One quick thing: Swiggy Instamart tops quick commerce race with fastest delivery times, JP Morgan report shows

In today’s newsletter:

• Pine Labs picks bankers for $1 bn IPO
• Zomato CEO extends salary waiver for two more years
• Byju's investors and lenders face setback

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The IPO flurry continues and more new-age companies are preparing to join the party. 

Pine Labs has finalised bankers for its $1 billion IPO, sources told us. 

• Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies will be Pine Labs’ bankers, we were told
  
  
• It is seeking a valuation of over $6 billion, slightly higher than $5 billion in 2022 

While all bankers are international ones, Axis Capital is the only domestic banker. 

• Pine Labs’ strong banking ties with Axis Bank (same group) has helped

While Pine Labs had attempted a US IPO in 2022, this one is different as it will list in India. 

• The company plans to list in the first half of FY26 and the IPO preparation is underway, sources told us
  
  
• The company is also in advanced stages of flipping its base back to India from Singapore ahead of the IPO

Ahead of Pine Labs’ IPO the company will also kick off a $100 million round. 

• Early backers will sell shares to make way for new investors and details are yet to be finalised 

Dig deeper

Zomato CEO, Deepinder Goyal, has voluntarily chosen to forgo his annual salary of Rs 3.5 crore until the end of FY26, the company’s qualified institutional placement (QIP) documents showed

• This decision extends his previous forgoing of salary by an additional two years

Initially, Goyal had announced in FY21 that he would waive his salary for 36 months, ending in FY24. 

• However, the latest decision means he will not draw any salary until March 31, 2026 

Goyal will continue his roles and responsibilities as MD and CEO, with variable pay to be determined by the board later.

Goyal’s stake in Zomato stands at 4.18%, worth over Rs 10,000 crore, thanks to the surge in Zomato's stock price. 

• Zomato’s share price has seen a 140% increase year-to-date 

This rise in stock value has contributed to a market capitalisation of Rs 2,47,550 crore (around $28.8 billion).

In a move to counter rising competition from Zepto and Swiggy, Zomato launched a Rs 8,500 crore ($1 billion) Qualified Institutional Placement (QIP). 

The company plans to use:

• Rs 2,137 crore for setting up and operating dark stores and warehouses

• Rs 2,492 crore for advertising, marketing, and branding initiatives

• Rs 1,769 crore on tech and infrastructure enhancements

Dig deeper

Win today, trouble tomorrow. Byju’s investors can’t catch a break.

After securing relief from the NCLT last week to block Aakash Institute from allegedly diluting their stake, Byju’s investors are staring at uncertainty again.

•  The Karnataka High Court has temporarily stayed NCLT’s order, which had barred Aakash from passing any resolution amending its Article of Association (AOA).
  
  
• Blackstone-backed Singapore Topco, holding a 6.97% stake, alleged that Byju’s former management is trying to dilute their stake and influence by changing AOA to benefit larger shareholders like Ranjan Pai-led Manipal Group.

Investors argue Aakash is critical to Byju’s value and their right in the company must be safeguarded.

Aakash countered, saying the NCLT failed to justify its order, and the High Court agreed. The stay is temporary, with the case set for a December 2 hearing.

In fresh trouble for the edtech firm, the government has asked the regional office of Registrar of Companies in Hyderabad to investigate Byju’s books.

• The new probe is aimed to check if the firm misreported financial statements and whether funds were siphoned off, per a Bloomberg report.

 This comes after a previous inspection found corporate governance lapses at the firm. 

Dig deeper

• President-elect Trump is reportedly considering naming an AI czar in the White House to coordinate federal policy and governmental use of the emerging technology.
  
  
• China is making it difficult for Apple and other foreign companies to release its AI models, requiring them to partner with local companies for approval.

Google's got a new trick up its sleeve to combat India's air pollution woes. 

• Air View+, an AI initiative, is breathing life into cities across the country. 

By teaming up with local climate tech firms and researchers, Google is creating a network of air quality sensors to monitor pollution levels in real-time. 

So, the next time you step out, you might want to check your phone!

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