NRI equity inflow falls; Pi Ventures preps exits

NRI accounts are surging even as stricter compliance and a softer market cool equity inflows. This and more in today’s ETtech Morning Dispatch.

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NRI flows into Indian equities dip as compliance rules bite

Investments by Non-Resident Indians (NRIs) in Indian stock markets are slowing, despite a rise in account openings. While global uncertainties and market performance play a role, stringent Know Your Customer (KYC) rules are a major hurdle. Industry insiders believe easing these regulations, particularly through digitisation and e-notarisation, could significantly boost remittance flows and unlock substantial investment potential from affluent NRIs eager to participate in India's growth story.

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Amazon, Flipkart spark quick commerce price war as Blinkit, Instamart hold the line

India’s quick-commerce market is back in a discounting spiral. Amazon and Flipkart are turning up the heat, but incumbents Blinkit and Swiggy Instamart are largely refusing to dive into the price war as they prioritise profitability, industry executives said.

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Baidu's AI chip unit Kunlunxin targets $50 billion Hong Kong IPO: Report

Investors have been asked to ‌buy chips ⁠with ⁠a value three to seven times the worth of their ​planned subscription in Kunlunxin's initial public offering shares, the report ​said.

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Google limits Meta's use of its Gemini AI models: Report

Google, owned by Alphabet, told Meta ‌around March ⁠it ⁠could not meet the full Gemini capacity the company had sought ​to purchase, the newspaper said, adding that the shortfall disrupted ​and delayed some of Meta's internal AI projects.

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How schools breach children’s data privacy: A snapshot

Schools and other organizations are posting children's photos and achievements online without proper parental consent, potentially violating the DPDP Act. This practice exposes minors to privacy risks, online abuse, and legal issues. While global governments are strengthening child online protections, compliance in India remains inconsistent, leaving many children vulnerable to exploitation and harassment, as highlighted by a recent student's experience.

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SpaceX set to join Nasdaq 100, paving way for wave of passive buying

SpaceX is set to join the Nasdaq 100 index on July 7, a move expected to attract billions in passive investment. This inclusion follows Nasdaq's relaxed entry criteria, making it easier for companies like SpaceX, despite recent losses, to enter major indices. While some see it as a positive sign of demand, others, like Morningstar, express concerns about the stock's valuation. S&P 500, however, maintains stricter entry rules for SpaceX.

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West Asia conflict may delay India's chip projects

India's ambitious semiconductor projects, including Tata Electronics' Dholera fab, face potential delays due to the West Asia conflict. Logistical snags have disrupted the supply of crucial speciality gases, chemicals, and metals, leading to concerns about cost overruns and extended timelines. While some believe disruptions have eased, experts warn of significant pushes to production schedules, impacting both construction and operational phases.

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Living on borrowed AI won’t end well for India, warn experts

India's reliance on foreign-controlled advanced AI models, like Anthropic's, is under scrutiny after a US government directive suspended access. Experts warn this highlights a significant vulnerability, potentially hindering India's ambition to become an AI power. The incident underscores the need for stronger domestic capabilities and strategic infrastructure to avoid being merely an adopter of technologies controlled elsewhere, emphasizing the geopolitical implications of frontier AI.

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Xbox to raise console prices worldwide from August

Groups representing automakers, retailers, electronics firms and others had ‌warned earlier ⁠this ⁠month that the increasing demand for memory chips could lead to ​dramatic price hikes in U.S. consumer goods and disrupt supply chains.

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Binance to suspend crypto services in several EU countries

Binance, the world's largest cryptocurrency exchange by volume, said it had applied for authorisation to operate under the EU's crypto assets regulation MiCA in Greece, but told clients that it has now withdrawn that application and would apply in another EU country.

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Pocket FM winds down microdrama to focus on audio dramas, overseas market

Audio entertainment firm Pocket FM is shutting down its microdrama vertical, Pocket TV, to concentrate on its core audio dramas and international expansion. This strategic shift precedes a potential public listing, as the company prioritizes profitability. While short video dramas are booming in India, Pocket FM is returning to its strengths in audio, where it has established content and monetization.

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AI risks spark 30% surge in India cybersecurity spends as enterprises ramp up defences

Corporate India is witnessing a significant surge in cybersecurity spending, up 30% year-on-year, as businesses race to safeguard data and AI systems. Even traditionally less-invested sectors like manufacturing are digitizing aggressively. This trend, driven by AI's expanding attack surface and increasing regulatory pressure from bodies like CERT-In, is making cybersecurity a crucial, ongoing operational expense for enterprises.

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Mark Zuckerberg directed Meta to create a prediction markets app: NYT

Meta is reportedly developing a new app, codenamed 'Arena,' designed to function like prediction markets such as Polymarket and Kalshi. Initially, it will likely use a points system, with the possibility of real-money wagering later. This move taps into the growing popularity of prediction markets, which have seen significant interest during the U.S. presidential election.

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Chevron signs pact with Microsoft for powering its Texas data centre

Chevron and Microsoft have partnered for a 20-year deal to power a Texas data center. The Kilby facility will supply 2.67 gigawatts using GE Vernova and Solar Turbines technology, mitigating grid impact. This collaboration highlights the immense energy needs for AI development, with Chevron leveraging its natural gas resources to meet this growing demand competitively.

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Dealmaking stays strong as startup M&A momentum carries into 2026

Indian startups are experiencing a surge in M&A exits, particularly in consumer, fintech, and ecommerce sectors, signalling a robust recovery in dealmaking. Major acquisitions by L'Oréal and Marico have been the latest in this trend, with strategic buyers increasingly seeking to integrate new capabilities.

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UnitedHealth’s $3 billion AI push has bots calling doctors

The largest US health insurer plans to invest $3 billion in AI over 2026 and 2027. UnitedHealth executives say they’re seeing a 2-to-1 return, as AI automates cumbersome manual processes and makes workers more efficient. Executives say the technology can reduce friction for patients while lowering costs.

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AI, AI Sir! Indian execs back in the classroom for a fresh chapter

Online education companies such as Coursera, Eruditus, upGrad and Simplilearn are reporting a sharp rise in enrolments over the past year $2 trillion a year over the next five years - with generative AI, agentic AI and AI-led business transformation emerging as the most sought-after areas of learning.

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Trump tells Axios he no longer views Anthropic as national security threat

Senior Anthropic technical staff were scheduled to meet with Trump administration ‌officials earlier ⁠this week ⁠to discuss a dispute over foreign access to its most advanced ​AI models, Fable 5 and Mythos 5. The company last week disabled access ​for all users to those models after Trump ordered Anthropic to block foreign nationals from accessing them.

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Meta AI glasses pilot faces privacy scrutiny

Privacy experts are flagging significant risks with Meta's AI glasses pilot for visually impaired citizens in Gujarat. Concerns centre on potential privacy violations for users and bystanders due to always-on cameras, and challenges under India's data protection law. While the technology promises independence, calls are mounting for stringent safeguards against data misuse and unauthorised access before deployment.

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Architect Labs raises $24 million to take on Broadcom, Marvell custom chip business

The company plans to target chip ​companies to ​help accelerate the design process but also software companies ⁠that could use custom chips to make their ​applications run faster or more efficiently, Architect co-founder Ebrahim ​Hussain said in an interview with Reuters.

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Nobel Prize winner John Jumper quits Google DeepMind after nearly a decade; set to join Anthropic

Nobel laureate John Jumper, a key figure behind the groundbreaking AlphaFold AI, is departing Google DeepMind after nearly nine years. He announced his move to rival AI firm Anthropic on X. Jumper's departure underscores the intense competition for top AI talent as startups like Anthropic vie with tech giants for leading researchers.

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Data centres, AI become IT's next growth bet

India's software services industry is finding new growth in data centers and AI. Companies like HCLTech, TCS, Accenture, and Cognizant are investing heavily in AI platforms and infrastructure. This strategic shift aims to position them as end-to-end partners.

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Amazon in talks to sell custom AI chips in bid to cut Nvidia’s dominance

Amazon is planning to sell its custom artificial intelligence chips to other companies. This move aims to compete with Nvidia's strong hold in the market. Amazon's AI chief confirmed discussions are underway. The company sees a growing demand for AI infrastructure globally. This expansion could significantly impact the AI chip industry.

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PE firms join GCC boom, push portfolio companies to set up captive centres

Private equity-backed firms are increasingly establishing Global Capability Centres (GCCs) in India, moving beyond cost savings to build AI, engineering, and product capabilities. This trend signifies a shift from large corporations to mid-market companies leveraging GCCs as a strategic value-creation tool for portfolio companies.

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W marks the X-spot: European social network takes on Musk

As Europe pushes for more tech sovereignty, social network W believes it has the X- it's European. The most popular social networks in Europe are Meta's Facebook and Instagram with 259 million monthly users, Chinese-owned TikTok with 135.9 million monthly and X with approximately 115.1 million users, according to the EU.

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Amazon Now to launch 100 large fulfilment stores in key markets ahead of Prime Day

Amazon Now is launching 100 large fulfillment centers across major Indian cities, significantly expanding its product assortment beyond daily essentials to include electronics and other everyday items. This strategic move aims to deliver products in 10-20 minutes, bolstering its presence in the rapidly growing quick commerce sector ahead of its Prime Day event.

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Microsoft launches AI agent with pay-as-you-go pricing

Microsoft is changing how it charges for its software for the first time in two decades, moving to bill customers with a pay-as-you-go model each time they use its new AI agent. The turn is a notable one for Microsoft, whose office software has relied for some two decades on fixed, predictable subscription fees.

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Pavel Durov criticises NTA curbs, says Telegram ban punishes 150 million Indian users

Telegram CEO Pavel Durov criticized India's temporary ban on the messaging app, stating it punishes millions of users instead of those leaking exam materials. The restrictions, imposed by the NTA ahead of a re-examination, aim to curb misinformation but Durov argues they are ineffective as leaks simply move to other platforms.

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Snap bets on AR glasses in post-smartphone race

Snap, the parent company of social network Snapchat, on Tuesday launched its Specs augmented reality glasses, a major bet by a struggling company to stake out ground in the post-smartphone era. Unveiled at the Augmented World Expo in Long Beach, California, the Specs are the first standalone augmented reality glasses aimed at the general public, according to the company.

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Talent shortage triggers AI adoption among insurers

A shortage of trained insurance professionals is driving insurers to automate claims processing, underwriting, and customer onboarding. This shift enables companies to handle growing business volumes with greater accuracy and efficiency, rather than replacing existing roles. Technology adoption is enhancing productivity and allowing employees to focus on higher-value client interactions.

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Red Hat sees an opening as Indian enterprises turn to AI sovereignty

Indian businesses are increasingly opting for Red Hat's open-source solutions to gain control over their AI and cloud infrastructure, said Red Hat India and South Asia vice-president Navtez Bal. Driven by concerns over data sovereignty and vendor lock-in, enterprises are moving beyond AI experiments towards production deployments.

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Mag 7? MANGOS? SpaceX forces name rethink on Wall Street's tech-stock moniker

The IPO, the biggest in US history, vaulted SpaceX's value above two Mag 7 members: CEO Elon ‌Musk's other company, Tesla , ⁠and ⁠Meta Platforms. With trillion-dollar contenders such as OpenAI and Anthropic waiting in the IPO wings, the club may soon need a name change, analysts said.

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Project Glasswing melts: US government suspends early access to Anthropic's Fable 5, Mythos 5 within days of rollout

India's brief access to advanced AI models from Anthropic has ended. A US government directive halted local access to Mythos 5 and Fable 5. This development signals a new AI export control regime. Governments now view frontier AI as strategic assets. India's engagement on technology policy faces new challenges.

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US ban on Anthropic's Fable 5 & Mythos 5 to put Indian IT services firms at competitive disadvantage

US restrictions on foreign access to Anthropic's advanced AI models, Mythos and Fable 5, are creating a significant competitive disadvantage for Indian enterprises and IT service providers. This exclusion, particularly from Fable 5's coding capabilities, raises concerns about digital equity and strategic dependency, as Indian data contributed to the models' value.

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DLI-backed chip companies call for government procurement support

Indian semiconductor startups are urging the government for stronger market access and intellectual property protection. They highlight the need for procurement support to foster growth and maintain domestic ownership. Existing schemes have boosted design capabilities, but incentives for electronics makers to adopt Indian chips are lacking. Founders emphasize that capital availability, not just nationalism, drives ownership decisions.

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France’s Mistral in funding talks at about €20 billion valuation

French AI startup Mistral AI is reportedly in talks to raise approximately €3 billion ($3.5 billion) at a valuation of around €20 billion. This significant funding aims to bolster its position in the competitive AI landscape against US and Chinese rivals. The company, founded by former Google and Meta researchers, focuses on providing AI infrastructure for European governments and industries.

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Ather Energy board approves Rs 2,500-crore fundraising plan

Ather Energy's board has greenlit a substantial fundraising plan, aiming to secure up to Rs 2,500 crore. This significant capital infusion will be achieved through a combination of equity and convertible securities, including a Rs 1,500 crore Qualified Institutional Placement and Rs 1,000 crore from various other instruments.

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Elon Musk recalls SpaceX’s journey from mere 10% chance of success to the world’s biggest IPO

Elon Musk revealed that when he founded SpaceX he gave it less than a 10% chance of success. However, the aerospace giant on Friday, debuted on Nasdaq in the largest IPO ever, with its valuation surpassing $2 trillion. This blockbuster listing also propelled Musk to become the world's first trillionaire.

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SpaceX officially confirms Nasdaq listing date

SpaceX is set to make history with the largest initial public offering ever, commencing trading on the Nasdaq exchange on Friday.

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Aum Ventures plans to invest Rs 750 crore in innovative startups in 5 years

VC firm Aum Ventures has launched its second fund, India Innovation Fund II, targeting Rs 750 crore. The fund aims to invest in 25-30 innovative, IP-driven startups over five years, focusing on pre-seed and seed-stage companies. This follows their previous deployment of $30 million across 24 early-stage ventures.

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Anthropic pursues data center leases, seeks financial backing from Google

AI firm Anthropic is planning to lease and manage its own data centers. The company is seeking financial backing from Alphabet's Google for lease payments. Anthropic has signed preliminary agreements for over 1 GW of US data center capacity. Google, a backer, may provide a financial guarantee for lease payments.

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Google to invest $50 million to train over 300,000 workers for construction and technical jobs

Google is investing fifty million dollars to train more than three hundred thousand workers. This initiative targets construction and technical roles like electrical work and plumbing. The funding will support programs across twenty states, partnering with unions and associations. This effort aims to address a growing labor shortage in essential industries. Google's commitment builds on previous global skilling investments.

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Musk's xAI accused of illegally firing engineer who raised safety concerns

Devin Kim, a former engineer at xAI, has launched a lawsuit alleging wrongful termination after he voiced serious concerns about the safety risks associated with the AI chatbot Grok. Kim contends that his proactive warnings put him in the crosshairs of the company, leading to his dismissal.

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US shortens cyber fix window to three days as AI threats rise

Government agencies are racing against a tight three-day deadline to address significant cybersecurity issues. This urgent requirement has been established in light of emerging threats from hackers employing sophisticated artificial intelligence. The Cybersecurity and Infrastructure Security Agency has paved the way for this proactive measure, aiming to bolster the resilience of American network infrastructure.

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SEZ import relief to fast track chip projects

India's semiconductor manufacturing sector is set for a major boost. New rules exempt imports for Special Economic Zones from quality checks. This will speed up the setup of chip fabrication plants and assembly units. Companies can now import necessary equipment and materials without delays. Compliance with Indian standards will only be required when products enter the domestic market.

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Zepto Q4FY26 revenue up 75% at Rs 7,498 crore, narrows loss to Rs 1,538 crore

Quick commerce firm Zepto reported a 75% revenue surge to Rs 7,498 crore in Q4 FY26, while narrowing its loss to Rs 1,539 crore. The company filed for a $1 billion IPO, aiming to test public market appetite for standalone quick commerce players. Zepto's performance is being closely watched against rivals Blinkit and Swiggy Instamart.

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Zepto files updated DRHP for $1 billion IPO

Quick commerce firm Zepto has filed its updated draft prospectus for a significant $1 billion IPO with Indian regulators. The offering includes a substantial fresh issue and a component for existing investors. This move brings the five-year-old company closer to one of the year's most anticipated new-age stock market debuts, following earlier confidential filings and regulatory approval.

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Z47 managing director Tarun Davda to exit firm amid string of top-level departures at VC funds

Tarun Davda, a key figure at Z47 for ten years, plans to exit the venture capital firm by year-end. Sources told us that Davda is exploring launching his own fund or returning to entrepreneurship. This departure follows other senior exits at Z47 and mirrors broader churn in India's venture capital sector.

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Here to win quick commerce, will become market leader in near-term: Samir Kumar, Amazon India chief

Amazon is planning to aggressively expand its 10-minute delivery service, Amazon Now, aiming for market leadership despite moderating quick commerce growth. The ecommerce giant plans to launch in over 100 cities with 1,000 dark stores, emphasising customer experience, wide selection, and speed to compete with rivals like Blinkit and Zepto.

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OpenAI plans ChatGPT 'superapp' overhaul ahead of listing, FT reports

The ​changes ​are part ⁠of a broader reorganisation at ​OpenAI, as it shifts ​resources to target lucrative enterprise clients and intensify competition ‌with rival Anthropic, the report said, ​citing ​more ⁠than a dozen current and former employees.

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Rupee slide pushes overseas students back to lenders for top-up loans

A significant rupee depreciation has forced Indian students studying abroad to seek top-up loans from lenders, as initial loan amounts fall short of rising tuition and living expenses. This has led to a nearly threefold increase in demand for additional funding, with students requiring Rs 1-6 lakh more.

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White House AI policy adviser Krishnan to leave position: Report

Sriram Krishnan, a White House AI policy adviser, is set to depart his role by June's end. He is reportedly considering establishing a new policy institution. This venture aims to bolster the Trump administration's future AI initiatives. The institution is expected to be staffed by engineers. This move signals a significant shift in AI policy focus.

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Donald Trump says his team will 'look into' US taking stake in AI companies

Digital news outlet NOTUS reported on Thursday that senior U.S. ​officials held preliminary discussions with AI companies about the potential for the government to buy ​some shares in their firms.

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IT secretary signals stricter government controls for AI, biometric devices

India is prioritising strategic autonomy and control over AI and biometric hardware, following global trends. Concerns over trusted sources for IoT devices and potential espionage are driving this focus. Mandates for CCTV and telecom equipment highlight the government's commitment to securing digital public infrastructure.

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Meta weighs big equity raising to finance AI infrastructure: FT

Meta ​is ​considering raising tens of ‌billions ⁠of ⁠dollars ​in a stock ​offering as ​it ⁠seeks new ‌sources ​of ​capital ⁠to fund the ​company's AI ​ambitions, according to a report by the Financial ‌Times.

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NASA reverses evacuation alert order for astronauts aboard space station

Five astronauts on the International Space Station prepared for evacuation Friday due to a worsening air leak. Russian experts worked to seal two leaks, with one already fixed. The situation escalated from a minor leak to a more significant one. NASA and Roscosmos are collaborating on a solution. This incident highlights the ongoing challenges of maintaining the orbital laboratory.

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RBI clears Myntra's FEMA violations after penalty payment; ED closes investigation

The Reserve Bank of India has closed an Enforcement Directorate investigation into Myntra Designs Private Limited. This action follows the RBI compounding certain Foreign Exchange Management Act violations. The company faced allegations of delays in submitting overseas investment reports and undertaking commitments before compliance. The RBI imposed a one-time monetary penalty, resolving the matter and concluding the probe.

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FirstClub raises $55 million from Peak XV, Sofina; valuation doubles to $255 million

Quality-focused grocery delivery startup FirstClub has secured $55 million in a Series B funding round led by Peak XV Partners and Sofina, valuing the company at $255 million. The capital will fuel expansion into new cities, enhance supply chain and technology, and broaden product categories.

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Applied Aerospace & Defense valued at $3.5 billion as shares rise in NYSE debut

Applied Aerospace & Defense made its stock market debut on Wednesday. The company's shares opened higher than their offer price. This debut valued the firm at over three billion dollars. It also marks the start of a busy week for new stock listings. Several other companies are also set to go public this week.

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IT firms spend big on acquisitions as AI hits growth

Indian IT firms are buying smaller companies to boost growth. Acquisitions are happening due to AI's impact on pricing and organic growth. Companies are spending billions to gain clients and market share. These deals help IT providers enter new markets and offer expanded services. This strategy aims to counter revenue pressures and vendor consolidation.

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India’s AI edge will come from talent, not compute, says Snowflake CEO

Snowflake CEO Sridhar Ramaswamy believes India's AI advantage lies in its talent and innovation under constraints, not just infrastructure. He advises focusing on engineering prowess and efficient systems, cautioning against solely measuring AI adoption by token usage and emphasizing business outcomes over consumption metrics.

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Japan's MUFG readies $250 million India fund as new investors emerge with bold bets in Indian startup market

Japan's MUFG is launching a significant $250 million fund for Indian startups. This new fund will focus on early and growth-stage companies, especially in fintech. This move comes as other major investors have slowed their activity. MUFG's initiative aims to fill this gap, backing India's digital growth. The fund could expand to $400 million.

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Clean-label food brand Anveshan raises Rs 150 crore led by Vertex Ventures

Clean-label food brand Anveshan has secured Rs 150 crore in a significant funding round. The investment, led by Vertex Ventures, will fuel expansion into new manufacturing units and product categories. Anveshan aims to make high-quality clean food products accessible to a wider consumer base across India.

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