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Published 13 July 2026 · finance

Next TCS CEO on Q1 performance; B Capital on India’s IPO market Want this newsletter delivered to your inbox? Also in the letter TCS sees

Next TCS CEO on Q1 performance; B Capital on India’s IPO market Want this newsletter delivered to your inbox? Also in the letter TCS sees better Q2 show on stressed sectors’ turnaround Background On Q1 On AI deals On headcount VC-backed IPO pricing stabilising in India, likely to ease further: B Capital IPO-ready Tell me more About the fund ETtech Explainer: Why online commerce business models are under scrutiny What are the concerns? The All India Consumer Products Distributors Federation has urged the government to examine whether Amazon and Flipkart’s expansion into quick commerce complies with FDI rules for ecommerce. to examine whether Amazon and Flipkart’s expansion into quick commerce complies with FDI rules for ecommerce.

Zepto’s unconventional corporate structure has also triggered regulatory questions among investors. What do the rules say Under India’s FDI regime, foreign-owned ecommerce companies can run marketplaces, but cannot operate as inventory-owning retailers. Platforms cannot own stock, influence prices or favour specific sellers. Dark store networks used in quick commerce raise questions about who really owns inventory, who sets prices, and how logistics dovetail with marketplace rules. Why it’s resurfacing now Regulators and industry bodies have previously flagged ecommerce over preferential treatment of select sellers, exclusive partnerships, and deep discounting. Food delivery and private-label bets – such as Zomato and Swiggy’s cloud kitchens and in-house brands – have also drawn criticism.

As platforms chase higher-margin categories, competition and tighter control over supply chains, the tension between growth, competition and compliance is resurfacing Also Read ETtech Explainer: Has Swiggy become Indian-owned after a drop in foreign ownership? Private late-stage cheques go big at $86 million average this year Number-wise Total late-stage funding increased to $3.8 billion across 44 rounds in January-June. That’s up from $3 billion across 78 rounds in the second half of 2025, and $3.5 billion across 94 rounds in the first half of 2025, according to Tracxn. The average cheque size jumped from about $37 million in the first half of 2025 and $38 million in the second half, to roughly $86 million in H1 2026.

Where money is going Capital is clustering around AI infrastructure, data centres, clean energy, lending platforms and a handful of scaled consumer platforms. Large deals involved companies such as Cred, Nxtra, Neysa, GreenCell Mobility and KreditBee. Pure consumer internet deals were limited, and many of them included secondary share sales. Also Read Startup seed rounds double as VCs turn more selective Other Top Stories By Our Reporters Polymatech’s listing push VCs double down on India’s AI upstarts Global Picks We Are Reading