WeWork India's IPO, Desi Farms Acquires Suruchi & More

What’s In WeWork India’s IPO Fate?

After Awfis went public in 2024, followed by Smartworks and IndiQube this year, all eyes are now on WeWork India. Earlier this month, WeWork India received SEBI’s nod for its INR 3,500 Cr to INR 4,000 Cr public issue, which will solely comprise a 100% offer for sale.

While early backers are expected to cash in on the listing, can the IPO deliver sustainable returns for retail investors?

Ghost Of The Past: The biggest reputational risk to WeWork India comes from the troubled past of its global parent WeWork Inc., which filed for bankruptcy in 2023 and was subsequently sold. The global entity’s 27% stake in the Indian company also raises red flags around governance and transparency.

The Premium Problem: While rivals like Smartworks and Awfis offer similar services at a third of its cost, the coworking giant’s high-end positioning limits its addressable market. On top of this, high customer acquisition costs, steep rental expenses and over-reliance on expensive tier I locations also leave the company vulnerable to tight margins, concentration risk and contract churn.

Then, there is the issue of the 100% OFS component, which means no fresh capital for growth and expansion despite heavy lease obligations and rising real estate costs in a crowded market.

A Glimmer of Hope: The only thing that benefits WeWork India is its brand recognition and the real estate might of the Embassy Group, which owns 74% of the company. The healthy growth in revenues may also work in favour of the company as it walks down the D-Street aisle.

For context, WeWork managed to trim its loss to INR 135.77 Cr in FY24 against an operating revenue of INR 1,665.14 Cr, up 26.7% YoY. However, in H1 FY25, it reported a restated profit of INR 174.6 Cr.

But, with the coworking juggernaut effectively saddled with a negative net worth and a multitude of challenges, is there really any upside for retail investors as WeWork India commits to its D-Street voyage?

From The Editor’s Desk

Desi Farms Acquires Suruchi Dairy: The Pune-based D2C dairy brand has acquired the 28-year-old dairy company for about INR 130 Cr in an all-cash deal. While Desi Farms acquired a 51% stake in Suruchi Dairy in June, it will acquire the remaining 49% stake next month.

IndiQube Muted Public Listing: Shares of the workspace solutions provider listed at INR 218.7 apiece on the BSE, down 7.7% from the issue price of INR 237. The company ended the trading session at INR 217.9 on the BSE, down a marginal 0.37% compared to its listing price.

JFS To Raise INR 15,825 Cr: The fintech major is looking to raise the capital via a private placement of convertible warrants to members of its promoter group. This comes at a time when the RIL-backed financial services major is putting its fintech super app plans into motion.

Fino’s Q1 Profit Tanks: The payments bank’s net profit fell 27.4% to INR 17.7 Cr in Q1 FY26 from INR 24.3 Cr in the same period last year. Meanwhile, income from interest rose 34.4% YoY to INR 60.9 Cr. The reason for the decline in profit was a rise in tax expense.

Jio’s $6 Bn IPO: Adding on to what seems to be a perennial discussion about Reliance Jio Infocomm’s IPO, Reliance Industries has initiated discussions with SEBI to sell a 5% stake in the telecom giant via an INR 52,465 Cr public listing.

HSBC Initiates Coverage On Ather: Shares of the EV maker jumped almost 4% to INR 358.05 in the morning trade on the BSE after HSBC initiated coverage on the company with a ‘Buy’ rating. The brokerage gave Ather a target price of INR 450.

Freshworks Trims Q2 Loss: The Nasdaq-listed SaaS major trimmed its consolidated net loss by 91.4% to $1.7 Mn in Q2 2025 from $20.2 Mn in the year-ago quarter. Meanwhile, revenues jumped 17.5% YoY to $204.7 Mn during the quarter under review.

SpeakX To Raise $11 Mn: The AI-based edtech is set to raise fresh funds in its Pre-Series B round from existing investor Elevation Capital, with WestBridge Capital also joining the cap table. The startup allows users to refine their English skills via AI-led conversations.

Inc42 Startup Spotlight Can ZILO Fix Fashion Quick Commerce?

Quick commerce has taken the fashion world by storm, but early players like Blip folded quickly, exposing the flaws in chasing speed without solid execution. While customers want convenience, most mass premium fashion shoppers still buy offline because online platforms are cluttered, with many offering a subpar experience.

Fixing Fashion Commerce: ZILO, founded by Myntra and Flipkart veterans, aims to fix fashion ecommerce by combining speed with curation and operational rigour. Rather than flooding users with endless options, it offers a tightly curated selection from 80+ brands like Levi’s, Rare Rabbit, and Jack & Jones, delivering within 60 minutes in select areas.

The Big Opportunity: With over 25 Mn affluent Indians shopping 25+ times a year, and 83% of mass premium purchases still happening offline, ZILO has a chance to digitise the mall experience. The founders are building a modern, omnichannel platform backed by a hybrid fulfilment model and AI-powered personalisation.

With the right execution, can ZILO be another Myntra in the making?

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