One quick thing: RCB’s long-awaited IPL win boosts team value…but don’t expect a brand windfall for Kohli, Patidar or Pandya 

In today’s newsletter:

• UPI threatens Visa’s payment crown
• Zepto's IPO order delayed
• IPO-bound OfBusiness eyes apparel play

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There’s a famous Visa tagline: “It’s everywhere you want to be.” 

• But when it comes to transaction volume, the world’s most omnipresent payments network may be losing its edge to a rival that’s, quite literally, everywhere in India

Unified Payments Interface (UPI) is now within striking distance of overtaking Visa in daily transaction volumes, potentially becoming the largest retail interbank settlement system in the world.

• On June 1, UPI recorded 644 million transactions

• On June 2, it hit 650 million

• Visa, by comparison, processed about 639 million transactions a day in FY24 

In May, UPI averaged 602 million transactions per day, and with its current 5–7% monthly growth, it may surpass Visa in just a couple of months. While Visa grows at 10% annually, UPI surged 40% last year.

What makes this feat even more striking is that UPI operates on a real-time payment model, where money is settled instantly.

• In contrast, Visa, Mastercard, and most card-based networks operate on deferred settlement, where funds reach the recipient later the same day or the next day

India accounts for a staggering 48.5% of real-time payment transactions globally, thanks to UPI.

• While China processes more daily retail transactions, it primarily uses a wallet-based model, which lacks interoperability

And if you are wondering, Mastercard clocks in at a much lower 450 million transactions daily, putting UPI well ahead of the card player, too. 

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Picture credit: DALL-E

When ad campaigns auto-run but IPO plans don’t, Zepto’s got a balancing act.

Zepto’s public debut is stuck in traffic, pushing the IPO ride to calendar year 2026.

• Once slated for 2025, the quick commerce unicorn has hit the brakes on its IPO plans to reduce cash burn and boost profits, we were told.

Draft filings might still come knocking, but the public party is definitely off this year’s calendar.

• Investors want profit, not just promises. And Zepto’s busy cooking that recipe amid fierce competition

The IPO pit crew is gearing up with fresh faces and fatter fundraising goals.

• JM Financial and Motilal Oswal hopped on board as bankers to the IPO, joining Goldman Sachs, Morgan Stanley, and Axis Capital 

Zepto’s fundraising target too got a glow-up, now aiming for a cool $800 million, nearly double its last ask.

• Meanwhile, behind closed doors, Zepto has secured term sheets from Avenir and General Catalyst for a potential $700 million fundraise to fuel the growth race, sources said

The quick commerce firm has also flipped the switch on auto-ads, and sellers are left wondering who’s really steering the spend.

• No ads? No problem. Zepto rolled out campaigns unannounced, draining wallets like an unsolicited subscription

Want out? Better call your account manager. But beware, opting out might dim your brand’s spotlight.

• Still, ads are Zepto’s golden goose: CEO Aadit Palicha boasts a jump from $40 million to $200 million ARR in just one year

With its IPO on hold and ad spends on autopilot, Zepto’s quick commerce sprint is hitting some speed bumps.

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Picture credit: DALL-E

From trading to tailoring—OfBusiness’ manufacturing play just got sharper.

IPO-bound OfBusiness is in advanced talks to acquire a stake in Bengaluru-based Indian Designs Exports Pvt. Ltd (IDEPL), a three-decade-old apparel and home textile exporter with clients like Zara, IKEA, and H&M.

• The deal, still under wraps, is likely to involve a mix of cash and share swap, sources say

• It will mark OfBusiness’s fifth acquisition in four years, as part of its shift from commodity trading to value-added manufacturing

This isn’t OfBusiness’ first move in the apparel world but it may be the biggest.

• Apparel currently makes up about 10% of OfBusiness’ revenue, and this deal could give it more muscle to grow globally

OfBusiness made its name as a B2B raw material aggregator. But that model, especially in volatile sectors like steel and chemicals, offered thin and unstable margins.

• To hedge that risk, it’s been quietly evolving into a manufacturing-first business, acquiring plants and setting up private labels

• Previous deals include Elixir Extracts (spice oleoresins), Koeleman India (gherkin processing), Alpine Shoes (footwear), and SMW Ispat (steel)

Its peers, like Infra.Market, are also taking a similar route, buying manufacturing units and pushing private label play as IPO plans take shape.

Indian Designs brings with it an order book of Rs 253 crore, 25 international retail clients, and 12 production units across India and Bangladesh. 

• It clocked Rs 1,246 crore in FY24 revenue, with a strong 9.85% EBITDA margin. Exports made up 94% of its topline

For OfBusiness, FY25 ended with Rs 20,000 crore in commerce revenue (excluding Oxyzo), 2.5% operating margins, Rs 1,641 crore in cash and investments.

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Picture credit: DALL-E

• Meta is accelerating its AI push, with a goal to let brands generate full advertising campaigns entirely through artificial intelligence by late 2025.

• Canadian AI startup Cohere is looking to raise over $500 million in funding at a valuation above $5.5 billion, as it looks to keep pace with rivals like OpenAI, Google, and Anthropic in the race to develop advanced AI models.

Remember that chaotic week in November 2023 when OpenAI CEO Sam Altman was suddenly fired, only to return five days later like a Silicon Valley soap opera? 

• Well, Hollywood is turning that real-life drama into a movie called Artificial. 

Amazon MGM Studios is producing it, with Luca Guadagnino may direct, and Andrew Garfield is reportedly in talks to play Altman. 

• Also in the mix: Monica Barbaro as Mira Murati and Yura Borisov as Ilya Sutskever. 

Find out more

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