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Subscribe to enjoy similar stories.Early-stage fintech investors in India are shifting away from consumer-facing models that are heavily regulated and pivoting to software and infrastructure businesses that promise steady growth with minimal policy risk.Funds are increasingly backing software, infrastructure and B2B fintech models with AI that are less exposed to regulatory shocks, experts said.The shift follows a reset between 2021 and 2025, when tighter rules on digital lending, first-loss default guarantees and data governance curbed growth and raised compliance costs, pushing investors to favour B2B models over balance-sheet lenders.Data from Tracxn over the last 24 months showed that investors are becoming more selective within fintech, with capital moving toward software and infrastructure layers rather than large consumer-facing models.Funding picked up in areas such as payments infrastructure, which more than doubled, wealth-tech management platforms, which rose sharply by up to four times, and software tools for fund managers, where investments increased nearly eight-fold.In contrast, investor interest cooled in consumer payments, which fell about 60%, online lending, down roughly 16%, and online trading platforms, where funding more than halved over the same period.“Consumer fintech is crowded and heavily regulated and as a fund we don’t see too many white spaces,” said Sahil Anand, founder and managing partner at Cedar Hill Capital, a new fintech fund.While private equity and venture capital investors are not abandoning lending or regulated fintech in the growth to late stages, those bets have become selective, favouring scaled, profitable firms.Investors have become selective towards firms that have adapted

Subscribe to enjoy similar stories.India’s top private-sector banks reported a marked improvement in asset quality in the March quarter, with no visible stress in their loan portfolios despite the US-Israel-Iran war.The gross non-performing asset (GNPA) ratio either declined sequentially or remained stable, highlighting resilient credit performance across segments, largely due to lower slippages and stabilization in microfinance portfolios.While HDFC Bank, ICICI Bank, Axis Bank, RBL Bank and Yes Bank continued to report sub-1.5% GNPA levels, others, such as IndusInd Bank and IDFC FIRST Bank, saw a moderation in stress over the previous quarter.However, the improvement hides a cautious undertone, with lenders increasingly building buffers and stress-testing their portfolios against adverse global scenarios.Axis Bank has taken the most explicit stance, frontloading provisions to prepare for potential shocks. During the fourth quarter, it created a one-time additional provision of ₹2,001 crore as part of a voluntary enhancement of its provisioning framework.“Based on an assessment of evolving and unpredictable macro and geopolitical uncertainties, the bank created an additional one-time provision…This action is prudent and precautionary in nature and does not reflect deterioration in asset quality,” chief financial officer Puneet Sharma said in the earnings call on 25 April.The bank’s internal stress scenarios assume extreme conditions, including crude oil prices exceeding $150 per barrel, inflation at 7.4%, and a 20% currency depreciation in 2026-27.“Based on some of these test scenarios, we look at which accounts could go into NPL…and based on that, this number is right.

Subscribe to enjoy similar stories.The government has set up an inter-ministerial advisory body, the AI Governance and Economic Group (Aigeg), to act as a central node for shaping and coordinating policy on artificial intelligence. But what rules are startups currently operating under, and will this new body change anything for innovation in the space? Mint breaks it down.For startups operating in AI in India today, the legal landscape is a combination of multiple laws.

Subscribe to enjoy similar stories.As 5G monetization remains sluggish, Reliance Jio Infocomm Ltd will plan a wider rollout of 5G premium services through network slicing based on demand from users, their willingness to pay, and the much-awaited regulatory clarity.While the telecom operator noted that its network is technically ready to support direct-to-consumer premium 5G services for specialized use cases like gaming and for enterprise offerings, it clarified that it is currently not looking to introduce network slicing for everyday mobility voice or data services."The 5G premium services with our SA (standalone architecture) stack that we are able to offer, some of this is being done on a trial basis. We need to ensure that we are fully regulatory compliant, but these products are ready for the market,” said Anshuman Thakur, head of strategy at Reliance Jio, during the March-quarter earnings call on Friday.On offering differentiated 5G for everyday voice or data services, Thakur said the company’s network supports the same, "but whether consumers need something like that, whether the consumers pay a premium for that, and whether that would be regulatory compliant.

Subscribe to enjoy similar stories.Mumbai: Promoters of Lucknow-based CP Milk and Food Products are in early talks to sell a 10–15% stake to private equity investors, a deal that could value the dairy company at ₹2,500–3,000 crore, two people familiar with the matter said.“The deal was launched a few days ago and several private equity funds have been tapped,” one of the people cited above said. The company will raise about ₹300-400 crore to expand its geographical and product footprint, the second person said on the condition of anonymity.The company has appointed O3 Capital as its advisor to help raise funds, the people added.If the fundraise goes as planned, it will mark the company’s first round of external capital.O3 Capital and CP Milk did not respond to Mint’s requests for comment till the time of publishing.CP Milk’s fundraising efforts come against the backdrop of several family-owned businesses seeking to tap private markets to catalyze their next phase of growth and ensure smoother succession planning in a professionally run setup.Mint has earlier reported on similar moves by companies such as Anmol Industries, Haldiram, Theobroma, VIP Industries, Balaji Wafers, Iscon Balaji, HyFun Foods and Ratnadeep Retail, that have raised funds or are in various stages of their fundraising process.Established in 2007 by C.P.

Subscribe to enjoy similar stories.Private credit has had a good start. There is growing demand from corporate borrowers for faster credit decisions, customization of the loan structure and possible flexibility in repayment terms. Except a few exemplar banks, most still take 30-75 days for corporate loan underwriting, while they find it challenging to customize loans or offer flexible payments for regulatory reasons.

Subscribe to enjoy similar stories.Open an online fashion app today, and you’ll find a ₹490,000 Gucci dress or a waitlisted ₹415,000 Prada leather shirt sitting alongside discounted streetwear and mass-market labels.This paradox isn’t accidental. India’s online fashion and beauty market is projected to reach $210 billion by 2028.

Subscribe to enjoy similar stories.Avataar Venture Partners expects at least three liquidity events from its first fund and two from its $350 million second fund within the next 18-20 months, a top executive at the growth investing firm told Mint.“We're expecting a couple of our mature companies to list in 2027 or early 2028,” Mohan Kumar, founding managing partner at Avataar Venture Partners, said in an interview. “By 2028, we'll have three public companies.”He declined to name which of the firm's portfolio companies were considering initial public offerings (IPOs).

Subscribe to enjoy similar stories.From fertilizer production falling to near five-year low in March, to foodgrain stocks surging to nearly three times the mandated buffer, to rural patients spending more than urban counterparts at government hospitals, to major IT firms declaring their FY26 earnings — here is a compilation of this week's news in numbers.India's fertilizer production fell to a near five-year low in March. Shortages of inputs, such as liquefied natural gas and sulphur, caused by the war in West Asia, dragged output down by 24.6% year-on-year.

Subscribe to enjoy similar stories.NEW DELHI: An early and harsher-than-usual start to summer has prompted the Centre to ask states to step up heatwave preparedness, with temperatures already running 4-8 degrees Celsius above seasonal averages in several regions, according to two government officials and documents reviewed by Mint.The directive comes as parts of northwestern, central and eastern India report daytime highs crossing 44°C, raising the risk of heat-related illnesses and potential disruption to economic activity if extreme conditions persist.The India Meteorological Department (IMD) has warned that heatwave conditions are very likely in the next 24 hours in states including Bihar, Jharkhand, Uttar Pradesh, Rajasthan, Madhya Pradesh, Punjab and Haryana, as well as parts of central and peninsular India.India's official weather forecaster defines a heatwave as temperatures at least 4.5°C above normal, with higher departures classified as severe.Union health secretary Punya Salila Srivastava has asked states to stock essential supplies such as oral rehydration salts (ORS), intravenous fluids, ice packs and cooling equipment, and to operationalize dedicated Heat Stroke Management Units at health facilities. Ambulance services have also been asked to be equipped to handle heat-related emergencies, according to the communication sent to states.States have been directed to mandatorily report daily heatstroke cases and deaths through the Integrated Health Information Platform (IHIP) to enable real-time monitoring.

Subscribe to enjoy similar stories.Lucknow-headquartered APCO Infratech is in talks with Alpha Alternatives to sell the strategic Z-Morh tunnel that provides all-weather connectivity between Gagangir and Sonamarg in Jammu and Kashmir (J&K) for $267 million, according to two people aware of the development.The 6.5-km- tunnel, which ensures uninterrupted military logistics and year-round civilian access to Ladakh by bypassing an avalanche-prone stretch, was built at ₹2,400 crore and inaugurated in 2025. Awarded by the National Highways & Infrastructure Development Corp Ltd (NHIDCL), the project has a 15-year concession, with investments to be recovered through biannual annuity payments of ₹295 crore.The deal will see Alpha Alternatives acquire APCO Amarnathji Tunnelway Pvt Ltd, the special purpose vehicle (SPV) set up by APCO Infratech to execute the Z-Morh tunnel project in Jammu and Kashmir.“APCO is in talks with Alpha Alternatives for the sale of Z-Morh tunnel for an enterprise value of $267 million,” said the first of the two persons cited earlier, both of whom spoke on the condition of anonymity.Queries emailed to APCO Infratech, Alpha Alternatives and NHIDCL remained unanswered till press time.Alpha Alternatives, founded by Naresh Kothari, is a Mumbai-based alternative asset management firm that invests across non-traditional assets beyond plain equities and bonds.The state-run NHIDCL awarded the project to the SPV in 2020 under the design-build-finance-operate-transfer (DBFOT) model, where a private entity handles the entire project lifecycle before transferring it back to the government.

Subscribe to enjoy similar stories.Shriram Finance Ltd expects its cost of funds to decline by around 1% over the next 18 months as the non-banking financial company (NBFC) looks to restructure its debt following a capital infusion from Japan’s Mitsubishi UFJ Financial Group (MUFG).First announced in December 2025, MUFG completed the acquisition of 20% stake in the NBFC for ₹39,618 crore in April 2026. The non-bank plans to use about 50% of the proceeds to restructure its liabilities and the remaining to push lending in existing segments.The capital infusion also led rating agencies to upgrade the company’s debt rating to ‘AAA’ from ‘AA+’, which is also expected to help reduce funding costs.

Subscribe to enjoy similar stories.Bluestone Jewellery and Lifestyle Ltd is falling behind its ambitious target of reaching 500 stores by 2026-27, as volatile gold prices weigh on its expansion plans.The Bengaluru-based jeweller had outlined in its draft red herring prospectus (DRHP) plans to add over 290 new stores between 2024-25 and 2026-27, but managed to add only 65 stores in 2025-26, taking its total to 340 outlets.It now expects a more measured pace of expansion of about 20% annually, well short of its original target.“We should look at how the external operating environment has been, specifically from a gold price perspective,” said Gaurav Singh Kushwaha, founder and chief executive of Bluestone, during the company’s March-quarter earnings call on Friday.“Gold prices have seen a significant increase, and we need to ensure enough conviction from a demand behaviour perspective before accelerating store additions,” he added.The company also indicated a gradual shift away from franchise-led expansion. Of the 340 stores, around 67 are franchise-owned.

Subscribe to enjoy similar stories.President Donald Trump has named Christopher Phelan as his next chief economist, an increasingly important role as the White House focuses on affordability and employment ahead of the midterm elections.Assuming he is confirmed, Phelan will become chairman of the White House Council of Economic Advisers, counseling the president on economic matters. He will replace acting CEA Chief Pierre Yared.Yared is standing in for Stephen Miran, who left the CEA in September when Trump appointed him to fill a vacancy on the Federal Reserve Board.“Miran was an ideological ally,” says Jacob Bastian, a senior economist at CEA during the Biden administration and an assistant professor of economics at Rutgers University.

Subscribe to enjoy similar stories.Telecom operators Bharti Airtel Ltd and Vodafone Idea Ltd are evaluating the risks posed by Anthropic’s Claude Mythos, an AI model that identifies cybersecurity vulnerabilities in operating systems.“We are talking to suppliers (to understand the vulnerabilities) because we don't do this, the software is owned by them,” Randeep Sekhon, chief technology officer (CTO) at Bharti Airtel, told reporters on the sidelines of an industry event by the Cellular Operators Association of India (COAI) on Friday.Sekhon’s comments assume significance as Anthropic has said its latest model, Claude Mythos—currently available to a limited set of companies—can identify cybersecurity vulnerabilities in their digital infrastructure.This has raised concerns that, if accessed or misused by malicious actors, it could increase the risk of cyberattacks across critical infrastructure sectors such as telecom and banking.Sekhon, however, emphasized that it was too early to comment on the actual impact on telecom operators.“These are not systemic risks putting networks in danger. They are typically smaller software bugs that earlier may not have been discovered through routine checks,” Sekhon said, adding that telcos are users of technology and not builders of technology.On Thursday, Union finance minister Nirmala Sitharaman chaired a high-level meeting with banks and key stakeholders to assess risks from emerging threats linked to the AI model.

Subscribe to enjoy similar stories.After HCL Technologies, Infosys also let down the Street with weaker-than-anticipated FY27 revenue growth guidance, reinforcing concerns about a slowing IT cycle.The stock fell over 5% on Friday, sliding to a new 52-week low of ₹1,167.80. Revenue guidance from large IT firms tends to set the tone for investor expectations for the sector.Geo-political conflicts and AI-led deflation are likely dampeners to growth in FY27, reflected in Infosys’s underwhelming revenue guidance of 1.5%-3.5% CC (1.25–3.25% in organic CC).

Subscribe to enjoy similar stories.BENGALURU: Even as global luxury demand shows signs of cooling, international brands are accelerating their India playbooks, betting the country’s still-nascent but fast-evolving luxury market will deliver long-term growth.Ralph Lauren India and the Lanvin Group are sharpening their strategies to deepen their presence, expand retail footprints, and localize offerings in India as revenue growth slows in more mature markets. Both companies are adopting starkly different approaches in India.Shubhi Sinha, brand head at Ralph Lauren India, said the company will continue expanding its physical presence while tapping demand beyond top metros.“We have about eight stores currently and plan to expand.

Subscribe to enjoy similar stories.Over the past decade, India’s digital economy has increasingly relied on open-source software to power its core digital infrastructure and governance systems. From banking to government platforms, the code behind payments and public services is shared, modular and visible.While this approach delivers scale, lower costs and reduced vendor lock-in, new AI systems developed by Anthropic, OpenAI and others are exposing its soft underbelly. Old unpatched gaps are showing up in widely used open-source software.

Subscribe to enjoy similar stories.WASHINGTON—The U.S. has burned through so many munitions in Iran that some administration officials increasingly assess that America couldn’t fully execute contingency plans to defend Taiwan from a Chinese invasion if it occurred in the near term, U.S. officials said.The U.S.

Subscribe to enjoy similar stories.John Phelan sat in the lobby of the West Wing for more than an hour Wednesday night, waiting to see if his longtime friend and neighbor, President Trump, would save his job. He would leave disappointed.That afternoon, Phelan, the Navy secretary, had received a phone call from his boss, Defense Secretary Pete Hegseth, asking for his resignation.

Subscribe to enjoy similar stories.The Multi Commodity Exchange of India (MCX) has proposed launching weekly index options for its bullion derivative index, the MCX Bulldex, according to two people familiar with the matter. The proposal is currently in the early stages of discussion within a regulatory committee, they added."The matter is being discussed in the commodity derivatives advisory committee (CDAC) of Sebi (Securities and Exchange Board of India) but no decision has been taken yet.