Also in the letter:
■ Explained: Zomato’s platform fee hike
■ CoinDCX founders arrested
■ LPG shortage impact on manufacturing
AI-led wealthtech rising as VCs bet on a fintech disruption
Venture capital is flowing into artificial intelligence-driven wealth management startups as middle-income Indians move beyond gold and real estate into financial assets.
New thesis: Startups are using AI to deliver lower-cost, personalised advisory, opening up services once limited to high-net-worth individuals.
For instance:
- Otto Money raised $1.3 million last month and is building an AI-led mutual fund advisory chatbot; it is now eyeing a $10 million raise.
- Gurugram-based daily savings app Bachatt is in talks to raise $12 million, likely led by Accel.
- Credit management startup Oolka is also looking to close a $12 million round.
AI opportunity: Investors say AI has compressed servicing costs, making smaller portfolio products economically viable.
- Harshvardhan Lunia, cofounder of Lendingkart, said improvements in AI-led technology have significantly enhanced service quality at a lower cost.
- Another investor noted that economies of scale are beginning to kick in with AI adoption.
Yes, but: Wealth remains a trust-led category. Startups will need to prove consistency, compliance, and reliability at scale, not just product innovation.
Also Read: As banks tap AI for big tasks, local startups get a prompt
H-1B registration may dip 30-50% on high visa fees and uncertainty
H-1B registrations for FY26, which ended on March 19, fell 30-50% compared to last year, as employers pulled back amid higher visa costs and policy uncertainty.
Driving the decline: Experts said changes to the lottery system and rising fees have made outcomes harder to predict, prompting firms to recalibrate their hiring plans.
Number-wise:
- VisaNation’s Shilpa Malik reported 50% drop in filings
- Immigration.com saw 30% drops.
- Employers skewed applications toward higher wage brackets to improve selection odds.
No second-cap season: Xiao Wang, founder & CEO, Boundless Immigration, said that even with overall selection numbers likely lower, primarily due to expectations of fewer consular-related filings, we might not need a second round of selection this year if no other major events occur.
Also Read: US policy changes could cut H-1B visa applications sharply: Experts
Zomato’s platform fee hike a push for profits, users largely unfazed
Zomato raised its platform fee to Rs 14.90 per order (pre-GST) last week, up from Rs 2 in 2023, pointing to growing pricing power and sharper profitability focus, industry executives said.
What does this mean: For users, the increase adds to the total bill, and for Zomato, it unlocks a higher-margin revenue stream.
- The food delivery company delivered 266.9 million orders in the October-December quarter.
- A Rs 2.40 fee hike translates to roughly Rs 64-65 crore in additional quarterly revenue.
Rival watch: Swiggy has matched pricing at Rs 14.99 (incl. GST), suggesting tight competitive alignment. Platform fees, once negligible, have now become standardised charges, much like ticketing convenience charges.
Despite a near 7x increase over the past three years, there has been no meaningful churn, indicating low price sensitivity for small-ticket add-ons.
Profits over pure growth: For Eternal and Swiggy, food delivery is the primary cash engine, even as both companies fund aggressive bets in quick commerce, which continues to burn capital.
CoinDCX promoters arrested by Thane police on criminal breach of trust charges
(L-R) CoinDCX cofounders Neeraj Khandelwal and Sumit Gupta
CoinDCX cofounders Sumit Gupta and Neeraj Khandelwal were arrested Saturday by Thane Police from Bengaluru over allegations of criminal breach of trust and cheating an insurance advisor out of Rs 71.6 lakh.
Details: The duo was produced before a holiday court and remanded to police custody until Monday.
Police filed an FIR against six individuals, including the founders, for luring the complainant between August 2025 and February 2026 with promises of high returns on crypto investments and opportunities to become a CoinDCX franchisee.
Company’s stance: CoinDCX called the FIR “false,” alleging fraudsters impersonated its founders using fake websites and third-party accounts unrelated to the exchange. The company claims it issued prior public warnings and is fully cooperating with the police.
Other Top Stories By Our Reporters
Large manufacturing units mull kitchen revamp: The liquified petroleum gas (LPG) shortage sparked by the ongoing war in West Asia has spurred many companies that operate large manufacturing units in India and feed thousands of workers daily to put in place plans to transition to more energy-resilient models at their kitchens, according to facility management firms.
Meity setting up AI curation units: The government has prioritised the establishment of 50 AI curation units across ministries, with the final 20 to be set up over the next few months, officials told ET.
Global Picks We Are Reading
■ How BYD got EV chargers to work almost as fast as gas pumps (Wired)
■ AI hallucinations haunt users more than job losses (FT)
■ The stark divide in the UAE and India war info systems (Rest of World)
