 Daily Top 5 |
India's FDI plan for ecommerce; Tata charges up iPhone biz
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India is planning to allow FDI in inventory-based ecommerce exclusively for exports. This and more in today’s ETtech Top 5.
Also in the letter:
■ Atomberg rejigs top deck
■ Uber defends bike taxis
■ Anthropic attracts investor interest
India is weighing a new policy that would allow foreign direct investment in ecommerce inventory, but only for goods meant for export, and under tight guardrails.
Why it matters: The idea is to boost exports while protecting local shopkeepers from unfair competition.
To support this, officials are examining rules that require separate warehouses for export goods. Inventory for overseas buyers would be stored in dedicated facilities, clearly ringfenced from products intended for Indian consumers.
Tell me more: India currently bars FDI in inventory-led ecommerce. Foreign investment is only allowed in marketplace models, where platforms match buyers and sellers without holding stock.
Also Read: Ecommerce sees 25% growth in Q1 CY2026, says joint report by Flipkart, Bain & Co
Under the proposal, an export-only unit would be set up in India. This unit, tied to the foreign-funded platform, would buy from Indian sellers only after orders are confirmed and then ship those goods abroad, with no spillover into domestic sales.
Beneficiaries: Officials expect around 70% of India’s small and medium enterprises (SMEs) that sell online to benefit the most, especially in categories such as fashion and apparel, gems and jewellery, home and living, and beauty.
Also Read: Ecommerce, quick commerce chasing ad spends with profitability in focus
The Tata Group is stepping on the accelerator in Apple’s supply chain, deepening its bet on iPhone manufacturing as it races to scale up in electronics.
What's happening?
In FY26 alone, Tata has already invested Rs 3,000 crore in Tata Electronics. The company had previously doubled its authorised share capital to Rs 20,000 crore in the last fiscal, indicating a long runway for planned expansion.
Why the move? In filings with the Registrar of Companies, the group has described these changes as support for ongoing “business activities”.
Zoom out: According to Counterpoint Research, more than 70% of iPhones sold in the US now roll off the assembly line in India. Apple has indicated that most iPhones sold in the US are sourced from India, while Macs, iPads and Apple Watches are still largely produced in Vietnam.
(L-R) Sibabrata (Shibam) Das and Manoj Meena, founders, Atomberg
Atomberg’s cofounders are reshaping their corner office. Manoj Meena moves into the role of chairman and managing director, while Sibabrata (Shibam) Das steps in as its chief executive officer. Meena was previously CEO, while Das was COO.
What changes: Das will now lead Atomberg’s consumer business, covering fans, water purifiers, and kitchen and home appliances. Meena will focus on innovation and long-term strategy and will also serve as CEO of Atomberg Innovation, the subsidiary.
Company context: Both founders are alumni of IIT Bombay. Founded in 2012, the company began with fans and has since expanded into other appliances. It is also planning a $200 million IPO this year.
Priya Mohan, COO, JoulesToWatts
Former General Catalyst partner Priya Mohan has joined JoulesToWatts (J2W) as chief operating officer, overseeing the full lifecycle of the firm’s AI implementation.
New role: JoulesToWatts was founded in 2015 by Priti Sawant, who remains CEO. The company focuses on transformation for enterprises and GCCs. Mohan’s role is to help enterprises operationalise AI rather than just plan for it.
Uber is pushing back against the notion that bike taxis are cannibalising auto-rickshaw rides. Its internal data suggests both products are growing side by side, serving different needs, with autos still the default choice for most riders.
Regulation needed: In a blog post by its policy and research team, Uber argues that clear, balanced rules for both segments can “create a stronger, inclusive, and affordable mobility ecosystem”.
Data decoded: A temporary halt of bike taxi services in Bengaluru and Mumbai in mid-2025 became a natural experiment. Even with bikes off the road, auto demand kept rising at a similar clip, according to Uber.
Dario Amodei, CEO, Anthropic
Anthropic is receiving funding offers from venture firms at valuations as high as $800 billion, more than double its last known valuation, according to a report in Business Insider.
The details: The company has so far resisted opening a new round, according to another report, even as interest in Claude and the broader AI market is increasing.
Anthropic raised $30 billion in February at a $380 billion valuation, and its run-rate revenue is said to have climbed above $30 billion in 2026 from about $9 billion at the end of 2025. That kind of growth, along with demand for Claude, is likely fueling investor appetite for another, much higher-priced round.
Product momentum: The reports also follow Anthropic's launch of Mythos earlier this month, which it described as its most capable model yet for coding and agentic tasks.
Also in the letter:
■ Atomberg rejigs top deck
■ Uber defends bike taxis
■ Anthropic attracts investor interest
For FDI, ecommerce exports must be in separate cart
India is weighing a new policy that would allow foreign direct investment in ecommerce inventory, but only for goods meant for export, and under tight guardrails.
Why it matters: The idea is to boost exports while protecting local shopkeepers from unfair competition.
To support this, officials are examining rules that require separate warehouses for export goods. Inventory for overseas buyers would be stored in dedicated facilities, clearly ringfenced from products intended for Indian consumers.
Tell me more: India currently bars FDI in inventory-led ecommerce. Foreign investment is only allowed in marketplace models, where platforms match buyers and sellers without holding stock.
Also Read: Ecommerce sees 25% growth in Q1 CY2026, says joint report by Flipkart, Bain & Co
Under the proposal, an export-only unit would be set up in India. This unit, tied to the foreign-funded platform, would buy from Indian sellers only after orders are confirmed and then ship those goods abroad, with no spillover into domestic sales.
Beneficiaries: Officials expect around 70% of India’s small and medium enterprises (SMEs) that sell online to benefit the most, especially in categories such as fashion and apparel, gems and jewellery, home and living, and beauty.
Also Read: Ecommerce, quick commerce chasing ad spends with profitability in focus
Tata invests Rs 1,500 crore more to charge up iPhone business
The Tata Group is stepping on the accelerator in Apple’s supply chain, deepening its bet on iPhone manufacturing as it races to scale up in electronics.
What's happening?
- Tata Electronics has received a fresh equity infusion of Rs 1,500 crore to expand its iPhone contract manufacturing operations.
- Tata Sons raised the authorised share capital of Tata Electronics Products and Solutions from Rs 2,750 crore to Rs 6,250 crore.
- The move also signals additional capital for Pegatron Technology India, in which Tata picked up a 60% stake last year.
In FY26 alone, Tata has already invested Rs 3,000 crore in Tata Electronics. The company had previously doubled its authorised share capital to Rs 20,000 crore in the last fiscal, indicating a long runway for planned expansion.
Why the move? In filings with the Registrar of Companies, the group has described these changes as support for ongoing “business activities”.
Zoom out: According to Counterpoint Research, more than 70% of iPhones sold in the US now roll off the assembly line in India. Apple has indicated that most iPhones sold in the US are sourced from India, while Macs, iPads and Apple Watches are still largely produced in Vietnam.
Atomberg cofounders step into new roles: Manoj Meena becomes CMD, Sibabrata Das is CEO
Atomberg’s cofounders are reshaping their corner office. Manoj Meena moves into the role of chairman and managing director, while Sibabrata (Shibam) Das steps in as its chief executive officer. Meena was previously CEO, while Das was COO.
What changes: Das will now lead Atomberg’s consumer business, covering fans, water purifiers, and kitchen and home appliances. Meena will focus on innovation and long-term strategy and will also serve as CEO of Atomberg Innovation, the subsidiary.
Company context: Both founders are alumni of IIT Bombay. Founded in 2012, the company began with fans and has since expanded into other appliances. It is also planning a $200 million IPO this year.
Former General Catalyst partner Priya Mohan joins JoulesToWatts as COO
Former General Catalyst partner Priya Mohan has joined JoulesToWatts (J2W) as chief operating officer, overseeing the full lifecycle of the firm’s AI implementation.
New role: JoulesToWatts was founded in 2015 by Priti Sawant, who remains CEO. The company focuses on transformation for enterprises and GCCs. Mohan’s role is to help enterprises operationalise AI rather than just plan for it.
Uber says bike taxis not eating into autos; calls for 'sensible' regulation
Uber is pushing back against the notion that bike taxis are cannibalising auto-rickshaw rides. Its internal data suggests both products are growing side by side, serving different needs, with autos still the default choice for most riders.
Regulation needed: In a blog post by its policy and research team, Uber argues that clear, balanced rules for both segments can “create a stronger, inclusive, and affordable mobility ecosystem”.
Data decoded: A temporary halt of bike taxi services in Bengaluru and Mumbai in mid-2025 became a natural experiment. Even with bikes off the road, auto demand kept rising at a similar clip, according to Uber.
- In Bengaluru, 76% of users of two- and three-wheelers used only autos in Q4 2025.
- 8.8% used only bikes, and 15% used both.
- In Mumbai, nearly 84% stuck to autos and 9.3% used both.
Anthropic draws VC interest at up to $800 billion valuation: Business Insider
Anthropic is receiving funding offers from venture firms at valuations as high as $800 billion, more than double its last known valuation, according to a report in Business Insider.
The details: The company has so far resisted opening a new round, according to another report, even as interest in Claude and the broader AI market is increasing.
Anthropic raised $30 billion in February at a $380 billion valuation, and its run-rate revenue is said to have climbed above $30 billion in 2026 from about $9 billion at the end of 2025. That kind of growth, along with demand for Claude, is likely fueling investor appetite for another, much higher-priced round.
Product momentum: The reports also follow Anthropic's launch of Mythos earlier this month, which it described as its most capable model yet for coding and agentic tasks.
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I agree to receive newsletters and marketing communications via e-mail