![\"Groww\"](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2025\/11\/Groww.jpg\" "\\"Groww\\"\/")
(L-R) Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal, founders, Groww<\/p>\nGroww posted mixed numbers in its first results since listing. This and more in today\u2019s ETtech Top 5.<\/p>\n
Also in the letter:
\u25a0 T\u00eate-\u00e0-t\u00eate with Cursor\u2019s Aman Sanger
\u25a0 OpenAI’s Google headache
\u25a0 Delhi airport\u2019s new cyber armour<\/p>\n
Groww Q2 profit jumps 12% to Rs 471 crore, even as revenue drops 9.5%<\/p>\n
(L-R) Harsh Jain, Lalit Keshre, Neeraj Singh and Ishan Bansal, founders, Groww<\/p>\n
Newly listed wealthtech platform Groww reported steady profit growth<\/a> in the September 2005 quarter despite a drop in revenue.<\/p>\n But why: Groww said the mismatch between revenue and profit was due to a one-time long-term incentive of Rs 159.3 crore booked in the year-ago quarter, and later reversed. Adjusting for this, net profit would have fallen 12\u201313%, broadly mirroring the revenue decline.<\/p>\n Groww also tightened its expenses this year, which helped it improve its bottomline.<\/p>\n Revenue mix: The platform saw wider usage in mutual funds, stocks, profit and loss statements, loans against securities, and margin trading facilities. CEO Lalit Keshre said that wealth management is expected to be a significant future business for the platform, with only 3% of the company\u2019s current revenue coming from the segment. Revenue from derivatives fell sharply after regulatory actions restricted participation.<\/p>\n Also Read: We make so much money, we could keep it all, but that\u2019s not how you build a 100-year-old company: Groww CEO Lalit Keshre<\/a><\/p>\n Groww commenced its public market journey<\/a> on 12 November, opening at a 14% premium over the IPO price of Rs 114. The wealthtech company’s stock rose steadily after listing, reaching the 20% upper circuit<\/a> in the following week and boosting its market value beyond Rs 1.1 lakh crore.<\/p>\n User base: Groww\u2019s active users stood at 12 million as of October end, as per NSE data. Active user base grew sequentially 3.2% in the September quarter, thanks to new user additions and deeper engagement across multiple products. Of the 13% sequential rise in revenue, 4.5% came from newly acquired users.<\/p>\n Quote, unquote: \u201cThere is a long roadmap in front of us, and we will continue building multiple products. With multiple products, customer engagement continues increasing, retention goes up,\u201d said Keshre during the earnings call.<\/p>\n Also Read: Groww cofounder Lalit Keshre enters billionaires’ club as stock crosses Rs 1 lakh crore market cap<\/a><\/p>\n Capillary Technologies shares bounce back after tepid D-Street start<\/p>\n Shares of SaaS firm Capillary Technologies shook off a weak start on listing day<\/a>, staging a quick rebound as buyers stepped in despite a soft market.<\/p>\n Slow start: <\/p>\n Trend reversal: Sentiment flipped within hours. Capillary shares on BSE climbed 13% from the opening price and almost 10% above the issue price, touching Rs 633 a share. The stock eventually settled at Rs 606.9 apiece on BSE and Rs 601.10 on NSE, up 5.2% and 4.18% over the IPO price.<\/p>\n Analysts speak: Market watchers said the soft opening reflected investor caution toward SaaS and martech firms. Even so, Capillary\u2019s position as a customer engagement and loyalty solutions provider with marquee clients in India and abroad gives it a solid runway, said Shivani Nyati of Swastika Investmart. Its core strengths remain intact, she added.<\/p>\n Also Read: ET Startup Awards 2025: Capillary\u2019s bid for the bourses powered by three growth engines: CEO<\/a><\/p>\n Reinvention will keep Cursor on the map, says cofounder Aman Sanger<\/p>\n India push: One of the hottest Silicon Valley companies today, Cursor counts India among its top-three global markets and is planning an aggressive expansion here. With one of the world\u2019s largest pools of software developers, India is a natural testing ground for the company\u2019s enterprise ambitions.<\/p>\n AI bubble: While many fear an AI bubble, Sanger prefers track real revenue and real adoption. Customer demand for productivity tools is rising, he said, and that is what matters, adding till the time \u201cthat keeps increasing, I wouldn’t worry about it (AI bubble).\u201d<\/p>\n Impact on jobs: Sanger pushed back against the idea that AI should replace junior coders. Sanger said. \u201cWe are in this weird middle area where tools are still developing, companies are still learning how to use them, and maybe as an initial reaction, they’ll say let us hire fewer people. I am not sure in the long term if it is best for the companies.\u201d<\/p>\n Also Read: ET in the Valley: Our mission is to empower the 99% who can\u2019t code: Lovable cofounder<\/a><\/p>\n Sam Altman acknowledges \u2018economic headwinds\u2019 for OpenAI as Google\u2019s AI gains pace<\/p>\n Rivals gain: OpenAI’s two closest challengers are tightening the race. <\/p>\n The bigger edge, however, is financial muscle. Google generated more than $70 billion in free cash flow over the past four quarters, giving it the firepower to iterate and deploy at scale. Letter from CEO: In a memo to staff, reported by The Information, Altman said Google\u2019s recent momentum may \u201ccreate some temporary economic headwinds\u201d for OpenAI. He also struck a rather optimistic tone, telling employees the company is moving quickly and remains confident about its position in the AI race.<\/p>\n Airport Authority of India to get cybersecurity division after Delhi airport glitch<\/p>\n\n
Capillary Technologies CEO Aneesh Reddy<\/p>\n
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Cursor cofounder Aman Sanger argues that AI-based coding is still in its infancy<\/a>, leaving plenty of room for reinvention and disruption. In his view, the next wave of innovation could challenge incumbents like GitHub and Microsoft.<\/p>\n
Google\u2019s AI resurgence is rattling nerves at OpenAI<\/a>. Three years after the tech giant reportedly issued a Code Red over ChatGPT, CEO Sundar Pichai is now steering a comeback that even Sam Altman admits could sting. <\/p>\n\n
Latest threat: Google\u2019s newest release, Gemini 3<\/a>, is being pitched as its \u201cmost intelligent model\u201d yet. Early benchmarks suggest stronger performance in automation and coding. If these claims hold up in real-world use, it could chip away at lucrative segments OpenAI and Anthropic depend on.<\/p>\n
![\"AAI\"](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2025\/11\/AAI.jpg\" "\\"AAI\\"\/")