting Russia’s refined oil exports and related services.

Nayara called Microsoft’s action “unilateral, without prior notice or recourse.” 

• Microsoft, in a statement to us, confirmed that services had been restored 

The episode has sparked fresh conversations within the Indian government about digital sovereignty and cloud resilience. 

“We cannot over-depend on any one supplier, or any one country,” a senior government official said.

The official called it an opportunity for Indian cloud players to step up.

Nayara’s Vadinar refinery, operational since 2008, accounts for 8% of India’s refining capacity. 

• It processes large volumes of discounted Russian crude, a lifeline for Moscow as Western markets tighten

But with EU sanctions now banning Nayara’s exports to Europe and curbing financial, insurance, and shipping services, the company faces rising pressure to reroute volumes or risk eroding margins.

Dig deeper

From ditching a confidential filing to chasing the Promoter tag, Peyush Bansal is following a playbook that not many founders relate to. 

Bansal has actively chosen to become a Promoter of Lenskart, increasing his stake in the company even a few days before filing the DRHP. 

• An individual or a group is categorised as a Promoter if their total ownership crosses 10%

• Bansal now holds a 10.28% stake (or around 20% if the Promoter group is considered)

Bansal’s move was not overnight. He increased his stake from 5.7% in 2021 to over 10% now. 

• While he was given shares after successful fundraises in the past years, his major move came only this month 

Earlier this month, we exclusively reported Bansal’s plan to borrow around Rs 200 crore to raise his stake by 2-2.5%. 

• The deal was done at a valuation of $1 billion, a sharp discount from $9-10 billion the company is aiming for during its IPO
  
  
• Bansal bought shares from existing investors because he wanted the Promoter tag. Promoters are not eligible to receive shares from the ESOP pool

In the past, founders of companies like Swiggy, PB Fintech, and Delhivery were granted shares from the ESOP pool, as none of them were classified as Promoters.

“A new-age company founder will opt to become a Promoter so they have better control. Once they become a Promoter, they know the board cannot fire them overnight or take a major decision without their involvement,” an industry watcher told us. 

However, there are limitations. 

• A Promoter has to inform stakeholders about a share sale and more, we were told

Dig deeper

Freshworks’ artificial intelligence (AI) offerings have left the experimentation lab, and it’s cashing in big! 

The Nasdaq-listed SaaS firm’s AI offerings, Freddy AI Copilot and Freddy AI Agent, have crossed $20 million in combined annual recurring revenue (ARR). 

“Customers have moved from AI experimentation to realising tangible business value and returns on their investments,” CEO Dennis Woodside said during the company’s Q1 2025 earnings call on July 30. 

Nearly half of all new large deals (over $30,000 ARR) signed in the quarter included Freddy Copilot. 

• The product was also part of three of the company’s top-10 new deals

AI has become a critical differentiator in winning new business for Freshworks. 

•  The company monetises its AI agent through consumption-based session packs for CX or as a $29/seat/month add-on license for EX. Freddy AI Insights is being bundled into the enterprise plan to drive higher-tier adoption

Freshworks ended the quarter with over 2,700 Copilot customers, adding more than 500 customers sequentially (23% QoQ growth). Freddy AI Agent, which became available for customer experience (CX) customers during the quarter, reached 1,600 customers by quarter-end. 

This AI-driven demand has translated into strong numbers for the Nasdaq-listed firm. 

• Freshworks reported an 18% year-on-year jump in Q2 2025 revenue to $204.7 million and raised its full-year revenue and profit guidance for the second consecutive quarter
  
  
•  It now expects FY25 revenue in the range of $822.9 million–$828.9 million, implying 14–15% growth, up from its previous forecast of $815.3 million–$824.3 million

Find out more 

• Anthropic is nearing a deal to raise as much as $5 billion in a new round of funding that would value the artificial intelligence startup at $170 billion.
  
  
• OpenAI has rolled out Study mode in ChatGPT, available to all Free, Plus, Pro, and Team users, which offers interactive, structured academic support with step-by-step explanations, guiding questions, and personalised feedback.

The Queen’s gambit has paid off! Divya Deshmukh’s World Cup win is all set to make her a star on and off the board. 

• Her breakthrough World Cup win has not only made history, but it’s also made her prime endorsement material

Marketers expect Deshmukh to command endorsement fees between Rs 25-40 lakh. 

• She has also cemented the position of chess players in the brand world 

Dig deeper 

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