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Zetwerk IPO fully subscribed; Super.money triples revenues
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Zetwerk’s Rs 5,012-crore IPO was subscribed 3.06 times on Monday, the last day for bids. This and more in today’s ETtech Top 5.
Also in the letter:
■ Inside PhonePe Invest
■ Even Healthcare’s fundraise
■ LTM boss on AI’s impact
Programming note: ETtech newsletter team will be off on October 20 for Dussehra. Happy festivities.
Srinath Ramakkrushnan (left) and Amrit Acharya, cofounders, Zetwerk
Business-to-business (B2B) manufacturing platform Zetwerk’s Rs 5,012-crore initial public offering (IPO) was subscribed 3.06 times on Monday, its final bidding day, with institutional demand driving the sale while the retail portion remained undersubscribed.
Subscription details:
Valuation: The company is seeking a valuation of up to Rs 25,583 crore ($2.69 billion) at the upper end of the price band of Rs 143-151 per share.
Issue details: The IPO comprises a fresh issue of up to Rs 2,830 crore and an offer for sale (OFS) of 144.53 million shares by existing investors. The OFS includes 51.4 million shares from co-founders Amrit Acharya and Srinath Ramakkrushnan, and Creovate Innovation. Peak XV Partners, Lightspeed Venture Partners, and Accel India are also trimming their holdings.
Also Read: Zetwerk raises Rs 2,251 crore from anchor investors ahead of IPO
Super.money CEO Prakash Sikaria
Walmart-owned Flipkart’s payments and financial services platform Super.money more than tripled its FY26 operating revenues as its credit marketplace scaled up.
Numbers:
UPI strategy: “We think about UPI as an acquisition and engagement layer, and then you build commerce and credit use cases on top of it to monetise that user,” founder and CEO Prakash Sikaria had told ET on the sidelines of the Global Fintech Fest in September.
MDR opportunity: A merchant discount rate (MDR) on select UPI payments could provide some revenue cushion to Super.money from FY27. The 0.4% charge on merchant payments above Rs 2,000 was originally due to kick in from October 15, but has now been pushed beyond Diwali.
Rahul Chari, cofounder, PhonePe
Digital payments and fintech major PhonePe on Monday rebranded its investing and trading platform Share.Market as PhonePe Invest, bringing it under the PhonePe brand. The platform also launched Portfolio Optimiser, a tool that enables investors to build, review, and optimise their portfolios.
Features:
Quote, unquote: “PhonePe Invest marks an important evolution of our wealth offering. As we unify the wealth and broking platform under the PhonePe identity, the PhonePe Invest brand reflects our ambition to democratise smart investing for all Indians, just as we democratised India's payment ecosystem,” said Rahul Chari, cofounder and CPTO of PhonePe.
(L-R) Alessandro Ialongo, Matilde Giglio and Mayank Banerjee, founders, Even Healthcare
Bengaluru-based Even Healthcare has raised $50 million in a round led by existing investor Khosla Ventures, with participation from Alpha Wave, as it plans to expand its hospital network and scale its managed care model.
Valuation: “The round was three times our last series A valuation,” cofounder Mayank Banerjee told ET, without disclosing details. ET reported on the fundraise in July, when the company's valuation was estimated at around $300 million.
Expansion plans: Even will use the fresh capital to open five new hospitals across Bengaluru over the next six months. The company currently operates two hospitals in the city.
Services: Alongside hospitals, Even offers a healthcare subscription that allows users to access their in-house team of doctors for virtual and in-clinic consultations, diagnostics, and other tests.
Financials: The company reported revenues of Rs 27 crore in FY25 and a net loss of Rs 90 crore, per data from Tracxn. Its earnings are expected to reach Rs 120-130 crore in FY26, according to sources. Revenues are currently split roughly equally between subscriptions and hospital services.
LTM CEO Venu Lambu
The software services industry is entering a new phase of growth as enterprises shift into an AI deployment cycle, opening up fresh opportunities for service providers, said Venu Lambu, chief executive and managing director of LTM (formerly LTIMindtree).
Pivot toward AI deals: Lambu said deal closures are at an inflection point with LTM’s sales teams targeting AI deals that are shorter in tenure but generate revenues faster. “We created a new incentive plan for the sales organisation to go after AI deals,” he told ET a day after the company reported its September-quarter results.
Q2 results and order book: The Mumbai-based L&T subsidiary reported revenues of $1.24 billion in the September quarter, up 5.1% on-year and 1.1% on-quarter in constant currency terms. AI revenue contribution stood at 13.4%, which Lambu clarified is all in new spend areas.
He dismissed concerns around LTM’s order book declining to $1.26 billion during July–September from $1.59 billion a year earlier and $1.68 billion in the previous quarter.
Also in the letter:
■ Inside PhonePe Invest
■ Even Healthcare’s fundraise
■ LTM boss on AI’s impact
Programming note: ETtech newsletter team will be off on October 20 for Dussehra. Happy festivities.
Zetwerk IPO subscribed three times, retail portion falls short
Business-to-business (B2B) manufacturing platform Zetwerk’s Rs 5,012-crore initial public offering (IPO) was subscribed 3.06 times on Monday, its final bidding day, with institutional demand driving the sale while the retail portion remained undersubscribed.
Subscription details:
- Qualified institutional buyers (QIBs) bid 4.73 times their allocation.
- Non-institutional investors bid 1.40 times.
- Retail bids covered 73% of the shares reserved for them.
- Overall, investors sought 566.3 million shares against 182.9 million on offer, excluding the anchor allocation.
Valuation: The company is seeking a valuation of up to Rs 25,583 crore ($2.69 billion) at the upper end of the price band of Rs 143-151 per share.
Issue details: The IPO comprises a fresh issue of up to Rs 2,830 crore and an offer for sale (OFS) of 144.53 million shares by existing investors. The OFS includes 51.4 million shares from co-founders Amrit Acharya and Srinath Ramakkrushnan, and Creovate Innovation. Peak XV Partners, Lightspeed Venture Partners, and Accel India are also trimming their holdings.
Also Read: Zetwerk raises Rs 2,251 crore from anchor investors ahead of IPO
Flipkart-backed Super.money’s revenue triples to Rs 292 crore, loss widens 78%
Walmart-owned Flipkart’s payments and financial services platform Super.money more than tripled its FY26 operating revenues as its credit marketplace scaled up.
Numbers:
- Operating revenue: Rose to Rs 292.4 crore during the year.
- Net loss: Widened 78% to Rs 263.8 crore.
- Total income: Climbed to Rs 293.3 crore from Rs 94 crore in FY25.
- Marketplace services' contribution: Rs 247.8 crore, accounting for 85% of the operating revenue, compared with Rs 88.8 crore a year earlier.
UPI strategy: “We think about UPI as an acquisition and engagement layer, and then you build commerce and credit use cases on top of it to monetise that user,” founder and CEO Prakash Sikaria had told ET on the sidelines of the Global Fintech Fest in September.
MDR opportunity: A merchant discount rate (MDR) on select UPI payments could provide some revenue cushion to Super.money from FY27. The 0.4% charge on merchant payments above Rs 2,000 was originally due to kick in from October 15, but has now been pushed beyond Diwali.
PhonePe rebrands trading platform as PhonePe Invest, launches Portfolio Optimiser
Digital payments and fintech major PhonePe on Monday rebranded its investing and trading platform Share.Market as PhonePe Invest, bringing it under the PhonePe brand. The platform also launched Portfolio Optimiser, a tool that enables investors to build, review, and optimise their portfolios.
Features:
- Optimise: Helps users improve their PhonePe Invest portfolio health in one click.
- Identify risks: Flags underperforming assets, sector concentration risks, and other factors affecting portfolio performance.
- Rebalance: Allows investors to switch to smarter alternatives and rebalance their portfolios seamlessly.
Quote, unquote: “PhonePe Invest marks an important evolution of our wealth offering. As we unify the wealth and broking platform under the PhonePe identity, the PhonePe Invest brand reflects our ambition to democratise smart investing for all Indians, just as we democratised India's payment ecosystem,” said Rahul Chari, cofounder and CPTO of PhonePe.
Even Healthcare raises $50 million, triples series A valuation
Bengaluru-based Even Healthcare has raised $50 million in a round led by existing investor Khosla Ventures, with participation from Alpha Wave, as it plans to expand its hospital network and scale its managed care model.
Valuation: “The round was three times our last series A valuation,” cofounder Mayank Banerjee told ET, without disclosing details. ET reported on the fundraise in July, when the company's valuation was estimated at around $300 million.
Expansion plans: Even will use the fresh capital to open five new hospitals across Bengaluru over the next six months. The company currently operates two hospitals in the city.
Services: Alongside hospitals, Even offers a healthcare subscription that allows users to access their in-house team of doctors for virtual and in-clinic consultations, diagnostics, and other tests.
Financials: The company reported revenues of Rs 27 crore in FY25 and a net loss of Rs 90 crore, per data from Tracxn. Its earnings are expected to reach Rs 120-130 crore in FY26, according to sources. Revenues are currently split roughly equally between subscriptions and hospital services.
LTM boss sees short-tenure AI deals delivering revenues faster
The software services industry is entering a new phase of growth as enterprises shift into an AI deployment cycle, opening up fresh opportunities for service providers, said Venu Lambu, chief executive and managing director of LTM (formerly LTIMindtree).
Pivot toward AI deals: Lambu said deal closures are at an inflection point with LTM’s sales teams targeting AI deals that are shorter in tenure but generate revenues faster. “We created a new incentive plan for the sales organisation to go after AI deals,” he told ET a day after the company reported its September-quarter results.
Q2 results and order book: The Mumbai-based L&T subsidiary reported revenues of $1.24 billion in the September quarter, up 5.1% on-year and 1.1% on-quarter in constant currency terms. AI revenue contribution stood at 13.4%, which Lambu clarified is all in new spend areas.
He dismissed concerns around LTM’s order book declining to $1.26 billion during July–September from $1.59 billion a year earlier and $1.68 billion in the previous quarter.
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I agree to receive newsletters and marketing communications via e-mail