Swiggy CEO on Rapido’s food biz; Cleaning solar panels with no water

Hello,

The NPCI, the non-profit umbrella organisation behind India’s most critical digital payment systems, reported robust numbers for FY25, with both revenue and profitability registering growth.

Operating income rose 18.95% YoY to Rs 3,270 crore, up from Rs 2,749 crore in FY24, while surplus after tax climbed 41.73% to Rs 1,552 crore.

Meanwhile, India currently stands among the top fintech hotspots alongside the US and the UK, according to a new World Economic Forum study.

Despite post-pandemic moderation, India’s fintech sector continues to show strong, sustainable growth while reaching traditionally underserved groups. 

India’s startups secured $4.8 billion in the first half of 2025, marking a 25% decline from H1 2024, according to Tracxn’s new report. Large ticket investments were largely concentrated in sectors that showed relative resilience amid the broader slowdown, particularly transportation and logistics tech, retail, and construction tech.

Elsewhere, US exchange operators and the Securities and Exchange Commission are in talks to ease public company regulations to attract more high-value startups to list, Reuters reported, citing sources.

ICYMI: Group Captain Shubhanshu Shukla, who's piloting the Axiom-4 (Ax-4) mission, has become only the second Indian to travel to space.

His trip comes four decades after cosmonaut Rakesh Sharma became the first Indian to fly to space aboard a Russian Soyuz in 1984.

In today’s newsletter, we will talk about 

• Swiggy CEO on Rapido’s food biz
• Cleaning solar panels with no water
• Stories from SMART Community Radio

Here’s your trivia for today: What was the name of David Bowie's extraterrestrial glam-rock alter ego?

Foodtech

Swiggy CEO on Rapido’s food biz

Swiggy Co-founder and CEO Sriharsha Majety said the company will rush into any new opportunities in the food delivery segment that can grow the category further. 

Speaking at Prosus’ Capital Markets Day 2025, Majety, when asked about Rapido’s entry into the food-delivery segment, said, “It is not easy to just get an opening that you can go take a home run with. I think it will be interesting to see if there’s an alternate take to food delivery that can grow the category, because we are waiting for some more growth as well.”

Key takeaways:

• Swiggy invested in the ride-hailing platform back in 2022, leading its $180 million Series D funding round. According to reports, the company owns between 12-13% stake in Rapido.
• He also added that Swiggy has the technology prowess to enter any new category in a short period of time, recalling how the company responded to Zepto’s Cafe offerings with Snacc. 
• As part of diversifying services being offered on its platform, Rapido is looking to enter the food-delivery space. According to recent reports, the company is planning to offer significantly lower commission rates to restaurants compared to both Swiggy and Zomato.

Startup: GIVA

Amount: Rs 530 Cr

Round: Series C

Startup: Battery Smart

Amount: $21M

Round: Series B

Startup: Sahi

Amount: $10.5M

Round: Series A

Startup

Cleaning solar panels with no water

Considering the large-scale installation of solar panels in India, cleaning them to ensure efficient functioning and to avoid dust accumulation is imperative. Ahmedabad-based startup Photom Technology is addressing this with a waterless robotic cleaning solution designed to keep panels dust-free and functioning optimally. 

“Dust can reduce energy output by up to 30% if panels go uncleaned for a month. But the alternative, regular water-based cleaning, brings its own set of challenges, especially in arid regions like Rajasthan and Tamil Nadu,” says Himmat Singh, Founder and CEO of Photom Tech.

No water issues here:

• Photom’s main product is a battery-powered robot designed to clean solar panels without water. It uses rotating brushes, airflow, and contact pressure to dislodge and remove dust. 
• Each robot is priced between Rs 1.3 lakh and Rs 1.6 lakh, depending on configuration. “In one day, we clean 1.5 megawatts, though robots can clean 5,000 panels per day,” the founder says. 
• The startup has also built a smaller version of its robot, priced at Rs 30,000, aimed at households and housing societies with rooftop solar panels. The product—first unveiled at the Renewable Energy India Exhibition in October 2024—hasn’t been commercialised yet.

Women Empowerment

Stories from SMART Community Radio

In an age where media saturation often blurs truth with noise, SMART Community Radio, a network of grassroots stations, prioritises credibility over virality and listening over broadcasting. SMART’s local radio stations—broadcasting on 90.4 FM—offer mental health-focused programmes, Uljjhanein, and Mahilaon Ki Baat and Gaon Gaon Ki Baat, to create space for women to speak about the issues shaping their everyday lives.

Bharat ke Innovators

Drone innovation from Bihar to Bharat

Manish Dixit, after over a decade in robotics and UAV training, founded Vaimanika Aerospace in Bihar in July 2022 to address India’s agricultural inefficiencies through tech. The startup is transforming Indian agriculture and logistics with smart, autonomous drones built for precision, speed, and impact.

Meet Tork, The Swadesi Drink

When Asif Khan returned to his hometown in Bihar during a festive season, he noticed a conspicuous absence. There was no local beverage brand representing the rich cultural palate of the region. That moment of realisation sparked the beginning of Tork—The Swadesi Drink, a company born from the soil of Bihar and built on the ideals of self-reliance and regional pride.

News & updates

• Rulings: A US judge has ruled that using books to train AI software is not a violation of the US copyright law. The decision came out of a lawsuit brought last year against AI firm Anthropic by three authors, including best-selling mystery thriller writer Andrea Bartz, who accused it of stealing her work to train its Claude AI model and build a multi-billion-dollar business.
• Future plans: Prosus has set a target to grow the value of its Indian portfolio five-fold from the current $6.5 billion through synergies and using AI to boost productivity. India is home to some of the biggest ventures in its portfolio, including the food delivery platform Swiggy and payment facilitator PayU India.
• Layoffs: Dating app Bumble is laying off 30% of its workforce, impacting around 240 positions. Bumble anticipates saving $40 million per year as a result of the workforce reduction and plans to reinvest most of this money into product and technology development.

What was the name of David Bowie's extraterrestrial glam-rock alter ego?

Answer: Ziggy Stardust

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