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Flipkart offers $50M ESOP buyback to employees ahead of IPO

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Kalyan Krishnamurthy, CEO, Flipkart

Flipkart announced a $50 million employee stock buyback program, offering liquidity to approximately 7,000–7,500 employees as it prepares for a potential IPO.

The Walmart-owned e-commerce giant, last valued at $35 billion, will allow employees to sell up to 5% of the stock options vested over the past three years. In a note to staff, Flipkart Group CEO Kalyan Krishnamurthy stated that all active employees as of July 5 can liquidate up to 5% of their vested options since July 6, 2022. The company has set the buyback price at $174.32 per option, with payouts scheduled for August 2025.

If Flipkart meets the key goals committed to its board by the end of this year, the company may initiate another 5% ESOP buyback early next year, CEO Kalyan Krishnamurthy wrote in his note to employees. Flipkart currently employs around 22,000 people.

The announcement comes just ahead of The Big Billion Days, Flipkart’s flagship annual sale event held in October, which contributes significantly to its yearly revenue.

Flipkart last carried out a major ESOP buyback in 2023, repurchasing stock options worth $700 million from current and former employees—marking the largest ESOP buyback ever by an Indian internet company. That surpassed the $500 million buyback the company conducted when Walmart acquired it in 2018.

Over the last decade, Flipkart has emerged as one of the biggest wealth creators in India’s internet economy, conducting ESOP buybacks totaling $1.5 billion across several tranches in the past six to seven years.

Companies use ESOPs as a key retention strategy, and Flipkart’s latest payout comes amid a wave of senior and mid-level executive departures—many of whom have moved to competing firms, particularly in the fast-growing quick commerce sector.

“Our core businesses are performing well, and quick commerce continues to scale at an unprecedented pace…,” Krishnamurthy wrote to employees.

Flipkart’s quick commerce unit, Minutes, is expected to have 800 dark stores by the end of this year.

“Let’s always remember that in an industry as dynamic and competitive as ours, past successes are a foundation for future achievements. The opportunities in our country are immense,” Krishnamurthy wrote in his letter.

Flipkart is targeting to file for its initial public offering (IPO) next year, marking a key milestone in its growth journey.

Over the past year, several new-age startups have also completed ESOP buybacks as part of their employee wealth creation strategies. These include Darwinbox, a SaaS company; Urban Company, which is also preparing for an IPO; Mygate, a society management platform; Meesho, an e-commerce player; edtech firms Classplus and Adda247; and Even Healthcare, a managed healthcare provider.

Wyndham partners with Cygnett to launch La Quinta and Registry Collection Hotels in India

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Wyndham Hotels & Resorts has ramped up its growth across India and neighboring regions through a new strategic alliance with Cygnett Hotels & Resorts. Wyndham and Cygnett will debut the La Quinta® by Wyndham and Registry Collection Hotels® brands in India through this partnership, aiming to open over 60 new properties across India, Bangladesh, Sri Lanka, and Nepal within the next decade.

Cygnett, a fast-growing Indian hospitality company, becomes the latest collaborator in Wyndham’s ongoing expansion efforts aimed at tapping into India’s booming travel sector. Domestic travel spending reached USD 186 billion last year, and with leisure travel expected to grow by 12% annually, Wyndham has strategically positioned itself to serve this dynamic market—fueled by expanding infrastructure, a rising middle class, and growing demand for both domestic and international tourism.

“This partnership is the next chapter in Wyndham’s Eurasia growth story, with India as a key strategic market that we’ve grown alongside for decades. Cygnett shares our commitment to sustainable, long-term growth while meeting the rising demand from travelers seeking experiences that blend comfort, authenticity, and excellence. We’re introducing elevated stays across the full spectrum, from stylish, quality hotels to distinctive luxury escapes, bringing Wyndham’s world-class brands to even more sought-after destinations across the region,” said Dimitris Manikis, President EMEA, Wyndham Hotels & Resorts.

As part of the strategic alliance, Wyndham and Cygnett have signed an exclusive 10-year development agreement to launch and expand the La Quinta by Wyndham brand across India, Nepal, Sri Lanka, and Bangladesh. The plan includes over 50 hotels, a combination of new builds and conversions, with the first openings expected by the end of 2026. Globally recognized for its warm atmosphere, modern amenities, and strong value proposition, La Quinta caters to both business and leisure travelers in the upper-midscale category and boasts more than 900 properties worldwide.

Simultaneously, the partnership will introduce Registry Collection Hotels to India under a separate, non-exclusive 10-year development agreement covering 10 properties. Cygnett will co-brand these hotels under Anamore, its newly launched luxury 5-star brand, and plans to open the first location as early as 2026. Registry Collection Hotels, already operating in over 30 global destinations, curate boutique and luxury properties to deliver exceptional experiences in stunning locations.

“Teaming up with Wyndham Hotels & Resorts gives us the scale, global recognition, and brand strength to expand rapidly and deliver outstanding value to our owners and guests. We are proud to help grow La Quinta and Registry Collection Hotels, two global brands that perfectly complement our portfolio and align with the rising demand in the region for high-quality hotel and guest experiences. Our extensive regional network and commitment to brand integrity uniquely position us to drive the successful roll-out of these brands across South Asia,” added Sarbendra Sarkar, Founder & Managing Director, Cygnett Hotels & Resorts.

The Wyndham Advantage drives Wyndham’s expansion across the Eurasia region by offering a comprehensive suite of marketing, distribution, and support services that empower hotel owners for long-term success. This includes nearly $350 million in technology investments since 2018, giving partners access to cutting-edge tools such as next-generation property management systems and leveraging the strength of Wyndham Rewards, the brand’s global loyalty program with over 115 million enrolled members.

Wyndham already maintains a robust presence in the region, with a portfolio of more than 70 hotels across India, Nepal, Sri Lanka, and Bangladesh. This includes globally trusted brands such as Ramada® by Wyndham, Howard Johnson® by Wyndham, and Wyndham Garden®, among others.

Blue Tokai expands to UAE in strategic tie-up with Ambrosia Gulf

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Blue Tokai Coffee Roasters has announced a strategic partnership with Ambrosia Gulf, appointing the company as the master franchisee for the GCC region, starting with a flagship launch in the United Arab Emirates.

With a network of over 175 cafés in India and a growing international footprint—including cafés and a roastery in Tokyo—this partnership marks the company’s official debut in the Middle East. Blue Tokai is set to bring its signature farm-to-cup coffee experience to a new and discerning customer base across the Gulf region.

Pulsar Capital, a mid-market investment firm with a broad presence across India, the Middle East, and other emerging markets, backs Ambrosia Foods Group, under which Ambrosia Gulf operates. Pulsar Capital specializes in scaling high-quality businesses by providing hands-on strategic and operational support.

In India, Ambrosia is preparing to launch its first Papa Johns outlet in September 2025. Meanwhile, in the GCC region, Ambrosia Gulf manages the Biryani By Kilo franchise, showcasing its strong operational capabilities and extensive experience in cross-border brand expansion.

“We’re excited to bring Blue Tokai to the UAE and share its incredible coffee story with the region,” said Vish Narain, Executive Chairman of Ambrosia Gulf. “We’re focused on building brands that prioritize quality, authenticity, and customer experience — values that Blue Tokai exemplifies. This partnership aligns perfectly with our vision to thoughtfully grow premium food and beverage offerings across the GCC.”

“It’s an exciting time for Blue Tokai as we grow beyond India into a market that appreciates traceability, craft, and community,” said Matt Chitranjan, Co-Founder and CEO of Blue Tokai. “Ambrosia Gulf brings deep operational insight and a strong local understanding of consumer expectations. We’re confident they are the right partners to build a vibrant network of Blue Tokai cafés across the region.”

“Partnering with a group that already operates leading food brands across India and the GCC gives us confidence as we scale internationally,” added Shivam Shahi, COO of Blue Tokai. “This is not just an expansion — it’s an opportunity to build a thoughtful, regionally aligned presence while staying true to our core values.”

Alongside launching cafés, Blue Tokai and Ambrosia Gulf will introduce Blue Tokai’s FMCG segment in the GCC region. This partnership will make the brand’s complete range of products available across multiple channels—serving not only café customers but also expanding into the HoReCa (Hotels, Restaurants, Cafés) and Direct-to-Consumer (D2C) segments. This move will significantly expand Blue Tokai’s reach and accessibility throughout the Gulf markets.

The coffee brand will open its first café in the UAE in Q4 2025, where it will offer customers its acclaimed single-estate coffees, artisanal brewing techniques, and a signature café experience built on transparency, quality, and craftsmanship.

Shiprocket launches Shunya.ai to enhance fulfillment and delivery intelligence

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E-commerce enablement platform Shiprocket on Friday introduced Shunya.ai, a multimodal AI engine designed specifically for MSMEs and D2C brands.

According to the company’s statement, the AI stack enables multilingual commerce, enhances regional customer experiences, and delivers scalable automation.

“Developed in partnership with Ultrasafe Inc. through a joint venture, Shunya.ai brings together voice, text, and image intelligence in 9-plus Indian languages, built, trained, and hosted entirely within India. The platform is set to reach over 1 lakh MSMEs within the first year, driving time and cost savings across cataloguing, marketing, fulfilment, and customer engagement workflows,” it said.

Shiprocket launched Shunya.ai to tap into India’s $1 trillion MSME economy and the rapidly growing digital commerce market, which analysts project will reach $350 billion by 2030. Moreover, MSMEs currently contribute over 30% to the nation’s Gross Value Added (GVA), underscoring their vital role in the country’s economic landscape.

Shiprocket has trained Shunya.ai on Indian commerce data, hosted it entirely within the country, and specifically designed it to comply with domestic regulations and business requirements.

To handle its AI workloads while ensuring data sovereignty, the engine utilizes Cloudfiniti—Larsen & Toubro’s GPU-powered infrastructure platform.

Integrated directly into Shiprocket’s seller panel, Shunya.ai offers a suite of AI-driven tools, including bilingual product listings, ad creatives, GST-compliant invoice generation, WhatsApp voice-to-order automation, image-to-alt-text SEO optimization, and personalized sales recommendations.

According to the company, early pilots of the large language model (LLM) have demonstrated a 30–40% reduction in time spent on catalog and content creation, significantly accelerating speed-to-market for MSMEs.

“We’ve adapted Shunya.ai from the ground up for Indian languages, commerce workflows, and MSME needs. By embedding it directly into our platform, we’re giving over 1.5 lakh sellers instant access to tools that are intelligent, local, and scalable, levelling the playing field for businesses across Bharat,” Shiprocket MD and CEO Saahil Goel said.

According to a report released on Friday by Shiprocket in collaboration with KPMG, India’s D2C market—currently home to over 11,000 brands—is projected to reach $100 billion by 2025. Analysts expect the e-retail sector to grow significantly, reaching a market size of $125 billion and attracting 220 million online shoppers by the same year.

The report highlights the rapid growth of quick commerce, which is extending its reach to remote regions and unlocking new opportunities for MSMEs. This expansion is enabling small businesses across India to meet increasing consumer demand for instant delivery.

Ascott Limited to launch 120-unit Oakwood Project in Tirupati

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The Ascott Limited has announced the signing of a 120-unit Oakwood-branded property in Tirupati, Andhra Pradesh, through a partnership with KBR Homes India Private Limited.

This new development aims to enhance the city’s hospitality landscape by introducing premium serviced residences to one of India’s most culturally rich and rapidly developing destinations.

The upcoming Oakwood development will be strategically located to cater to both pilgrimage visitors and business travelers, providing a world-class hospitality experience in the heart of Tirupati. The property will offer 120 contemporary units along with a range of amenities, including all-day dining, Oakbar, a swimming pool, and a fully equipped fitness center—designed to accommodate diverse lifestyle and accommodation needs.

KBR Homes India Private Limited, a subsidiary of Bangalore-based KBR Infratech, is developing the project. KBR Infratech brings over three decades of experience in civil infrastructure across commercial, residential, and institutional segments.

Hoshang Garivala, Country General Manager, The Ascott Limited, commented: “Tirupati is a truly unique market, where spirituality meets rising urban growth. We’re excited to introduce Oakwood’s trusted hospitality in this iconic destination through our partnership with KBR Homes. The project will offer guests a premium and comfortable experience, while also supporting the city’s evolving hospitality and business landscape.”

K Baburaju, Managing Director of KBR Infratech, added: “We are proud to join hands with Ascott in bringing the Oakwood brand to Tirupati. With our shared commitment to quality and excellence, this partnership is a natural fit. The property will set new standards in hospitality for the city and reflect the strengths of both our organizations.”

By signing the 120-unit Oakwood project in Tirupati, The Ascott Limited, in partnership with KBR Homes India, aims to redefine the city’s hospitality landscape.

Signature Global confident to meet Rs 12,500 cr pre-sales target in FY26: Chairman Pradeep Aggarwal

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Pradeep Aggarwal, Founder & Chairman, Signature Global

Real estate developer Signature Global remains optimistic about meeting its sales target of ₹12,500 crore for the current fiscal year, despite a 15% decline in bookings during the June quarter, according to a senior company executive.

In FY 2024-25, the Gurugram-based firm ranked as the fifth-largest listed real estate company in terms of sales bookings, recording an all-time high pre-sales of ₹10,290 crore.

The company has projected pre-sales or bookings worth ₹12,500 crore for the ongoing financial year.

“We are confident of achieving the target of Rs 12,500 crore sales bookings in the current fiscal,” Signature Global Chairman Pradeep Kumar Aggarwal said.

He stated that Signature Global has a robust launch pipeline planned in Gurugram for the remainder of the fiscal year.

Aggarwal emphasized that housing demand remains strong, particularly for developers with a proven track record of delivering projects on time.

In the April–June quarter, the company recorded a 15% year-on-year decline in sales bookings, dropping to ₹2,640 crore from ₹3,120 crore in the same period last year. During this quarter, Signature Global sold 778 housing units, compared to 968 units sold in the corresponding period of 2024.

In terms of volume, pre-sales fell by 20% to 16 lakh square feet. However, the company reported an increase in average sales realization, which stood at ₹16,296 per sq ft in the June quarter—significantly higher than the ₹12,457 per sq ft recorded during the entire previous fiscal.

Recently, Signature Global also announced plans to raise ₹875 crore through the issuance of non-convertible debentures (NCDs), aiming to refinance existing debt and support its business expansion initiatives.

Signature Global reported a significant increase in net profit for the last fiscal, reaching ₹101.2 crore—up sharply from ₹16.32 crore in the previous year.

The company’s total income also saw robust growth, rising to ₹2,637.99 crore in FY 2024-25, compared to ₹1,324.55 crore in FY 2023-24.

Since its inception, Signature Global has successfully delivered 13.5 million square feet of residential projects. Additionally, it boasts a strong development pipeline, with approximately 21.6 million square feet of upcoming saleable area and 46.38 million square feet of ongoing projects, which are expected to be completed over the next 2–3 years.

Hangyo Ice Creams expands production across South India amid growing demand

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Pradeep Pai, MD, Hangyo

Hangyo Ice Creams Pvt. Ltd., a leading ice cream brand in South India, is scaling up its operations to cater to rising consumer demand in Karnataka, Kerala, and Goa.

With a daily production capacity of 1.25 lakh litres and an annual turnover of ₹300 crores, the company is actively building on its legacy of innovation, strong regional presence, and strategic growth. As a result, it is steadily solidifying its position in the highly competitive Indian ice cream market.

Hangyo Ice Creams’ impressive growth story traces back to its humble beginnings as a small family-run dairy venture in the late 1980s. Dinesh Pai, now the Executive Chairman, co-founded the company in 1989 under the banner of Srikrishna Milks Pvt. Ltd. Notably, it went on to pioneer Karnataka’s first private-sector dairy, marking a significant milestone in the region’s dairy industry.

Recognizing the need for direct procurement from farmers and localized processing, Hangyo established its first milk plant in Jamkhandi in 1993. This strategic move laid the foundation for expansion into key regions, including North and South Canara, Udupi, and Goa. Additionally, the company established a value-added production unit in Heroor, which further strengthened its regional presence.

A major breakthrough came in 1997 when Dinesh Pai, along with his brother Pradeep Pai, introduced softee ice creams to the Mangalore market after a business trip to Australia. The enthusiastic customer response led to the creation of Hangyo Softees—a regional franchise model that rapidly scaled to over 50 outlets, marking a pivotal step in the brand’s journey.

To address the growing demand for hard ice creams, Hangyo Ice Creams expanded its operations by adding a 1,000-litre production unit at its Heroor facility, followed by two further capacity upgrades. Demonstrating its commitment to innovation and quality, the company established a state-of-the-art greenfield ice cream plant in Kirwatti in 2012. It supports the manufacturing of a diverse range of SKUs, including cups, candy, and novelty ice creams.

Mr. Dinesh Pai, who has played a pivotal role in shaping the company’s growth over the past three decades, continues to lead as Executive Chairman. Over the years, his proactive leadership and future-focused strategies have consistently helped Hangyo Ice Creams stay ahead of shifting consumer preferences. Furthermore, he actively represents the brand at prominent global platforms such as ANUGA in Germany and the World Ice Cream Expo in Italy, thereby bringing international best practices to Indian markets.

Backed by a robust distribution network, steady consumer demand, and a growing product lineup, Hangyo is now focused on expanding its footprint in Tier 2 and Tier 3 cities. The company is also continuing to invest in research & development and strengthening its supply chain for long-term growth.

“Our goal has always been to bring world-class dairy and ice cream products to Indian households, while staying true to our roots and farmer-first philosophy,” said Dinesh Pai. “We are committed to innovation, quality, and sustainable growth as we move into our next phase of expansion.”

OYO and Yatra partner to enhance business travel solutions in India

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Global hospitality tech company OYO has teamed up with online travel platform Yatra to expand its footprint in India’s fast-growing business travel sector. The collaboration will target key cities such as Delhi-NCR, Mumbai, Bengaluru, Chennai, Kolkata, and Ahmedabad, along with other major industrial and transit hubs.

India’s business travel market reached $38.2 billion in 2024, ranking as the 8th largest globally and 4th in the Asia-Pacific region. With this partnership, both companies aim to tap into the increasing demand across emerging metro cities—driven by the expansion of regional offices and ongoing infrastructure improvements.

Commenting on the development, Varun Jain, Chief Operating Officer, OYO, said, “While direct demand continues to be our mainstay, contributing nearly 80 percent of our total business, we are now looking to tap into a niche segment of business travelers who are exploring emerging business hubs. This partnership also opens up opportunities to cater to companies embracing blended travel programs, combining business and leisure, and adopting flexible mobility plans to enhance both cost efficiency and employee productivity.”

For the first time, over 500 company-serviced OYO hotels are now available for booking on Yatra’s platform, with plans to add another 1,000 properties by September. These listings feature hotels from OYO’s mid-premium and premium brands—including SUNDAY, Palette, Clubhouse, Townhouse, Townhouse Oak, and Collection O—designed to provide business travelers with high-quality, standardized stays.

Yatra’s extensive corporate client base, which includes Fortune 500 companies and over 10,000 SMEs, will now gain access to OYO’s flexible booking policies, GST-compliant invoicing, streamlined expense tracking, and dedicated account management.

Earlier this year, OYO launched Oravel Travel Solutions, its dedicated B2B travel division. This new partnership with Yatra is set to further strengthen weekday occupancies and provide dependable stay options for business travelers, especially as the corporate travel sector moves toward full recovery by 2025.

Saas fintech platform Arteria Technologies raises Rs 100-Cr in funding

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Sriram Kanuri, founder and CEO, Arteria Technologies

Arteria Technologies, a supply chain collaboration SaaS fintech platform, has raised ₹100 crore in funding from ICICI Venture, the investment arm of ICICI Bank. The round includes a mix of primary and secondary capital, though the company has not revealed specific details.

The company plans to use the funds to accelerate its growth strategy and expand its artificial intelligence (AI)-powered product offerings. Additionally, Arteria Technologies will invest in strengthening its engineering and product teams.

Founded in 2007 by Parag Sushilkumar Jain and Sriram Kanuri, Arteria provides end-to-end supply chain solutions—both upstream and downstream—for enterprises. Moreover, it serves as a technology partner for lending services in the supply chain finance sector.

“This funding will play a key role in growing our team, entering new markets, and investing in AI-led product innovation,” said founder Kanuri, who is also the CEO of Arteria Technologies. “We use data intelligence to improve supply chain visibility for our enterprise clients,” Kanuri added.

Arteria Technologies currently serves over 100 companies across sectors such as FMCG, automotive, building materials, and manufacturing.

According to data from Tracxn, the company generated $5.38 million in revenue during FY24. As of May 2025, it employed 187 people.

In 2018, Arteria Technologies had raised ₹8.66 crore in a Series A funding round from ICICI Bank and its venture capital arm. Now, with the latest infusion of capital, the company plans to broaden its presence in new geographies. Additionally, it will focus on enhancing its platform to better serve enterprise clients and financing partners.

“Arteria’s tech-focused, data-driven approach to digitising supply chains, combined with its ability to integrate financing solutions from third parties seamlessly, offers a strong value proposition for many companies in India, especially in the MSME sector”, Sharad Malpani, director at ICICI Venture and co-head of IVen Amplifi Fund, said in a statement.

Montra Electric and Green Drive Mobility partner to roll out 50 electric SCVs

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Murugappa Group’s clean mobility brand, Montra Electric, announced on Thursday that it will deploy 50 units of its electric small commercial vehicle, ‘EVIATOR,’ with Green Drive Mobility over the next three months under a new partnership.

As part of this collaboration, Montra Electric will support Green Drive Mobility’s growth across various sectors and use cases. According to the company’s official statement, the initiative aims to promote zero-emission, carbon-free transportation solutions across first-mile, mid-mile, and last-mile delivery operations.

Montra Electric has equipped the EVIATOR with top-tier specifications, robust performance, and advanced software-defined vehicle (SDV) and telematics technology, making it stand out in its class. Its exceptional load-carrying capacity, smart features, and energy-efficient design align seamlessly with Green Drive’s mission to drive zero-emission, carbon-free logistics across India.

Green Drive will roll out the initial batch of 50 vehicles in phases, strengthening its tech-enabled fleet operations that feature real-time monitoring, intelligent route optimization, and AI-driven performance analysis.

“Our partnership with Green Drive represents a pivotal stride in accelerating the adoption of clean mobility solutions across India’s transforming logistics ecosystem,” said TIVOLT Electric Pvt Ltd—small commercial vehicle (SCV) division of Montra Electric—CEO Saju Nair.

The company said it will deploy the initial fleet of 50 vehicles in phases.

“The integration of Montra Electric’s EVIATOR into our fleet is transformative,” Green Drive Mobility Founder & CEO Hari Krishna said.

Krishna further noted that “equipped with advanced telematics, it provides real-time operational insights that will enable us to streamline our fleet performance. Moreover, the reliable charging infrastructure and after-sales support from the Montra Electric team will ensure minimal downtime and operational continuity.”

As India rapidly advances its shift to green mobility, Montra Electric and Green Drive Mobility are set to transform the commercial EV sector. Through their partnership, both companies plan to deliver innovative, sustainable, and high-efficiency transportation solutions tailored to the evolving needs of modern businesses.