Urban mobility startup Rapido is adding Accel Leaders Fund as an investor in its ongoing $550-600 million funding round. The company holds a significant market share and is expanding into food delivery.
Quick-commerce platform Blinkit has received a Rs 450 crore capital infusion from its parent company, Eternal, amid intensifying competition in the rapid-delivery sector.
A shortage of LPG cylinders, linked to Middle East supply disruptions, is driving Indian households and restaurants to switch to induction cooktops.
The Indian government is drafting a new smartphone manufacturing incentive scheme to replace the expiring PLI program, with a focus on exports and local component manufacturing to benefit major players like Apple.
Software company Atlassian is planning to lay off 10% of its workforce.
Main Topics: Startup funding (Rapido, Blinkit, Oolka), LPG shortage and shift to induction cooking, government incentives for smartphone manufacturing, tech layoffs.
Rapido's new backer; Blinkit gets funding boost
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Aravind Sanka's Rapido has added a new investor to its ongoing $600 million round. This and more in today's ETtech Top 5.
Also in the letter:
■ Induction cooktops sell out
■ India preps incentives for Apple
■ Latest in tech layoffs
Urban mobility startup Rapido has brought in Accel Leaders Fund, the US-based growth-stage vehicle of Accel, as part of its ongoing $550-600 million financing round, sources told ET.
Details:
Racing ahead: Rapido has emerged as a strong challenger in India’s urban mobility market.
Across vehicle formats, Rapido is estimated to hold around 50% market share on an aggregated basis.
The company is also attempting to extend its playbook into food delivery, where Swiggy and Zomato currently dominate.
Also Read: Rapido FY25 revenue jumps 44% to Rs 934 crore, loss narrows 30% to Rs 258 crore
Albinder Dhindsa-led Eternal has pumped Rs 450 crore in its quick-commerce arm Blinkit, marking its first such infusion this year, according to regulatory filings.
Driving the news: The capital injection comes as competition intensifies in the rapid-delivery segment. In 2025, Eternal invested Rs 2,600 crore into Blinkit: Rs 500 crore in January, Rs 1,500 crore in February, and Rs 500 crore in November.
Rival watch: Key rivals are also strengthening their war chests to stay competitive.
AI-powered fintech startup Oolka is preparing to raise $12 million in a funding round led by Accel, sources said.
Yes, and: The round follows Oolka’s $7 million fundraise in September last year, led by Lightspeed and Z47.
Founded in 2023 by Utkrishta Kumar, the startup offers personalised advice to consumers, helping them manage credit, consolidate debt, and improve their financial profiles.
Aman Sanger, founder, Cursor
AI deals: Funding activity across the AI sector continues at a rapid pace.
The escalating conflict in the Middle East is beginning to affect kitchens in India, as a shortage of liquefied petroleum gas (LPG) cylinders drives households to switch to induction cooktops.
Driving the news:
Tell me more: As we reported earlier this week, online platforms had already begun promoting induction appliances as the LPG shortage intensified.
Setting context: The shortage follows disruptions in LPG supply linked to the West Asia crisis, which have affected shipping routes and fuel availability. Authorities have restricted commercial LPG distribution in several regions to prioritise domestic household supply.
The shortage has already forced restaurants to cut menus and slow operations, while households increasingly turn to electric cooking alternatives.
The government is drafting a new incentive programme for smartphone manufacturing as the current production-linked incentive (PLI) scheme approaches its March 31 expiry, Bloomberg reported.
Driving the news: The proposed second phase of the PLI programme will tie government subsidies more closely to export and local component manufacturing, the report said.
The changes are expected to benefit Apple, Samsung, and their manufacturing partners, which dominate India’s smartphone production and exports.
New targets: Unlike the existing scheme, the new framework will reward overseas shipments and deeper localisation.
Part of Apple's pie: Apple’s contract manufacturers currently account for around three-fourths of India’s smartphone exports, highlighting the company’s central role in the country’s electronics push.
Rival watch: The revamp is also part of a broader effort to position India as a credible manufacturing alternative to China, while embedding the country more firmly in global electronic supply chains.
Also Read: India’s iPhone exports hit $23 billion in 2025 as smartphones become top export segment
Software company Atlassian will lay off 10% of its workforce, or about 1,600 employees, as it shifts strategy towards artificial intelligence and enterprise-focused sales.
What's happening? According to a Reuters report, most affected employees are based in North America, which accounts for about 40% of the layoffs. This is followed by Australia at 30% and India at 16%.
The company expects the layoffs and related office space reductions to result in restructuring charges between between $225 million and $236 million. Among senior executives leaving is chief technology officer Rajeev Rajan, who will step down from his role by March 31.
Founder Larry Ellison has earmarked an additional $500 million for restructuring, according to a filing with the US Securities and Exchange Commission (SEC).
This raises the company’s total restructuring funds to $2.1 billion for the current fiscal year, signalling the possibility of thousands of layoffs.
Also in the letter:
■ Induction cooktops sell out
■ India preps incentives for Apple
■ Latest in tech layoffs
Exclusive: US-based Accel Leaders Fund may join Rapido's $600 million funding round: sources
Aravind Sanka, founder, RapidoUrban mobility startup Rapido has brought in Accel Leaders Fund, the US-based growth-stage vehicle of Accel, as part of its ongoing $550-600 million financing round, sources told ET.
Details:
- The round is expected to value Rapido at around $3 billion, ET had reported in September.
- It includes both primary and secondary transactions.
- Dutch technology investor Prosus is leading the round, with Accel India and WestBridge Capital also participating.
- Prosus and Accel India have acquired a stake in Rapido from the food and grocery delivery firm Swiggy, which previously held about 12% in the bike-taxi company.
Racing ahead: Rapido has emerged as a strong challenger in India’s urban mobility market.
- According to BofA Global Research, citing Sensor Tower data, the platform recorded 70–80 million monthly active users in February, compared with about 40 million for Uber and under 30 million for Ola.
Across vehicle formats, Rapido is estimated to hold around 50% market share on an aggregated basis.
The company is also attempting to extend its playbook into food delivery, where Swiggy and Zomato currently dominate.
Also Read: Rapido FY25 revenue jumps 44% to Rs 934 crore, loss narrows 30% to Rs 258 crore
Eternal infuses Rs 450 crore into quick commerce business Blinkit
Albinder Dhindsa, CEO, BlinkitAlbinder Dhindsa-led Eternal has pumped Rs 450 crore in its quick-commerce arm Blinkit, marking its first such infusion this year, according to regulatory filings.
Driving the news: The capital injection comes as competition intensifies in the rapid-delivery segment. In 2025, Eternal invested Rs 2,600 crore into Blinkit: Rs 500 crore in January, Rs 1,500 crore in February, and Rs 500 crore in November.
Rival watch: Key rivals are also strengthening their war chests to stay competitive.
- Swiggy raised Rs 10,000 crore through a qualified institutional placement (QIP) in December 2025, just over a year after its IPO.
- Zepto has filed confidential draft papers with Sebi for a public listing.
Accel set to lead a $12 million funding round in AI-powered fintech startup Oolka
AI-powered fintech startup Oolka is preparing to raise $12 million in a funding round led by Accel, sources said.
Yes, and: The round follows Oolka’s $7 million fundraise in September last year, led by Lightspeed and Z47.
Founded in 2023 by Utkrishta Kumar, the startup offers personalised advice to consumers, helping them manage credit, consolidate debt, and improve their financial profiles.
Aman Sanger, founder, Cursor
AI deals: Funding activity across the AI sector continues at a rapid pace.
- AI coding startup Cursor is in talks to raise capital at a $50 billion valuation, nearly doubling its valuation since its last round in November.
- Vibe coding startup Replit also tripled its valuation to $9 billion in a $400 million funding round announced on Thursday.
Induction cooktops sold out on Amazon, quick commerce apps amid LPG cylinder shortage
The escalating conflict in the Middle East is beginning to affect kitchens in India, as a shortage of liquefied petroleum gas (LPG) cylinders drives households to switch to induction cooktops.
Driving the news:
- Ecommerce and quick-commerce platforms reported a sharp spike in demand for induction stoves.
- By Thursday, induction cooktops were sold out on Amazon and on quick-commerce apps such as Zepto, Swiggy and Blinkit in major cities, including Bengaluru, New Delhi and Mumbai.
- On Flipkart, delivery timelines for these products have stretched to eight to ten days.
Tell me more: As we reported earlier this week, online platforms had already begun promoting induction appliances as the LPG shortage intensified.
- Eternal-owned Blinkit offered discounts of up to 72% on induction cooktops.
- Swiggy's Instamart rolled out discounts of up to 60% on kitchen hobs.
- Zepto promoted up to 40% off on premium kitchen appliances, including induction stoves.
Setting context: The shortage follows disruptions in LPG supply linked to the West Asia crisis, which have affected shipping routes and fuel availability. Authorities have restricted commercial LPG distribution in several regions to prioritise domestic household supply.
The shortage has already forced restaurants to cut menus and slow operations, while households increasingly turn to electric cooking alternatives.
India prepares smartphone export incentives in a boost for Apple
The government is drafting a new incentive programme for smartphone manufacturing as the current production-linked incentive (PLI) scheme approaches its March 31 expiry, Bloomberg reported.
Driving the news: The proposed second phase of the PLI programme will tie government subsidies more closely to export and local component manufacturing, the report said.
The changes are expected to benefit Apple, Samsung, and their manufacturing partners, which dominate India’s smartphone production and exports.
New targets: Unlike the existing scheme, the new framework will reward overseas shipments and deeper localisation.
- Devices with higher local value addition will qualify for larger incentives.
- Components such as camera modules, displays, and key sub-assemblies sourced within India will attract higher benefits.
- Policymakers believe domestic demand is largely saturated and are now focusing on supply chain depth.
Part of Apple's pie: Apple’s contract manufacturers currently account for around three-fourths of India’s smartphone exports, highlighting the company’s central role in the country’s electronics push.
Rival watch: The revamp is also part of a broader effort to position India as a credible manufacturing alternative to China, while embedding the country more firmly in global electronic supply chains.
Also Read: India’s iPhone exports hit $23 billion in 2025 as smartphones become top export segment
Atlassian to lay off 10% of staff in AI pivot; 16% of those impacted are in India
Mike Cannon-Brookes, CEO, AtlassianSoftware company Atlassian will lay off 10% of its workforce, or about 1,600 employees, as it shifts strategy towards artificial intelligence and enterprise-focused sales.
What's happening? According to a Reuters report, most affected employees are based in North America, which accounts for about 40% of the layoffs. This is followed by Australia at 30% and India at 16%.
The company expects the layoffs and related office space reductions to result in restructuring charges between between $225 million and $236 million. Among senior executives leaving is chief technology officer Rajeev Rajan, who will step down from his role by March 31.
Oracle prepares for layoffs, sets aside $2.1 billion for restructuring
Larry Ellison, CEO, OracleFounder Larry Ellison has earmarked an additional $500 million for restructuring, according to a filing with the US Securities and Exchange Commission (SEC).
This raises the company’s total restructuring funds to $2.1 billion for the current fiscal year, signalling the possibility of thousands of layoffs.
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