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In today’s newsletter:

• PhysicsWallah files for Rs 4,600 crore IPO via confidential route
• Inside the AI tech behind Modi-Lex Fridman podcast
• Sachin Bansal-promoted Navi's executives quit to start up

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Edtech unicorn PhysicsWallah is making a play for the stock market, filing confidential draft papers with SEBI for a Rs 4,600 crore IPO.

If successful, PhysicsWallah will become India's first edtech firm to go public.

• The IPO will primarily be a fresh issue, with an offer-for-sale (OFS) component for early investors

Kotak Mahindra Capital, Axis Bank, JP Morgan, and Goldman Sachs are managing the deal, first reported by us in October.

• PhysicsWallah will target a significant premium to the last round, which valued it at $2.8 billion

In a move gaining popularity among Indian companies, PhysicsWallah is opting for the confidential pre-filing route, which offers flexibility and safeguards sensitive financial details before the IPO process is fully public

• PhysicsWallah is only the seventh Indian company to use SEBI’s confidential pre-filing route
  
  
• Others who’ve taken this path: Tata Play, Swiggy, Oyo, and Vishal Mega Mart

Meanwhile, another edtech giant is embroiled in a legal battle. Aakash Educational Services founder Jagdish Chand Chaudhary has moved NCLT to block changes to the company’s Articles of Association (AoA), joining other minority shareholders.

• This marks the second legal fight between Aakash, a subsidiary of edtech firm Byju’s, and its shareholders 

Blackstone-owned Singapore Topco and Glas Trust, also minority shareholders, have been trying to halt changes to Aakash’s AoA as proposed by the board in 2024.

When AI speaks, the world listens—now in any language.

When Prime Minister Narendra Modi sat down with AI researcher Lex Fridman last week, the conversation wasn’t just heard globally—it was ‘felt’ across languages, thanks to AI dubbing.

Behind the magic was London-based ElevenLabs, which turned around multilingual translations in mere hours, something that typically takes weeks.

“Our model is natively multilingual, understands context, and adds emotion,” Siddharth Srinivasan, India GTM leader at ElevenLabs told us.

ElevenLabs’ technology relies on advanced audio models, not just traditional text-based large language models.

• These models allow for infinite voice possibilities, adapting to different languages and contexts

However, AI didn’t operate solo—human oversight and editorial review were the key.

With around 150 employees globally and 10 in India, the company is aggressively betting big on the country.

“India is a must-win market for us,” said Srinivasan, highlighting that India is part of many core product and research initiatives.

Srinivasan added that ElevenLabs is priced at the higher end, reflecting the better quality and capabilities it offers.

Find out more

Flipkart's legacy continues to inspire a new wave of entrepreneurs from Navi.

Shobhit Agarwal and Apurv Anand, two top executives at Sachin Bansal's fintech company, Navi, have stepped down to pursue their own entrepreneurial journey. 

• The duo is now in the process of launching a new asset management company (AMC), although the firm is still awaiting registration

Bansal’s first venture, Flipkart, created a wave of successful startups—mirroring the "PayPal Mafia" in Silicon Valley. Now, Navi is starting to have a similar effect:

• Two years ago, another Navi VP, Moorthy LG, left to start Saasvat Tech and ResultLane

Agarwal, who was Navi’s head of lending and borrowing, and Anand, the company's former CTO, are making a significant shift from the tech-driven credit disbursement model they helped build at Navi. 

• The new venture will focus on attracting high-net-worth individuals and financial institutions for investment opportunities

AMCs are becoming a hot space as young Indians move beyond traditional fixed deposits and gold to equities, mutual funds, and alternative assets. 

• From Zerodha and Groww to Navi itself, fintechs are increasingly eyeing this booming market

Dig deeper

Japan’s IT services and data centre giant NTT is riding high on the AI wave. 

NTT DATA’s CEO, Abhijit Dubey, expects significant scaling of AI projects as customers move from experimentation to large-scale deployments in 2025. 

• He believes that the entry of cheaper AI models, such as DeepSeek, has begun driving demand for its data centre business, which is the third-largest globally.

Dubey also discussed the uncertainty looming over the IT services sector due to fears of a possible recession in the US amid tariffs imposed by the Trump administration.

Go deeper

• US-based cybersecurity startup Operant AI has announced its entry into India, aiming to address the growing security concerns surrounding AI applications.

• Nvidia CEO Jensen Huang is expected to reveal fresh details about the company's newest AI chip at its annual software developer conference.

Bengaluru’s traffic woes are set to get a digital upgrade! More real-time traffic display boards are coming to the city, giving commuters a fighting chance against endless jams. 

• Bengaluru Traffic Police is adding eight new Variable Messaging System (VMS) units

• Meanwhile, Electronics City Industrial Township Authority (ELCITA) is setting up three VMS boards at key points on Hosur Road 

These AI-powered signboards will process live data, so you’ll know exactly how long you’ll be stuck at Silk Board (spoiler: forever).

Find out more

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