Pine Labs, Meesho eye D-Street address; Rapido’s food delivery outlook
Pine Labs plans to file its draft prospectus for its IPO by the end of June, while Meesho is likely to follow suit shortly after. This and more in today’s ETtech Top 5.
Also in the letter:
■ Scale AI investors’ payday
■ Google offers voluntary exit
■ Liquid Glass meltdown
Pine Labs is preparing to file its draft IPO papers with Sebi by the end of June, according to people familiar with the matter, as the fintech firm targets a public listing later this year.
Why it matters: The move places Pine Labs among the growing cohort of Indian fintech players heading for the public markets in 2025, alongside Groww and PhonePe. The planned offering follows its recent shift of domicile back to India.
The details:
Founding history: Pine Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay. Originally a loyalty and card-based payments solution, the company pivoted in the late 2000s to focus on merchant payments.
Adding context: Pine Labs had confidentially filed for a US IPO in 2022, aiming to raise $500 million. However, it deferred the plan due to market volatility.
Between the lines: Backed by Peak XV Partners, Alpha Wave, Mastercard, PayPal, and Vitruvian Partners, the company has steadily expanded into online payments, buy now, pay later (BNPL), account aggregation, and gift cards. It has used acquisitions such as Fave, Setu, Mosambee, and Qwikcilver to fuel this expansion.
Meanwhile, Meesho is planning to confidentially file for its IPO in the next few weeks, according to a Bloomberg report. The SoftBank-backed etailer is looking to raise $700–800 million from the public offering.
The company converted into a ‘public limited’ entity from a ‘private limited’ one, ET had reported on June 10. It is in the process of redomiciling to India from the US.
Rapido will face an uphill task in attracting customers as it enters the food delivery space with a commission structure that undercuts larger rivals by half, according to brokerages. However, it may not need to spend heavily on brand building, given the groundwork already laid by incumbents Zomato and Swiggy.
Little impact: Zomato and Swiggy remain deeply entrenched within both the restaurant and customer base, and Rapido poses only a limited threat, Kotak Institutional Equities noted.
As the rollout is currently limited to Bengaluru, Bernstein expects no material impact on overall market share.
Measured response: A rapid food delivery scale-up by Rapido, potentially driven by aggressive discounts, could dent the financials of Zomato and Swiggy. In turn, the incumbents are likely to respond cautiously to protect their margins, said Karan Taurani of Elara Capital.
Zoom out: Zomato and Swiggy currently enjoy take rates that are well above those of their global peers, according to HSBC Research. Kotak expects this metric to remain steady given the sector’s muted growth outlook.
Even so, Rapido and other challengers are unlikely to pose a threat to the incumbents’ take rates.
Read our in-depth coverage of Rapido’s food delivery entry:
Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India’s tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.
The opportunity:
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Mark Zuckerberg-led Meta is finalising a deal to invest $15 billion in Scale AI, in a move that would significantly strengthen its AI talent pool and deliver significant returns for early investors in both companies, according to The Information.
Investors gains:
Tell me more:
Also read: Meta’s Zuckerberg is hiring for new AI team: Report
Google has rolled out a voluntary exit programme (VEP) for employees in the US, as part of its efforts to trim overall headcount. The move involves ‘buyout packages’—severance offers designed to encourage staff to leave on their own terms.
More details: The offer spans multiple divisions, including Knowledge and Information (K&I), which covers search and ads, as well as central engineering, marketing, research, and communications.
Previous round: In January, Google extended a similar offer to employees in its Platforms and Devices division, which includes Android, Pixel, and Chrome. By April, the company laid off hundreds of employees from the same unit. Just last month, Google laid off 200 employees from its global business unit.
Liquid Glass, Apple’s headline act at its 2025 developers’ conference, quickly became the punchline as the iPhone maker skipped over any major AI breakthroughs.
Apple AI, iDud: CFRA Research analyst Angelo Zino called this year’s flagship software event "a dud" on the AI front. Barclays, which hadn’t expected much, still came away “slightly disappointed.”
“This feels like what ChatGPT thinks people want from Apple,” one X user posted.
All the hype: Touted as the biggest visual overhaul in over a decade, the glass-like interface was meant to dazzle. Instead, concerns about readability and accessibility dominated the conversation. One user even compared it to Windows Vista’s translucent interface – and not in a flattering way.
Apple's India vendors produced iPhones worth over Rs 15,000 crore in May, according to two market research firms and industry data. Output dipped slightly from the breakneck pace of the previous two months, yet stayed well above the Rs 10,000–11,000 crore monthly average in 2024.
Looking back: The slight slowdown comes as US President Donald Trump threatened to impose a 25% tariff on devices sold in the US but made overseas.
Also in the letter:
■ Scale AI investors’ payday
■ Google offers voluntary exit
■ Liquid Glass meltdown
Pine Labs gears up for Rs 5,000-6,000 crore IPO
Pine Labs is preparing to file its draft IPO papers with Sebi by the end of June, according to people familiar with the matter, as the fintech firm targets a public listing later this year.
Why it matters: The move places Pine Labs among the growing cohort of Indian fintech players heading for the public markets in 2025, alongside Groww and PhonePe. The planned offering follows its recent shift of domicile back to India.
The details:
- IPO size: Rs 5,000-6,000 crore
- Target valuation: $4–5 billion (flat to last private round)
- Bankers: Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies
- FY24 revenue: Rs 1,743 crore (up around 10% YoY)
- FY24 loss before tax: Rs 339 crore (up around 50% YoY)
Founding history: Pine Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay. Originally a loyalty and card-based payments solution, the company pivoted in the late 2000s to focus on merchant payments.
Adding context: Pine Labs had confidentially filed for a US IPO in 2022, aiming to raise $500 million. However, it deferred the plan due to market volatility.
Between the lines: Backed by Peak XV Partners, Alpha Wave, Mastercard, PayPal, and Vitruvian Partners, the company has steadily expanded into online payments, buy now, pay later (BNPL), account aggregation, and gift cards. It has used acquisitions such as Fave, Setu, Mosambee, and Qwikcilver to fuel this expansion.
Meesho to file draft IPO papers in coming weeks: Report
Meanwhile, Meesho is planning to confidentially file for its IPO in the next few weeks, according to a Bloomberg report. The SoftBank-backed etailer is looking to raise $700–800 million from the public offering.
The company converted into a ‘public limited’ entity from a ‘private limited’ one, ET had reported on June 10. It is in the process of redomiciling to India from the US.
Rapido will need to go all out to battle Zomato, Swiggy in food delivery, say brokerages
Rapido will face an uphill task in attracting customers as it enters the food delivery space with a commission structure that undercuts larger rivals by half, according to brokerages. However, it may not need to spend heavily on brand building, given the groundwork already laid by incumbents Zomato and Swiggy.
Little impact: Zomato and Swiggy remain deeply entrenched within both the restaurant and customer base, and Rapido poses only a limited threat, Kotak Institutional Equities noted.
As the rollout is currently limited to Bengaluru, Bernstein expects no material impact on overall market share.
Measured response: A rapid food delivery scale-up by Rapido, potentially driven by aggressive discounts, could dent the financials of Zomato and Swiggy. In turn, the incumbents are likely to respond cautiously to protect their margins, said Karan Taurani of Elara Capital.
Zoom out: Zomato and Swiggy currently enjoy take rates that are well above those of their global peers, according to HSBC Research. Kotak expects this metric to remain steady given the sector’s muted growth outlook.
Even so, Rapido and other challengers are unlikely to pose a threat to the incumbents’ take rates.
Read our in-depth coverage of Rapido’s food delivery entry:
- Nexus Venture to invest Rs 125 crore in Rapido ahead of food delivery launch
- Rapido in talks to challenge Swiggy and Zomato in food delivery space
- Rapido raises $200 million in funding led by WestBridge; valuation hits $1.1 billion
- Rapido rolls into the unicorn club with $120 million from WestBridge
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Early investors await Meta-Scale deal windfall: Report
Mark Zuckerberg-led Meta is finalising a deal to invest $15 billion in Scale AI, in a move that would significantly strengthen its AI talent pool and deliver significant returns for early investors in both companies, according to The Information.
Investors gains:
- Beneficiaries of the deal include Peter Thiel’s Founders Fund, Tiger Global, and Accel.
- While the agreement is yet to be finalised, Meta is expected to pay $14-15 per share.
- Early backers, including Outlander VC, Y Combinator, and angel investors Greg Brockman and Nat Friedman, had reportedly invested at just 1–3 cents per share, according to Scale AI’s Delaware charter.
Tell me more:
- Meta is set to acquire a 49% stake in Scale. Most of the capital is expected to be used to pay dividends to shareholders, including current and former employees as well as venture investors.
- Once the deal closes, Scale AI’s CEO Alexandr Wang and other employees are likely to join Meta’s workforce.
Also read: Meta’s Zuckerberg is hiring for new AI team: Report
Google offers voluntary exit to US staff, including search and ad teams
Google has rolled out a voluntary exit programme (VEP) for employees in the US, as part of its efforts to trim overall headcount. The move involves ‘buyout packages’—severance offers designed to encourage staff to leave on their own terms.
More details: The offer spans multiple divisions, including Knowledge and Information (K&I), which covers search and ads, as well as central engineering, marketing, research, and communications.
- In a memo, K&I head Nick Fox stated the VEP is intended for employees who are no longer “energised” by their work or are struggling to meet expectations.
- Separately, some teams have asked employees living within 50 miles of a Google office to return to a hybrid work schedule.
Previous round: In January, Google extended a similar offer to employees in its Platforms and Devices division, which includes Android, Pixel, and Chrome. By April, the company laid off hundreds of employees from the same unit. Just last month, Google laid off 200 employees from its global business unit.
Liquid Glass meltdown as memes roast Apple for AI flops, stale tech
Liquid Glass, Apple’s headline act at its 2025 developers’ conference, quickly became the punchline as the iPhone maker skipped over any major AI breakthroughs.
Apple AI, iDud: CFRA Research analyst Angelo Zino called this year’s flagship software event "a dud" on the AI front. Barclays, which hadn’t expected much, still came away “slightly disappointed.”
“This feels like what ChatGPT thinks people want from Apple,” one X user posted.
All the hype: Touted as the biggest visual overhaul in over a decade, the glass-like interface was meant to dazzle. Instead, concerns about readability and accessibility dominated the conversation. One user even compared it to Windows Vista’s translucent interface – and not in a flattering way.
iPhone production slows but steadies in May at Rs 15,000 crore
Apple's India vendors produced iPhones worth over Rs 15,000 crore in May, according to two market research firms and industry data. Output dipped slightly from the breakneck pace of the previous two months, yet stayed well above the Rs 10,000–11,000 crore monthly average in 2024.
Looking back: The slight slowdown comes as US President Donald Trump threatened to impose a 25% tariff on devices sold in the US but made overseas.
