Gensol’s downfall: A timeline; Wipro's FY25 Q4 results

An interim order issued by SEBI on April 15 opened a can of worms and revealed how Gensol grossly misutilised funds obtained as loans and diverted a portion to promoters and promoter-related entities.

Apr 17, 2025 - 03:31

Gensol’s downfall: A timeline; Wipro's FY25 Q4 results

Hello,

SEBI’s crackdown on Gensol has forced its largest customer to pivot.

EV ride-hailing app BluSmart has halted new ride bookings in areas of Bengaluru and Delhi-NCR. It has now begun transitioning thousands of its vehicles onto rival Uber’s platform, a source familiar with the matter told YourStory.

Change is in the air, but at Zepto, it’s all in the name.

The quick commerce unicorn has changed the name of its parent entity from Kiranakart Technologies Private Limited to Zepto Private Limited in an effort to boost brand recall among consumers and stakeholders ahead of a public listing.

Speaking of IPOs, OfBusiness is loading up ahead of its public market debut. The B2B commerce platform has bagged Rs 100 crore to drive financing access for small and medium enterprises.

Elsewhere in the startup ecosystem, it’s rather a story of outflows.

Paytm CEO Vijay Shekhar Sharma has foregone 21 million ESOPs after SEBI determined last year that granting those ESOPs to Sharma violated its rules governing share-based employee benefits. Paytm is set to incur a one-time ESOP expense of Rs 492 crore in Q4.

Meanwhile, SaaS major Gupshup reduced its employee count by 300 over the last 18 months, though it dismissed any claims of layoffs. Incidentally, it also recently forayed into agentic AI.

However, correlation ≠ causation.

In today’s newsletter, we will talk about

Golf sets prove costly for Gensol
Wipro is starting to feel the tariff effect
Addressing urban hunger

Here’s your trivia for today: In Switzerland, what animal delivers Easter eggs to kids?

Startup

Golf sets prove costly for Gensol

An interim order issued by SEBI on April 15 opened a can of worms and revealed how Gensol grossly misutilised funds obtained as loans and diverted a portion to promoters and promoter-related entities.

The investigation disclosed that funds were diverted to related parties and promoters, including EV ride-hailing startup BluSmart’s co-founders Anmol Singh Jaggi and Puneet Singh Jaggi, who used them for personal expenses, including buying real estate and a golf set worth Rs 26 lakh, among others.

Downfall:

In June last year, Gensol Engineering, which offers solar consulting services, was riding high. Its shares were trading at a peak of Rs 1,126 apiece, and its market cap had grown to Rs 4,300 crore. Today, share price touched Rs 123.65 apiece.
The company was supposed to spend Rs 829.86 crore to buy EVs. In reality, it transferred Rs 775 crore to Go-Auto, for which it obtained delivery of 4,704 EVs costing Rs 567.73 crore.
Gensol Engineering said Jaggi brothers will step away from any holding positions in the company until further orders from SEBI. The company said it will fully cooperate with the forensic audit.

Startup: Garuda Aerospace

Amount: Rs 100 Cr

Round: Series B

Startup: OfBusiness

Amount: Rs 100 Cr

Round: Undisclosed

Startup: Magma

Amount: $5M

Round: Series A

Technology

Wipro is starting to feel the tariff effect

Wipro, one of India’s leading IT services companies, has registered a 26% rise in net profit for the fourth quarter (Q4) of FY25. However, its revenue outlook remained subdued. Revenue for the quarter stood at Rs 22,504 crore, which was just a 1.3% YoY growth.

The net profit for Q4 FY25 stood at Rs 3,570 crore, compared with Rs 2,835 crore in the similar period a year ago.

Key takeaways:

“The present macroeconomic environment has created a lot of uncertainties for our clients,” Wipro CEO Srini Pallia said.
On the positive side, Wipro said its large deals engine continues to expand, and it had a total contract value of $1.8 billion at the end of the fourth quarter.
The company has also seen improvement in its operating profit margin. At the end of Q4 FY25, it stood at 17.5%, compared with 16.4% a year ago.

Inspiration

Addressing urban hunger

Amid rising urban migration and widening food insecurity, Akshaya Chaitanya, an initiative by the HKM Foundation, is addressing a growing but often overlooked issue—hunger among the urban poor.

A sister initiative of the Akshaya Patra Foundation, which is known for its role in the central government’s midday meal programme, Akshaya Chaitanya was established to cater to urban populations that fall outside conventional welfare schemes.

Food for all:

Founded in 2011 and formally registered as a trust, Akshaya Chaitanya began with cancer care hospitals in Hyderabad.
Over time, the initiative expanded to 20 hospitals across Hyderabad. Its growing presence caught the attention of the Telangana government, which invited the organisation to scale up its efforts further.
Today, Akshaya Chaitanya provides around 16,000 meals every day in Mumbai. In schools, it provides breakfast and lunch, while in hospitals, it offers breakfast, lunch and dinners. In slum areas, breakfast is given to children.

News & updates

Trade war: The World Trade Organization (WTO) warned that the outlook for global trade has “deteriorated sharply” in the wake of US President Donald Trump’s tariff regime. The volume of world merchandise trade is now expected to decline by 0.2% in 2025, before posting a “modest” recovery of 2.5% in 2026.
Class action: Google is facing a potential 5 billion-pound ($6.62 billion) collective action lawsuit in the UK that claims it abused its dominance and overcharged companies for search advertising services. The claim argues that Alphabet-owned Google excluded competitors from the general search and search advertising markets, allowing it to charge higher prices for search ads.
Strategic review: PwC, one of the Big Four global professional services firms, has exited nine African countries. The decision to exit was based on a strategic review and potentially due to market disputes and streamlining operations. Local partners alleged pressure from PwC's global leadership to cut out hazardous customers.

In Switzerland, what animal delivers Easter eggs to kids?

Answer: The cuckoo.

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