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The Cost Of India’s Convenience Economy Fuelled by massive capital and discounting wars, India’s instant service platforms are preparing for a mega festive season. But the gig workers are facing rigid targets and uncertain earnings. The Invisible Cost: For an instant help worker, a booking is only one part of their shift. The rest can involve waiting near high-demand communities, staying logged in to remain eligible for assignments and finding an affordable way to reach the next home. While the platforms depend on this proximity to promise quick service, workers claim that the time spent being idle often produces no income. Pay Promise Evolves: The instant help platforms initially marketed domestic work as a route to assured earnings. But gig workers now claim that compensation is increasingly linked to logged-in hours and tier-based performance. The issue is not merely linked to pay. Missed shifts, emergencies and a lack of bookings can make take-home income far less certain. Algorithmic Control: Ratings, availability and allocation systems also shape who gets the next booking. This pressures workers to accept jobs to avoid account suspensions or reduced payouts. Furthermore, workers also claim limited access to toilets, shaded waiting areas and secure resting places near customer clusters. Safety Question: For women workers, rapid order allocation can mean accepting jobs in unfamiliar locations with little room to assess safety concerns. With ratings, incentives and account access tied to responsiveness, declining a booking may carry a cost. There is also a complete absence of welfare benefits like paid period leave or emergency medical support. The Litmus Test: This festive season will test whether instant help platforms can build a business that values the workforce as much as customer convenience. Discounts may bring bookings, but retention will depend on fair pay and safety support. But as demand accelerates, will these platforms invest enough in the workers who make convenience possible? Let’s find out… From The Editor’s Desk 🚚 Shiprocket’s Second Act Shiprocket put up a healthy show in Q1 FY27. It managed to trim its losses while clocking a healthy jump in revenues. While the core shipping arm continued to scale, what stood out in its financials was the accelerating contribution of its newer commerce products. Shiprocket’s emerging business grew 70% YoY to ₹180.4 Cr and improved its EBITDA margin during the quarter. This signals that the startup is betting its next growth story on monetising the merchant journey before, during and after every delivery. The startup’s playbook is centred around monetising aggregated data to power its martech stack and extracting more value from its 2.2 Lakh merchant base. However, its next test will be scaling adoption and achieving profitability. 🏦 Global Fintech Fest Kicks Off Prime Minister Narendra Modi yesterday kicked off the annual fintech extravaganza in Mumbai. In his speech, PM Modi called on fintech startups to strengthen cybersecurity and consumer protection amid the rise of agentic AI and quantum technologies. Addressing the forum, the PM also outlined four broad priorities for the sector, namely stronger cybersecurity, ethical data protection, better consumer protection and closer collaboration between industry and regulators. The Global Fintech Festival, which begins today, is expected to draw 1 Lakh visitors. The event will also see participation from over 5,000 companies, 700+ speakers, hundreds of investors and representation from 70+ countries. 💰 RentoMojo’s ₹376 Cr Anchor Round The furniture and appliance rental platform has raised nearly ₹376.1 Cr from anchor investors. The startup said that it allotted 93.1 Lakh equity shares to 41 anchor investors at ₹404 apiece, the upper end of its IPO price band. Sixteen domestic mutual funds lapped up 60.4 Lakh shares worth nearly ₹244.1 Cr via a total of 30 schemes. The round also saw participation from Edelweiss, Invesco, HDFC, Motlal Oswal, Bajaj Finserv and others. RentoMojo’s public issue comprises a fresh issue of shares worth up to ₹150 Cr and an offer for sale of up to 2.7 Cr shares. It has also set a price band of ₹384-₹404 apiece for its IPO, which values the startup at nearly ₹4,206 Cr at the upper end of the spectrum. 🤖 Bajaj Finance’s Latest AI Bet The NBFC arm of Bajaj Finserv has acquired a 5% stake in the AI video generation platform for an undisclosed amount. The deal will enable Bajaj Finance to deploy TrueFan’s AI-led automation and personalisation tools across its ecosystem. Founded in 2020, TrueFan initially operated a celebrity engagement platform before pivoting to AI in 2024. It now helps companies create personalised videos using celebrities and AI avatars. It caters to 100 enterprises and has raised $15 to date. The investment is part of Bajaj Finserv’s broader strategy to ramp up presence in the AI space. In March, the company announced plans to invest up to ₹2,000 Cr over five years in early-stage startups across AI, cybersecurity, quantum technologies and fintech. 🤝 Circle To Acquire Tazapay The US-based crypto platform has signed a deal to acquire the Singapore-based B2B cross-border payments startup. The transaction is said to be an all-stock deal valued at nearly $400 Mn. The deal is expected to close in 2027, subject to regulatory approvals. With this, Circle will leverage Tazapay’s banking relationships, local payout rails and customer base to accelerate the adoption of its stablecoin product. Founded in 2020, Tazapay offers B2B cross-border payment solutions for enterprises. It currently claims to clock $25 Bn in annualised payment volume, boasts 60+ banking partners and has built local payout rails in over 100 markets. 💼 New CEO At Whatfix Cofounder Vara Kumar Namburu has been appointed as the new chief executive of the SaaS unicorn, a week after the unfortunate demise of cofounder and CEO Khadim Batti. An alumnus of Jawaharlal Nehru Technological University, Namburu cofounded Whatfix in 2013, and has been helming the research and development wing of the SaaS company. Whatfix offers an AI-powered digital adoption platform that helps enterprises improve software adoption and get more value from their technology investments. It claims to cater to more than 650 enterprises globally and has raised over $260 Mn till date. Inc42 Markets Inc42 Startup Spotlight Inside Wippi’s Screen-Free AI Play for Kids More and more children remain glued to their screens. But there are limited options that blend entertainment and learning without ads or visual overload. Wippi is betting that its screen-free AI companion can keep children curious through stories, music and games. Wippi’s Interactive Play: Founded in 2024, Wippi builds voice-first products for children aged between four and ten. Its Wippi Player combines proprietary hardware, conversational AI and an audio-content library, allowing children to ask questions, interact with characters and navigate stories without looking at a screen. For parents, Wippi offers a companion app to create profiles, set up the device and review listening patterns and AI interactions in more than 140 languages. A Content Universe: The Wippi Player’s starter kit costs ₹6,499 and includes the device plus a playset. Additional physical character cards, illustrated storybooks, Wippi Radio and themed playsets create repeat-purchase opportunities, creating a business model beyond a one-time hardware sale. The Next Chapter: Backed by 12 Flags, the startup now plans to strengthen voice-AI and engineering teams, broaden original content and characters, scale manufacturing in India and expand its D2C business. As it taps into AI and locally relevant storytelling, can Wippi turn a screen-free childhood into a scalable consumer tech category? Infographic Of The Day Once the go-to-name on every Nykaa and Myntra homepage, SUGAR Cosmetics rode the soonicorn wave through 2021-22. Fast forward to 2026, it is now facing an 80% valuation cut. So, what changed?
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