India’s Biggest IPO, Groww’s Q2 Profit Run & More

Jio All Set For Its Mega IPO 

Reliance’s digital crown is heading down the Dalal Street. In what could be India’s biggest IPO yet, Jio Platforms has filed its RHP with SEBI for a ₹30,213 Cr listing. So, what does Jio Platforms’ IPO stack look like?

India’s Biggest IPO: Jio Platforms’ public issue, which consists entirely of a fresh issue of 27 Cr equity shares, will open for subscription on October 21 and close on October 23. The digital giant has set a price band of ₹1,065 to ₹1,119 per share for its issue, which will value the company at a nifty ₹10.3 Lakh Cr. 

Who Owns Jio? Reliance Industries holds 66.43% of the company, while big tech giants Meta and Google own 9.98% and 7.73%, respectively. Beyond the captable, Jio Platforms will use ₹27,500 Cr of the IPO proceeds to repay borrowings. The remaining ₹2,713 Cr will support corporate purposes, growth, capex, working capital and marketing.

The Number Game: Jio Platforms is stepping into D-Street with a profitable stack and robust top line growth.

Here is a quick look at Jio Platforms’ Q1 FY27 numbers:

• Operating revenue rose 11.8% YoY to ₹39,173 Cr
• Net profit jumped 9.2% YoY to ₹7,764 Cr
• EBITDA improved 15.1% YoY to ₹20,865 Cr

Jio Mighty Scale: What works for the digital giant’s IPO is its massive subscriber base, nationwide 5G network and strong financial growth. On top of this, Jio’s expansion into AI, data centres and SaaS could unlock new revenue streams for the company, while the debt repayment will lower interest costs and strengthen the balance sheet. The issue’s record size and RIL’s backing could further support demand.

The Valuation Friction: Despite the tailwinds, Jio’s sky-high valuation could face pushback from public investors. With wireless subscriber growth plateauing, future earnings rely heavily on ARPU hikes that could lead to user churn. Additionally, high capex for satcom rollout and infrastructure upgrades could further squeeze margins and cash flows.

With the ball now in investors’ court, here is all about Jio Platforms gearing up for India’s biggest IPO till date…

From The Editor’s Desk

Zetwerk’s Anchor Haul

• Ahead of the commencement of the bidding for its IPO today, the B2B manufacturing startup raised ₹2,251.2 Cr from anchor investors. Zetwerk allotted 14.91 Cr shares to anchor investors at ₹151 apiece, the upper end of its IPO price band.
• Zetwerk’s ₹5,012 Cr public issue comprises a fresh issue worth ₹2,830 Cr and an OFS component of up to 14.45 Cr shares. At the upper end of its ₹143-₹151 IPO price band, the public offering values the company at around ₹25,583 Cr.
• Separately, defence tech startup Tonbo Imaging has also raised ₹255 Cr from 43 anchor investors ahead of the opening of its IPO. It has set a price band of ₹665-₹700 per share for its ₹852 Cr IPO, which consists entirely of an OFS of up to 1.22 Cr shares.

Groww’s Q2 Profit Run

• The investment tech company’s consolidated net profit zoomed 54% YoY to ₹724.7 Cr in Q2 FY27. This came on the back of operating revenue rising 47% YoY to ₹1,501.5 Cr as well as healthy growth in margin trading and commodity derivatives verticals.
• Consolidated EBITDA improved 60% YoY to ₹969 Cr in the quarter ended September 2026. However, expenses continued to bite and rose 28.5% YoY to ₹555.9 Cr in the quarter under review.
• Going forward, the company expects businesses with lower penetration, such as MTF and commodity derivatives, to grow faster and contribute a larger share of its income in the coming quarters.

Scimplify Nets $25 Mn

• The speciality chemical manufacturing startup has raised ₹238 Cr in a strategic funding round led by Hitachi Ventures to expand its R&D and manufacturing capabilities, enter new emerging categories and scale its agentic AI offering. 
• Founded in 2023, Scimplify offers end-to-end sourcing and manufacturing of speciality chemicals. It operates a network of more than 500 manufacturing partners and caters to more than 1,000 clients across 40 countries. It has raised $80 Mn to date.
• Scimplify operates in the broader Indian deeptech sector, which continues to draw investor attention on the back of regulatory push, subsidies, a thriving talent pool and growing demand. The sector raised $290 Mn in Q3 2026, up 176% YoY.

Infotech Acquires Zluri

• The IT advisory firm has acquired the Bengaluru-based SaaS startup for an undisclosed amount. Once the deal materialises, Zluri will operate as a standalone division within Infotech and will retain its product development and core engineering teams.
• Founded in 2020, Zluri helps businesses track and manage all the digital tools their employees use. The startup claims to cater to over 250 enterprise clients globally and has raised more than $32 Mn in funding to date. 
• The deal is in line with an emerging trend of global companies acquiring Indian SaaS startups to expand their capabilities. Homegrown SaaS major Freshworks acquired Torii earlier this week, while Adobe acquired Peak XV-backed Rilo last month.

Traya Eyes ₹300 Cr

• The haircare startup is in talks with Belgian VC giant Verlinvest to raise around $31 Mn. With the talks still in early stages, the proposed round could value the startup at up to ₹3,000 Cr and will include both primary and secondary components.
• The funding talks come amid a sharp uptick in Traya’s top line. The startup is said to be currently clocking an annualised revenue rate of ₹900 Cr to ₹1,000 Cr. It has also been expanding its offline presence and operates more than 20 centres across India.
• Founded in 2019, Traya combines hair assessment, recommendation algorithm and doctor approval to offer personalised hair treatment plans for customers. It reported a net loss of ₹22.5 Cr in FY25 against a revenue of ₹338.4 Cr.

Inc42 Markets

Inc42 Startup Spotlight

How EV91 Is Electrifying India’s Last-Mile Deliveries

India’s delivery economy is growing fast. But gig workers still face fragmented access to EVs, financing, charging, maintenance and fleet support. To solve this, EV91 is building an integrated electric mobility platform that connects riders, EVs and delivery businesses under one roof.

An Electric Ecosystem: Founded in 2023, EV91 initially used to supply electric two-wheelers to delivery workers. It has since expanded into EV subscriptions, fleet management, charging, battery swapping and rider support. With this, it is positioning itself as a full-stack platform for last-mile delivery.

Electrifying Last Mile: The startup’s rider app allows delivery partners to rent EVs, find delivery jobs and access charging and battery-swapping services. For aggregator platforms, the startup offers fleet management solutions and a steady supply of gig workers. EV91 currently operates in Bengaluru, Chennai, Hyderabad, Delhi-NCR and Mumbai. 

Growing Steadily: The startup claims to have completed 10 Lakh orders in FY25, with more than 600 EVs and 1,000+ riders. EV91 is targeting the homegrown last-mile delivery market, which is projected to become a $5.5 Bn economy by 2030. 

As delivery platforms seek cleaner and more reliable logistics, can EV91 build the backbone for India’s last-mile deliveries?

Infographic Of The Day

Microsoft has been a launchpad for some of India’s biggest startups. Many former employees of the big tech giant have turned their tech experience into entrepreneurial bets, building startups across the country’s fast-evolving AI ecosystem. Here is all about it…

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