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H-1B selection rate rises; VC IPO windfall in 2025
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There is a notable rise in H-1B selection rates, even as the number of petitions decreases. This and more in today’s ETtech Top 5.
Also in the letter:
■ OpenAI's record fundraise
■ Oracle's layoffs
■ Ola Electric's March rebound
US immigration lawyers say roughly half of all H-1B applications are getting through this year—even as the number of petitions falls.
What's happening? Big Tech and other employers that rely on skilled foreign workers pulled back on filings, put off by steep fees and tweaks to the lottery rules.
That drop in applications, experts say, has raised the selection rate. By comparison, last year, only about 35% of petitions were picked, according to the US Citizenship and Immigration Services (USCIS).
Tell me more: This year's employers are targeting higher-wage roles, candidates with US master’s degrees, and workers already in the country, says Daniella Goldman, CEO of Build by Open Avenues.
Also Read: AI founders taking O-1 visa route to get to US and build
USCIS began notifying employers once the application window closed on March 19. Selected candidates have 90 days from April 1 to file their visa paperwork at US embassies or consulates.
The backdrop: A new $100,000 fee for fresh H-1B petitions kicked in on September 21, 2025. On top of that, the Trump administration scrapped the random lottery and moved to a wage-based selection system for FY27.
Together, these changes slashed petition volumes by an estimated 30–50% this season.
Also Read: H-1B registration may dip 30-50% on high visa fees and uncertainty
IPO-led startup exits accelerated in 2025, jumping 30% over 2024 to deliver nearly $2 billion in returns for venture capital firms, according to a Bain-IVCA report.
Number-wise: Just eight VC-backed IPOs accounted for most of the liquidity.
Fewer, larger listings: The number of VC-backed IPOs fell to eight in 2025 from 17 in 2024, but larger deals more than made up for the drop. IPOs accounted for 28% of total VC exit value in 2025, up from 22% a year earlier. Overall public market exits totalled about $4.7 billion.
Funding review: ET reported on April 1 that funding for Indian startups fell 9% in FY26, with companies raising $10.1 billion across 977 deals versus $11.3 billion across 1,020 deals in FY25, per Venture Intelligence data.
AI-first shift: AI-led startups commanded investor attention, both as standalone bets and as rails for fintech, cybersecurity, customer service, and more.
Also Read: Busy startup IPO season gives risk investors Rs 15,000 crore in cash exits
Sam Altman, CEO, OpenAI
OpenAI said on Tuesday that it has raised $122 billion in fresh capital, valuing the company at a staggering $852 billion.
Round details: Amazon, Microsoft, Nvidia, and SoftBank all joined the round, alongside an unusually large $3 billion pool from individual investors.
The cash will bankroll the infrastructure needed for next-generation AI systems. OpenAI says that, over time, the value created will flow back into the broader economy—to companies, communities, and, increasingly, individual users.
Also Read: OpenAI's US ad pilot exceeds $100 million in annualised revenue in six weeks
Bajaj Finserv leads Rs 80 crore bet on NowPurchase
(L-R) Ankan Adhikar, CTO, Naman Shah and Aakash Shah, founders, NowPurchase
B2B metals procurement startup NowPurchase has raised Rs 80 crore in a round led by Bajaj Finserv.
Use of funds: The company plans to plough the money into R&D, bolster scrap-recycling infrastructure, expand its branded product portfolio, and scale its AI-powered platform, MetalCloud, said CEO Naman Shah.
NowPurchase also wants to deepen its footprint across India and push into new international markets.
Round details: With this cheque, NowPurchase has raised roughly Rs 120 crore in total equity funding.
Backers in the round include individual investors and family offices such as Shikhar Raj of S Four Capital, the Real Ispat Group, Madhur Gupta of Lloyds Metals and Energy, VC Grid, and Kartik Hosanagar, cofounder of Bodhium Labs.
AI ambitions: Earlier this week, Bajaj Finserv chairman Sanjiv Bajaj told us the firm is doubling down on artificial intelligence. It plans to launch a dedicated AI-focused private equity fund and back early-stage startups directly from its balance sheet.
Oracle, helmed by Larry Ellison, has begun another wave of layoffs even as it pours more money into artificial intelligence and data centres.
What's happening?
What else? Earlier this month, the Financial Times reported that Oracle earmarked an additional $500 million for global restructuring, taking the total pot for such costs this fiscal year to $2.1 billion.
Bhavish Aggarwal, CEO, Ola Electric
Electric two-wheeler maker Ola Electric staged a comeback in March after months of weak sentiment, with registrations jumping to 10,117 units, more than double February’s 3,973.
Tailwinds: Citing data from the government-run Vahan portal, the Bhavish Aggarwal-led firm said daily orders crossed 1,000 units in the final week of March. It also claims over 80% of vehicles are now serviced the same day, after it sharpened parts availability and diagnostics.
Ola Electric's stock has bounced, too. The shares closed nearly 13% higher today at Rs 25.93 on the BSE and are up about 8% over the past month.
Source: Google Finance
Yes, but: The market share picture still looks weak. In March, Ola Electric lagged TVS Motor, Bajaj Auto, Ather Energy, and Hero Motocorp in March, with its share stuck at about 5.4%.
Also Read: EV sales surge in March on discounts, price hike fears
Also in the letter:
■ OpenAI's record fundraise
■ Oracle's layoffs
■ Ola Electric's March rebound
H-1B selection rate climbs to 50% as applications decline amid regulatory uncertainty
US immigration lawyers say roughly half of all H-1B applications are getting through this year—even as the number of petitions falls.
What's happening? Big Tech and other employers that rely on skilled foreign workers pulled back on filings, put off by steep fees and tweaks to the lottery rules.
That drop in applications, experts say, has raised the selection rate. By comparison, last year, only about 35% of petitions were picked, according to the US Citizenship and Immigration Services (USCIS).
Tell me more: This year's employers are targeting higher-wage roles, candidates with US master’s degrees, and workers already in the country, says Daniella Goldman, CEO of Build by Open Avenues.
Also Read: AI founders taking O-1 visa route to get to US and build
USCIS began notifying employers once the application window closed on March 19. Selected candidates have 90 days from April 1 to file their visa paperwork at US embassies or consulates.
The backdrop: A new $100,000 fee for fresh H-1B petitions kicked in on September 21, 2025. On top of that, the Trump administration scrapped the random lottery and moved to a wage-based selection system for FY27.
Together, these changes slashed petition volumes by an estimated 30–50% this season.
Also Read: H-1B registration may dip 30-50% on high visa fees and uncertainty
VCs bagged nearly $2 billion from 2025 IPO exits: Bain-IVCA report
IPO-led startup exits accelerated in 2025, jumping 30% over 2024 to deliver nearly $2 billion in returns for venture capital firms, according to a Bain-IVCA report.
Number-wise: Just eight VC-backed IPOs accounted for most of the liquidity.
- Groww topped the charts with about $670 million in exits, followed by Lenskart at $475 million and Dr Agarwal’s Healthcare at $255 million.
- Urban Company kicked in $170 million, and Pine Labs added about $165 million.
Fewer, larger listings: The number of VC-backed IPOs fell to eight in 2025 from 17 in 2024, but larger deals more than made up for the drop. IPOs accounted for 28% of total VC exit value in 2025, up from 22% a year earlier. Overall public market exits totalled about $4.7 billion.
Funding review: ET reported on April 1 that funding for Indian startups fell 9% in FY26, with companies raising $10.1 billion across 977 deals versus $11.3 billion across 1,020 deals in FY25, per Venture Intelligence data.
AI-first shift: AI-led startups commanded investor attention, both as standalone bets and as rails for fintech, cybersecurity, customer service, and more.
Also Read: Busy startup IPO season gives risk investors Rs 15,000 crore in cash exits
OpenAI lands $122 billion, vaulting valuation to $852 billion
OpenAI said on Tuesday that it has raised $122 billion in fresh capital, valuing the company at a staggering $852 billion.
Round details: Amazon, Microsoft, Nvidia, and SoftBank all joined the round, alongside an unusually large $3 billion pool from individual investors.
The cash will bankroll the infrastructure needed for next-generation AI systems. OpenAI says that, over time, the value created will flow back into the broader economy—to companies, communities, and, increasingly, individual users.
Also Read: OpenAI's US ad pilot exceeds $100 million in annualised revenue in six weeks
Bajaj Finserv leads Rs 80 crore bet on NowPurchase
B2B metals procurement startup NowPurchase has raised Rs 80 crore in a round led by Bajaj Finserv.
Use of funds: The company plans to plough the money into R&D, bolster scrap-recycling infrastructure, expand its branded product portfolio, and scale its AI-powered platform, MetalCloud, said CEO Naman Shah.
NowPurchase also wants to deepen its footprint across India and push into new international markets.
Round details: With this cheque, NowPurchase has raised roughly Rs 120 crore in total equity funding.
Backers in the round include individual investors and family offices such as Shikhar Raj of S Four Capital, the Real Ispat Group, Madhur Gupta of Lloyds Metals and Energy, VC Grid, and Kartik Hosanagar, cofounder of Bodhium Labs.
AI ambitions: Earlier this week, Bajaj Finserv chairman Sanjiv Bajaj told us the firm is doubling down on artificial intelligence. It plans to launch a dedicated AI-focused private equity fund and back early-stage startups directly from its balance sheet.
Oracle cuts jobs as AI and data centre bets swell; Indian teams hit too
Oracle, helmed by Larry Ellison, has begun another wave of layoffs even as it pours more money into artificial intelligence and data centres.
What's happening?
- Employees in Oracle's cloud computing and database management units have been affected, according to multiple LinkedIn posts.
- Indian teams are also facing cuts.
- Globally, the company has let go of around 30,000 employees, Press Trust of India reported.
- A government filing shows that 491 remote employees in Washington state and staff at Oracle's Seattle offices will be laid off effective June 1, according to CNBC.
What else? Earlier this month, the Financial Times reported that Oracle earmarked an additional $500 million for global restructuring, taking the total pot for such costs this fiscal year to $2.1 billion.
Ola Electric snaps back in March but rivals race ahead; lifetime sales top one million
Electric two-wheeler maker Ola Electric staged a comeback in March after months of weak sentiment, with registrations jumping to 10,117 units, more than double February’s 3,973.
Tailwinds: Citing data from the government-run Vahan portal, the Bhavish Aggarwal-led firm said daily orders crossed 1,000 units in the final week of March. It also claims over 80% of vehicles are now serviced the same day, after it sharpened parts availability and diagnostics.
Ola Electric's stock has bounced, too. The shares closed nearly 13% higher today at Rs 25.93 on the BSE and are up about 8% over the past month.
Yes, but: The market share picture still looks weak. In March, Ola Electric lagged TVS Motor, Bajaj Auto, Ather Energy, and Hero Motocorp in March, with its share stuck at about 5.4%.
Also Read: EV sales surge in March on discounts, price hike fears
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