Riding on a surge in online orders in smaller cities and towns, India is likely to see its quick commerce (QC) total addressable market (TAM) reach $57 billion by 2030, according to a new report. Morgan Stanley has updated its forecast from earlier $42 billion, as quick commerce adoption rises across the country.

The global brokerage has also raised its gross order value (GOV) estimates for the quick commerce segment in India by 9-11 per cent for FY26–28. It also identified key catalysts for the sector in the coming quarters, including sustained growth in quick commerce GOV, continued improvement in food delivery margins, and a stable competitive environment.

Quick commerce operators, including Blinkit, Instamart, Zepto and Flipkart Minutes continue to expand. Eternal’s (earlier Zomato) quick commerce business is “primed for growth” with a profitability profile over the medium term that is expected to mirror its food delivery operations, said the report. By holding leadership positions in both food delivery and quick commerce, Eternal is uniquely positioned to dominate a growing profit pool, the brokerage noted.

According to a recent KPMG Private Enterprise’s Venture Pulse, global VC investment rose from $349.4 billion across 43,320 deals in 2023 to $368.3 billion across 35,684 deals in 2024, as quick-commerce remains a hot sector of investments in India this year. E-commerce and quick commerce have grown 2–3 times faster in value than traditional and modern trade channels, diminishing the need for an extensive traditional trade network to enter the market.

Digital payments are also gaining popularity, with 45 per cent of Internet users adopting them for transactions, said a Bain & Company report in April. According to the RBI, “Private final consumption is the brightening spot in the economy, driven by e-commerce and q-commerce among which it is important to foster competition rather than being restrictive”.

–IANS

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Aadit Palicha, the CEO and Co-founder of quick delivery platform Zepto, has alleged that the chief financial officer (CFO) of a rival company is running a smear campaign against them over the past few days.

In a LinkedIn post, Palicha said the spam campaign includes “calling our investors to make wild allegations about us with no empirical evidence, giving out false numbers/Excel sheets on Zepto through sources known to journalists, and paying bots on social media to spread a negative narrative”. He, however, did not reveal the name of the rival firm.

In the quick commerce space, Zepto competes with Blinkit (owned by Eternal which was earlier Zomato), Swiggy Instamart, Flipkart Minutes and Tata BigBasket, among others. “Candidly, this episode is below the stature expected of the CFO of a high-quality company, and makes it obvious that they are starting to get nervous about how fast Zepto’s EBITDA is improving,” said Palicha.

He further stated that Zepto has grown from approximately 750 crore of gross order value (GOV) per month in May 2024 to 2,400 crores of GOV per month in May 2025. “Our definition of GOV has Fruits and Vegetables at selling price and includes Ad Revenue. Our EBITDA has improved by 20 absolute percentage points (2,000 basis points) from January 2025 to May 2025, and is approaching single-digit territory. Our cash burn is down approximately 65 per cent over that same period,” said Zepto CEO. Palicha said they expects to have the vast majority of their dark stores fully EBITDA positive (including backend supply chain costs, customer support, last mile and all fixed/variable dark store costs) by next quarter.

“As of the beginning of this quarter, we have approximately 7,445 crores of Net Cash in the bank (fully reconciled to bank statements). With our current cash burn trajectory, we have many years of runway,” he mentioned. He then hoped that “this CFO in question stops this activity”. “I’m okay with healthy/aggressive competitive talk, but lies are not acceptable. Frankly, these calls from you are only making it clearer to the investor community that we are a strong competitor. It’s best for all of us to simply focus on execution,” Palicha added.

—IANS

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Bengaluru-based aerospace startup, Sarla Aviation is preparing to launch electric air taxi services in three major cities in India. Starting with Bengaluru in 2028, the start up is planning to expand the services to Mumbai and Delhi. CEO and co-founder Adrian Schmidt, announced this at Startup Mahakumbh 2025. This ambitious initiative aligns with India’s broader vision of innovation and sustainable development under PM Narendra Modi’s leadership and the Viksit Bharat 2047 framework.

According to a report by India Today, Sarla Aviation will commence its air taxi operations in Bengaluru by 2028. “The air taxi services are expected to commence in Bengaluru by 2028, and then gradually roll out into other metros,” India Today quoted Schmidt as saying. The company has set a bold target to expand its services to “every corner” of India within five years of the initial launch, a goal that resonates with the government’s push for innovation-driven growth in the aviation sector.

Sarla Aviation’s air taxi, named Shunya, is designed to carry six passengers with a total load capacity of 680 kg. The electric aircraft can achieve speeds of up to 250 km/h and has a maximum range of 160 km, initially focusing on short urban routes of 25–30 km to alleviate traffic congestion and reduce pollution. “Shunya is more than a technological achievement; it embodies our vision to redefine urban mobility in India. By addressing challenges like traffic congestion and pollution, we aim to unlock India’s economic potential while paving the way for a cleaner and more connected future,” Schmidt told The New Indian Express (TNIE) during the unveiling of the Shunya prototype at the Bharat Mobility Global Expo earlier this year.

This pioneering project has been significantly enabled by India’s startup ecosystem, which has flourished under PM Modi’s policies. As highlighted in a 2023 Independence Day address, Modi noted that government initiatives have propelled India to become the world’s third-largest startup ecosystem, with nearly 98,120 entities qualifying for benefits under the Startup India scheme. “Our policies are giving more power to youth strength. Their strength has helped India become the third largest startup ecosystem in the world,” Modi stated, according to Times of India.

“From 20 employees in January, Sarla Aviation has expanded its team to 47 people, and by the end of the year, the company aims to have around 80-120 employees,” India Today reported, citing Schmidt. This growth has been supported by a $10 million Series A funding round led by prominent investors, including Accel, Flipkart’s Binny Bansal, Nikhil Kamath, and Swiggy’s Sriharsha Majety, reflecting the confidence that India’s startup ecosystem inspires.

“We tirelessly refine Shunya’s design to enhance safety and reduce costs, ensuring flying taxis become a viable mode of mass transportation,” TNIE quoted the company as stating on its official website. Sarla also plans to price its services competitively, matching the cost of premium taxi services, and will offer a free air ambulance service to address urgent medical needs in urban areas, aligning with the government’s emphasis on accessible and impactful innovation.

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Ahmedabad witnessed a landmark moment for Indian golf with the launch of the Adani-PGTI Golf Training Academy at the Belvedere Golf & Country Club. The initiative, a joint venture between the Adani Group and the Professional Golf Tour of India (PGTI), aims to elevate golf’s presence in India and cultivate a new generation of global champions.

Adding to the excitement, the Adani Group also announced its entry into Indian professional golf with the launch of the ‘Adani Invitational Golf Championship 2025′. Cricket legend Kapil Dev, who attended the launch event, lauded the Adani Group’s commitment to promoting golf and other sports in India. In his address, he emphasised the importance of corporate support in nurturing sporting talent and broadening the accessibility of non-cricketing disciplines.

“Most of the time, we see focus on cricket, but it makes me very happy that you are giving time to other sports like golf. Every tournament is a boost to the game,” Kapil Dev said. “Tournaments bring in good people, attract top companies, and that’s what we need to grow the sport.” Drawing a parallel with cricket, Kapil Dev highlighted how academies play a crucial role in shaping future stars. “Why do we go to good schools and colleges? Because they produce top students. The same applies to sports. If there are quality academies in every city, we will create good golfers just like we have produced great cricketers.”

The Adani-PGTI Golf Training Academy aims to provide world-class infrastructure and coaching to aspiring golfers, offering them a platform to develop their skills at a professional level. With training facilities in Ahmedabad, the initiative seeks to make golf more accessible and nurture young talents across the country. Kapil Dev also stressed the importance of hosting large-scale tournaments and grassroots events to encourage young players. “If there are more tournaments for children, parents will feel motivated to push them towards the sport. That’s the future – creating opportunities through well-equipped ranges and practice grounds,” he added.

–IANS

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Billionaire Elon Musk has announced his artificial intelligence company, xAI, has acquired social media platform X for an all-stock transaction of $33 billion.

The combination, which “values xAI at $80 billion and X at $33 billion ($45B less $12B debt),” will “unlock the immense potential”

It will blend “xAI’s advanced AI capability and expertise with X’s massive reach”. X has more than 600 million active users.

Musk had in 2022, bought X — originally Twitter — for $44 billion. In the last two years, the platform “has been transformed into one of the most efficient companies in the world, positioning it to deliver scalable future growth”.

On the other hand, xAI, founded by Musk in March 2023, has rapidly become one of the leading AI labs in the world. It builds models and data centers at unprecedented speed and scale, said Musk, who also leads Tesla and SpaceX and serves as an adviser to President Donald Trump.

“Today, we officially take the step to combine the data, models, compute, distribution, and talent,” said Musk. He said the future if both xAI and X’s “are intertwined”, and “will deliver smarter, more meaningful experiences. The combination “will allow us to build a platform that doesn’t just reflect the world but actively accelerates human progress”.

Calling it “just the beginning”, Musk also lauded the “hardcore dedication” of the people in both companies. Meanwhile, Linda Yaccarino, X’s chief executive, wrote on X: “The future could not be brighter.”

Since Musk’s acquisition of Twitter in 2022, he made several changes to the company, including scrapping a free verified programme, introducing a paid membership and even changing the company’s name to X. However, X’s financial outlook has not seen much growth.

According to Fidelity, one of the investors that participated in Musk’s acquisition, X’s valuation plummeted to $12 billion in December, the New York Times reported. In contrast, xAI has grown rapidly. The AI start-up raised $6 billion from investors in December, valuing it at $35 billion to $40 billion, up from $24 billion in May.

–IANS

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Gautam Adani, Chairman of the Adani Group, on Thursday hailed the courage of a wheelchair-bound employee who attempted adventure sport bungee jumping in Rishikesh.

Bungee jumping is an adventure sport where a person jumps from a great height while tied to a large rope. The Adani Group Chairman lauded Kay Mehta’s willpower for indulging in the sport while in a wheelchair.

He called Mehta an inspiration for millions of people with and without disability. “Most people do it for the thrill. Kay Mehta, our own Adanian, did it to make a statement,” Gautam Adani, shared in a post on social media platform X. “From the heights of Rishikesh, strapped in his wheelchair, Kay took a leap that told the world: no odds, no fear, can stop willpower. Kay, you don’t just inspire us – you redefine what it means to be an Adanian. Hum Karke Dikhate Hain #HKKDH,” the Adani Group Chairman said.

Notably, ‘Hum Karke Dikhate Hain’ is a media campaign launched by the Adani Group in May 2023. Developed by Ogilvy India, the campaign is called ‘Hum mushkilo ki nahi sunte, karke dikhate hai’ (Undeterred by challenges, we deliver on our commitments). It highlights the Adani Group’s “resilience, tenacity, and relentless pursuit of overcoming obstacles to build world-class infrastructure, both in India and abroad”, as per the company.

The latest in the campaign series is the narrative-driven film ‘Journey of Dreams’, which was released early in March. Highlighting the transformative power of Adani Ports and SEZ Limited, the film pays tribute to the indomitable spirit of ‘Hum Karke Dikhate Hain’ of today’s India and Indians, showcasing unwavering determination.

The film emphasises how Adani Ports enables businesses, both large and small, to thrive by providing seamless connectivity and world-class facilities, according to the company. In December last year, the company’s advertisement on wind turbines and renewable energy took the internet by storm. The 1.30-minute video, with the tagline ‘Pehle Pankha Aayega, Phir Bijli Aayegi’, takes the viewers by surprise and also goes on to illustrate how clean energy can light up lives, without polluting the environment.

–IANS

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The Adani Group’s defence company, Adani Defence and Aerospace, on Thursday, released the short film “Hifaazat Ki Hifaazat Mein” as a tribute to the country’s soldiers.

The film begins with a mother and child, symbolising the need for one’s own hands and eyes for protection, highlights how a mother protects her child, just as soldiers protect the nation, and goes on to emphasise India’s progress towards self-reliance in defence manufacturing. It conveys that this advancement is meant to ensure peace and security.

It then explains how this philosophy has led to the strengthening of India’s defence sector, blending new learnings with experience. The film describes this protection as essential for peace, just like the embrace of a mother. The message of self-reliance is also a key theme in the film, stating that what India builds is truly its own.

Sharing the film on social media platform X, Adani Defence and Aerospace wrote that innovation is driven by curiosity, experience, and courage. The company emphasised its commitment to equipping soldiers with advanced technology, as protecting those who safeguard the nation is its promise. Jeet Adani, Director at Adani Airports Holdings Limited (AAHL), also shared the film on X, stating that there is no greater duty than protecting those who protect the nation.

He added that “Hifaazat Ki Hifaazat Mein” is a tribute to India’s defenders and reflects the collective commitment to a strong and secure nation. “There’s no greater duty than protecting those who protect us. #HifaazatKiHifaazatMein is our tribute to India’s defenders, reinforcing our shared commitment to a stronger, secure nation,” he said.

Earlier, during a visit to the Adani Defence and Aerospace plant in Kanpur, Adani Group Chairman Gautam Adani had stated that his company aims to push new boundaries to contribute to a stronger and self-reliant India. Adani Defence and Aerospace is among the leading companies in the country’s defence and aerospace manufacturing sector. The company is dedicated to making India a global hub for defence production.

–IANS

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More than half of the equity mutual funds in India managed to beat their respective benchmarks in February, a report said on Wednesday. According to the report by PL Wealth Management, the wealth management arm of PL Capital, 54.08 per cent of the 294 open-ended equity diversified funds analysed performed better than their benchmarks during the month.

In total, 159 funds recorded outperformance as of February 28, 2025. Among different categories, small-cap funds emerged as the best performers. Nearly 79.31 per cent of small-cap schemes outperformed the Nifty Smallcap 250 benchmark, making them the top category in February. Focused funds also showed strong performance, with 67.86 per cent of them beating their benchmark, the report said. Large and mid-cap funds followed closely, with 65.63 per cent of schemes delivering higher returns than the Nifty LargeMidcap 250 benchmark.

On the other hand, large-cap funds were the least performing category, with only 21.88 per cent of the funds outperforming the Nifty 50 benchmark. Other fund categories such as flexi-cap, mid-cap, and equity-linked savings schemes (ELSS) also delivered mixed results, with outperformance rates ranging between 44 per cent and 58 per cent. The report suggests that small-cap and focused funds continue to attract interest due to their strong growth potential, while large-cap funds have struggled to keep pace with their benchmarks.

The total assets under management (AUM) in February this year stood at Rs 23,12,570.67 crore. The strong performance of several equity mutual funds indicates that fund managers have been able to generate higher returns for investors in a volatile market, the report concluded. Meanwhile, in January this year, over 26 per cent of equity mutual funds in the country outperformed their respective benchmarks, the4 another the report by PL Wealth Management said. The report, based on analysis of 291 open-ended equity diversified funds, found that 76 mutual fund schemes managed to deliver better returns than their respective indices during January.

–IANS

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In a special engagement ahead of International Women’s Day, the Adani Group welcomed a delegation of women ambassadors from nine nations to the conglomerate’s projects in Khavda and Mundra, both in Gujarat, where they witnessed India’s strides in clean energy, infrastructure and industrial development.

The delegation first visited Khavda, a remote site in western India’s arid Kutch district, where Adani Green Energy, the largest renewables company in India, is developing the world’s largest clean energy plant.

Spanning an area five times the size of Paris, the 30 GW solar and wind energy project will play a critical anchor role in meeting India’s rising energy demands with clean, affordable and reliable power.

The ambassadors saw firsthand how the renewables project is integrating cutting-edge technology with sustainable development, including the Energy Network Operations Centre (ENOC) overseen by women engineers.

At Mundra Port, India’s largest commercial port handling nearly 11 per cent of the country’s maritime cargo and 33 per cent of its container traffic, the women ambassadors explored the Electronics Manufacturing Cluster (EMC) in the Mundra Special Economic Zone (SEZ), where global players are investing in advanced manufacturing. They also visited Adani’s state-of-the-art solar manufacturing plant, a key project in India’s push for self-reliance in renewable energy.

Across these facilities, the ambassadors met women professionals and engineers contributing to India’s industrial, economic and energy transformation, underlining the growing role of women in shaping the country’s future. The delegation comprised: * Ina Krisnamurthi – Ambassador of Indonesia to India * Diana Mickeviciene – Ambassador of Lithuania to India * Ana Taban – Ambassador of Moldova to India * Sena Latif – Ambassador of Romania to India, Nepal and Bangladesh * Lalatiana Accouche – High Commissioner of the Republic of Seychelles to India * Lebohang Valentine Mochaba – High Commissioner of Lesotho to India * Marje Luup – Ambassador of Estonia to India * Mateja Vodeb Ghosh – Ambassador of Slovenia to India * Peggy Frantzen – Ambassador of Luxembourg to India

–IANS

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Adani Green Energy Ltd (AGEL) on Monday announced it has refinanced $1.06 billion to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan — achieving another milestone in its capital management journey.

India’s largest renewable energy company successfully refinanced its maiden construction facility with an outstanding amount of $1.06 billion taken in 2021.

The long-term financing raised to refinance its construction facility has a door-to-door tenor of 19 years, with a fully amortised debt structure emulating the underlying asset life, the company said in a statement.

On the back of the strong operational performance track record, the construction facility has been rated AA+/stable by three domestic rating agencies. With this breakthrough, AGEL has successfully completed its capital management programme for the underlying asset portfolio, which involves securing long-term facilities that are perfectly aligned with the cash flow lifecycle of that portfolio.

The framework of this programme provides significant benefits through deep access to diverse pools of capital, securing large sums with long duration.

“This approach not only enhances financial stability but also ensures AGEL’s ability to continue its growth trajectory and deliver sustainable value creation to its stakeholders,” said the company. AGEL currently has an operating renewable portfolio of 12.2 GW, the largest in the country, spread across 12 states.

The company has set a target of achieving 50 GW by 2030, aligned to India’s decarbonisation goals. Last week, the company surpassed a record 12,000 megawatts (MW) operational portfolio with the commissioning of an additional 275 MW solar capacity at the world’s largest renewable energy plant at Khavda in Gujarat.

AGEL is the first renewable energy company in India to reach this landmark. The 12,258.1 MW portfolio consists of 8,347.5 MW solar, 1,651 MW wind and 2,259.6 MW wind-solar hybrid capacity. It has operationalised a cumulative capacity of 2,824.1 MW renewable energy at Khavda in Gujarat so far.

–IANS

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