Lloyd’s is one of the world’s most influential underwriting centres for complex risks across sectors such as shipping, aviation, energy and catastrophe insurance. The move to set up base in Gujarat could dramatically boost GIFT City’s access to global underwriting capital, deepen its risk-management capabilities, and signal India’s rising significance on the global reinsurance map.
| Photo Credit:
REUTERS/Simon Dawson
Marking a landmark step in positioning India’s IFSC as a regional hub for cross-border reinsurance, UK-based insurance and reinsurance powerhouse Lloyd’s of London — renowned for underwriting some of the world’s most complex and high-value risks — is set to establish operations in Gujarat International Finance Tec-City (GIFT City) in Gujarat.
The application is for the establishment of a statutory insurance and reinsurance corporation, authorised to undertake insurance and reinsurance business under the IFSCA Registration of Insurance Business Regulations, 2021, with funds to be remitted from Lloyd’s head office in London. Officials from IFSCA told the businessline that LLoyd’s proposal is currently “under process.”
Lloyd’s is one of the world’s most influential underwriting centres for complex risks across sectors such as shipping, aviation, energy and catastrophe insurance. The move to set up base in Gujarat could dramatically boost GIFT City’s access to global underwriting capital, deepen its risk-management capabilities, and signal India’s rising significance on the global reinsurance map. Lloyd’s declined to comment on the development.
There has been a rapid expansion in the insurance and reinsurance ecosystem at GIFT City. As of December 2025, the number of IFSC Insurance Offices (IIOs) rose to 24 from 19 a year ago, while Insurance Intermediary Offices (IIIOs) climbed to 31 from 25, highlighting consistent growth. Premiums transacted by IIOs and IIIOs together reached $299 million in Q3 FY2025–26, more than double the $148 million recorded a year earlier, reflecting robust year-on-year growth.
While Q3 of FY26 saw a quarter-on-quarter dip in reinsurance gross written premiums, falling to $148.13 million from $235.70 million in Q2, the segment has grown significantly on a year-on-year basis. In comparison to Q3 FY25, when only $52 million was transacted, the current figures represent nearly threefold growth, underscoring the increasing scale and appeal of reinsurance operations at GIFT City.
Another key entrant is Echo Reinsurance Ltd, based in Zurich, which has been granted approval to open a branch in GIFT IFSC where it will undertake reinsurance business. Beyond Lloyd’s and Echo, global insurance and reinsurance majors from South Korea, the United Kingdom, Singapore, Saudi Arabia, UAE and Kazakhstan have either lined up or have been granted approval to establish operations in GIFT City.
The (IIOs) in GIFT City play a key role in supporting trade finance by offering trade credit insurance and export-related risk covers, including protection against credit, political and non-payment risks. These offerings help strengthen exporter confidence and improve the bankability of cross-border transactions. Currently, four IIOs operating out of GIFT IFSC offer seven trade credit insurance products, with the regulator aiming to scale up the ecosystem by attracting more global players and expanding the range of products.
Crude oil futures traded lower on Wednesday morning after the Iraqi government and the Kurdistan Regional Government agreed to resume oil exports to the Ceyhan energy hub in Turkey.
At 9.58 am on Wednesday, May Brent oil futures were at $101.17, down by 2.18 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $92.56, down by 3.11 per cent. March crude oil futures were trading at ₹8604 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8871, down by 3.01 per cent, and April futures were trading at ₹8610 against the previous close of ₹8844, down by 2.65 per cent.
Citing Iraqi state media reports, a Reuters report said oil flow from Ceyhan port is expected to start at 7.00 GMT on Wednesday.
In a post on the social media platform X, Masrour Barzani, Prime Minister of the Kurdistan Region of Iraq, said: “Given the extraordinary circumstances facing the country, and the responsibility we all share to get through this difficult chapter, we have decided to allow oil to flow through the Kurdistan Region’s pipeline as soon as possible. In parallel, our discussions with Baghdad will continue with urgency to lift the restrictions on imports and trade into the Kurdistan Region, and to secure guarantees for oil and gas companies so they can safely resume production.”
In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said ICE Brent has now settled above $100 a barrel for four consecutive days. With no sign of de-escalation in West Asia, the market continues to consolidate above this key level. Oil flows remain largely constrained, despite hopes that Iran might allow additional tankers to move through the Strait of Hormuz to select countries. However, if Iran’s plan is to inflict pain through higher energy prices, the number of tankers it allows through the Strait of Hormuz may be very limited, they said.
Confirmation of the death of Iran’s security chief, Ali Larijani, only increases uncertainty for markets. It’s unlikely to lead to de-escalation.
Energy infrastructure across the Persian Gulf continues to be targeted by Iran, with the UAE’s Fujairah port being targeted multiple times. Meanwhile, upstream production continues to decline as producers try to manage storage constraints.
There are reports that the UAE and Kuwait oil cuts are now as much as 1.5 million barrels a day and 1.3 million barrels a day, respectively. This is on top of roughly 2.9 million barrels a day and 2-2.5 million barrels a day of reported supply cuts from Iraq and Saudi Arabia, they added.
Meanwhile, US President Donald Trump took to the social media platform Truth Social to express his displeasure over NATO allies.
In a post Truth Social, he said: “The United States has been informed by most of our NATO “Allies” that they don’t want to get involved with our Military Operation against the Terrorist Regime of Iran, in the Middle East, this, despite the fact that almost every Country strongly agreed with what we are doing, and that Iran cannot, in any way, shape, or form, be allowed to have a Nuclear Weapon. I am not surprised by their action, however, because I always considered NATO, where we spend Hundreds of Billions of Dollars per year protecting these same Countries, to be a one way street — We will protect them, but they will do nothing for us, in particular, in a time of need. Fortunately, we have decimated Iran’s Military — Their Navy is gone, their Air Force is gone, their Anti-Aircraft and Radar is gone and perhaps, most importantly, their Leaders, at virtually every level, are gone, never to threaten us, our Middle Eastern Allies, or the World, again! Because of the fact that we have had such Military Success, we no longer “need,” or desire, the NATO Countries’ assistance — WE NEVER DID! Likewise, Japan, Australia, or South Korea. In fact, speaking as President of the United States of America, by far the Most Powerful Country Anywhere in the World, WE DO NOT NEED THE HELP OF ANYONE!”
March natural gas futures were trading at ₹273.70 on MCX during the initial hour of trading on Wednesday against the previous close of ₹280.90, down by 2.56 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹21935 in the initial hour of trading on Wednesday against the previous close of ₹21600, up by 1.55 per cent.
April turmeric (farmer polished) futures were trading at ₹14,928 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹14,778, up by 1.02 per cent.
tock Market Today | Share Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 18 March 2026
GIFT Nifty futures were trading at 23,655.5 as of 08:25 a.m. IST, indicating the Nifty 50 will open a tad above Tuesday’s close of 23,581.15.
The Nifty 50 and BSE Sensex have climbed about 2 per cent so far this week, clawing back some of the steep losses from their worst week in years, when both indices confirmed a technical correction.
The bounce points to bargain buying after last week’s rout, but analysts expect markets to remain range-bound until there is greater clarity on the West Asia conflict and its implications for oil prices, inflation and corporate earnings.
“The near-term outlook suggests a range-bound market with a cautious bias, where global cues, crude oil movements and currency trends will remain the key drivers,” said Hariprasad K, analyst and founder at Livelong Wealth.
Investors are also awaiting commentary from the US Federal Reserve, which is widely expected to hold rates when it announces its decision later in the day, as oil-driven inflation concerns push rate cut bets further out this year.
Meanwhile, momentum indicators suggest that the market is finding a floor, with the relative strength index – a gauge of recent buying and selling pressure – recovering from oversold levels. (Reuters)
March 18, 2026 09:39
Stock market
Urban Company shares rally over 10% to ₹121.65 on SBI MF stake hike
Urban Company shares rallied over 10 per cent to ₹121.65. The surge came after SBI Mutual Fund increased its stake in the company.
March 18, 2026 09:39
Industryupdate
Stock Market Live Updates: Tata Steel board approves merger of Neelachal Ispat Nigam and ₹18,488 crore investment
Tata Steel shares were flat on the NSE at ₹194.72. The board approved the merger of Neelachal Ispat Nigam with the company. It also plans to invest ₹18,488 crore in its arm, T Steel Holdings, in tranches starting FY27.
March 18, 2026 09:38
Industryupdate
Stock Market Live Updates: NCLT approves Adani Enterprises’ takeover of Jaiprakash Associates
The NCLT approved the takeover of Jaiprakash Associates by Adani Enterprises on March 17, 2026. Adani Enterprises stock rose 2 per cent on the NSE to ₹2,016.20.
March 18, 2026 09:38
Industryupdate
Stock Market Live Updates: Arisinfra’s Unitern revives stalled Parth Gardenia project in Bengaluru
Arisinfra Solutions announced that its subsidiary ArisUnitern RE Solutions Pvt Ltd (Unitern) has revived the stalled Parth Gardenia project. It is transforming the project into a high-value residential development through its Developer-as-a-Service (DaaS) platform. Shares rose 2 per cent on the NSE to ₹104.75.
March 18, 2026 09:38
Stock Market Live Updates: Acme Solar Holdings commissions additional 8 MW wind power capacity
Acme Solar Holdings Limited has informed the exchange about the update on commissioning of an additional 8 MW out of the 100 MW capacity of its wind power project. Shares were flat on the NSE at ₹247.90.
March 18, 2026 09:37
Stock market
Stock Market Live Updates: Godrej Properties acquires 20-acre land near Whitefield in Bengaluru
Godrej Properties has acquired a 20-acre land parcel near Whitefield, Bengaluru. Shares remained flat on the NSE at ₹1,596.70.
March 18, 2026 09:37
Stock market
Stock Market Live Updates: Nifty 50 top gainers and losers
Top gainers of Nifty 50 included IndiGo (+2.80 per cent), TCS (+2.48 per cent), Wipro (+2.31 per cent), Shriram Finance (+2.23 per cent) and HCL Tech (+2.19 per cent).
Top losers were Coal India (-1.14 per cent), Hindalco (-0.88 per cent), Tata Steel (-0.83 per cent) and HDFC Bank (-0.70 per cent).
March 18, 2026 09:36
Industryupdate
Stock Market Live Updates: LTM named NVIDIA Partner Network Rising Star Consulting Partner of the Year
LTM has been named the NVIDIA Partner Network Rising Star Consulting Partner of the Year at NVIDIA GTC 2026. Shares rose 2 per cent on the NSE to ₹4,292.50.
March 18, 2026 09:20
Stock market
Stock Market Live Updates: BSE Sensex traded 368.88 pts or 0.48% higher at 76,439.72 at 9.17 am from the previous close of 76,070.84. It opened 296.71 pts higher at 76,367.55.
Nifty 50 gained 118.90 pts or 0.50% to 23,700.05.
March 18, 2026 09:19
Commodities
Crude oil futures decline as Iraq and Kurdistan resume exports to Turkey
Crude oil futures traded lower on Wednesday morning after the Iraqi government and the Kurdistan Regional Government agreed to resume oil exports to the Ceyhan energy hub in Turkey. At 9.08 a.m. on Wednesday, May Brent oil futures stood at $101.88, down 1.49 per cent. May WTI crude oil futures were at $93.53, down 2.09 per cent. On the Multi Commodity Exchange (MCX), March crude oil futures traded at ₹8,724 during the initial hour of trading on Wednesday, against the previous close of ₹8,871, down 1.66 per cent. April futures were at ₹8,722 against the previous close of ₹8,844, down 1.38 per cent.
March 18, 2026 09:12
Commodities
Gold steady as investors weigh Mideast risks ahead of Fed decision
Gold prices held steady on Wednesday as investors stayed on the sidelines, assessing the economic impact of the West Asia conflict ahead of the US Federal Reserve’s policy decision.
Spot gold edged down 0.1 per cent at $5,000.77 per ounce as of 0243 GMT. US gold futures for April delivery fell 0.1 per cent to $5,004.60. Read more
March 18, 2026 08:54
Industryupdate
Stock Market Live Updates: Maruti Suzuki plans 7 new SUVs, ramps up capacity to 4 million units in production push for exports
Maruti Suzuki is preparing to launch seven new SUVs and is ramping up its production capacity to around 4 million units. This expansion is supported by a two-pronged demand strategy: a revival in entry-level car sales following GST-led price reductions and a structural shift towards SUVs. The company’s execution plan focuses on deeper penetration into rural markets and an expansion of its dealer network. Read more
March 18, 2026 08:51
Stock market
Stock Market Live Updates: SBI Mutual Fund buys over 57 lakh shares in Urban Company via bulk deals
SBI Mutual Fund purchased 22,493,959 shares of Urban Company Ltd at ₹109.83 on the BSE and an additional 35,063,090 shares at ₹109.85 on the NSE through bulk deals.
March 18, 2026 08:33
Commodities
Crude oil surges to $103 per barrel as Iran warns Strait of Hormuz won’t return to normal
Crude oil prices in international markets surged again to as high as $103 per barrel on Wednesday after Iranian parliamentary speaker Mohammad Baqer Qalibaf indicated that the situation in the Strait of Hormuz would not return to normal. These remarks have heightened uncertainty over the safe passage of vessels through the crucial energy corridor. Read more
March 18, 2026 08:08
NSE
Stock Market Live Updates: Sectoral Performance | March 17, 2026
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March 18, 2026 08:08
NSE
Stock Market Live Updates: Closing Bell | March 17, 2026
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March 18, 2026 08:02
Stock market
Stock Market Live Updates: 17 stocks in focus on Wednesday
17 stocks including Tata Steel, SBI, Varun Beverages, Shree Cement, Wipro, Ceigall, NHPC, Paisalo, Strides Pharma will remain in focus on Wednesday
Key stocks like Tata Steel, SBI, and Varun Beverages will be in focus on Wednesday due to significant corporate developments.
March 18, 2026 08:00
Stock market
Stock Market Live Updates: Flat opening seen at BSE, NSE
Domestic markets are likely to see a flat opening on Wednesday. However, analysts expect volumes to remain low, and the market may see a correction. Markets will remain open on Thursday despite the Gudi Padwa holiday.
Gift Nifty around 23,650 indicates that Nifty may see a marginal gain of about 25-30 points at open. The muted start reflects a balance between supportive global cues and persistent macro uncertainties, said Hariprasad K, Founder, Livelong Wealth. Read more
March 18, 2026 07:36
Industryupdate
Stock Market Live Updates: Western Railway awards ₹3.54 crore order for anti-bird discs in Vadodara Division
Western Railway has awarded an order valued at ₹3.54 crore (excluding taxes) for the provision of anti-bird discs on insulators in the electrified territory of Vadodara Division. The entire work shall be completed within 18 months from the date of issue of the Letter of Acceptance.
March 18, 2026 07:32
Industryupdate
Stock Market Live Updates: BEL secures additional orders worth ₹1,011 crore since February
Navratna Defence Public Sector Undertaking, Bharat Electronics Limited (BEL), has secured additional orders worth ₹1,011 crore since the last disclosure on February 25, 2026. Major orders received include communication equipment, radar warning and jamming system, fire control system, electro-optic sight, fire detection and warning system for fighter aircraft, high energy laser, automatic train supervision system, head-up display, software solutions, jammers, shelters, strategic components, upgrades, spares and services.
March 18, 2026 07:24
Stock Market Live Updates: Cranex bags purchase orders worth ₹5.88 crore including ₹1.61 crore from Ordnance Factory Medak
Cranex Limited has received purchase orders from its customers for the manufacturing and supply of various products with a total order value amounting to ₹5,88,32,115. The company has also received a specific purchase order from Ordnance Factory Medak for two numbers of 32/10T double girder EOT cranes valued at approximately ₹1,61,44,760. The products will be delivered within the agreed timeline. The order includes standard terms related to quality, delivery schedule and pricing as mutually agreed by both parties.
March 18, 2026 07:23
Industryupdate
Stock Market Live Updates: Subex secures EAM deal with leading North African telecom operator
Subex, a telecom AI leader, today announced that a leading North African telecom operator has chosen Subex for an Enterprise Asset Management (EAM) engagement. The operator, part of the largest multi-country telecom group, selected Subex for its flexible, governance-first EAM approach. This integrates seamlessly with Enterprise Resource Planning (ERP), Geographic Information System (GIS), and Network Management System / Element Management System (NMS/EMS) systems. Powered by Subex HyperSense, the solution enables centralised 360° asset visibility, Fixed Asset Registry (FAR) reconciliation and workflow automation.
March 18, 2026 07:20
Industryupdate
Stock Market Live Updates: India Glycols declares interim dividend of ₹7.5 per share
The Board of Directors of India Glycols Limited, in its meeting held today i.e. March 17, 2026, has declared an interim dividend of ₹7.5 per equity share (at 150 per cent) of face value of ₹5 each for the financial year 2025-26.
Magellanic Cloud Limited’s wholly-owned subsidiary, Provigil Surveillance Limited, has received a Letter of Intent (LOI) and advance intimation to commence work from RailTel Corporation of India Limited. The award pertains to the installation of CCTV surveillance system for a customer of RailTel (CoR). The project is valued at ₹1.55 crore.
March 18, 2026 07:17
Industryupdate
Stock Market Live Updates: Eurobond opens flagship Experience Centre in New Delhi’s Kirti Nagar
Eurobond, India’s only listed metal composite panel brand and a pioneer in advanced architectural cladding, has opened its flagship Experience Centre in Kirti Nagar, New Delhi. The cladding industry has traditionally relied on brief office visits by sales teams and flat catalogues featuring small material samples. Eurobond raises the bar with this facility, which provides a hands-on, technically rich ‘playroom’ where architects, developers and facade consultants can experience architectural cladding systems like never before, accompanied by material experts to guide decisions. Users can now walk in with a vision and walk out with a plan.
March 18, 2026 07:16
Industryupdate
Stock Market Live Updates: Madhuveer Com Network renamed as JOJO Limited
The name of Madhuveer Com Network Ltd has been changed to JOJO Limited, pursuant to the approval of the shareholders and the Central Registration Centre, Ministry of Corporate Affairs. The new name reflects the company’s evolving brand identity and its continued focus on building a unified, forward-looking presence across its media, content and technology-led initiatives. The rebranding signifies a sharper alignment with the company’s long-term vision of establishing a distinct and scalable integrated platform-led ecosystem.
March 18, 2026 07:14
Industryupdate
Stock Market Live Updates: P N Gadgil Jewellers opens new FOCO store in Pune; total outlets reach 73
P N Gadgil Jewellers Limited has opened a new store under the Franchise Owned, Company Operated (FOCO) model at Supercon Residency, Shirine Garden, Aundh, Pune, Maharashtra – 411007. The store was inaugurated today, March 17, 2026, at around 6:00 p.m. Accordingly, the total number of stores now stands at 73.
March 18, 2026 06:45
Technicalcallbuy
Today’s Stock Recommendation: March 18, 2026
March 18, 2026 06:43
Stock market
Stock Market Live Updates: Fund Flow Activity: 17 March 2026 (Rs. In Crs.)
The short-term outlook is bullish for Linde India. The stock has been gradually moving up over the last couple of weeks.
Key supports are at ₹6,940, ₹6,820 and ₹6,680. We see a high chance of the stock sustaining above ₹6,940. The 55-Day Moving Average (DMA) is on the verge of making a bullish crossover above the 200-DMA. This also strengthens the bullish case.
Linde India’s share price can rise to ₹7,700 in the coming weeks. Traders can buy Linde India shares now at ₹7,321. Read more
Adani Group Acquisition: नेशनल कंपनी लॉ ट्रिब्यूनल (NCLT) की इलाहाबाद पीठ ने दिवालिया हो चुकी जयप्रकाश एसोसिएट्स लिमिटेड (JAL) के लिए अडानी एंटरप्राइजेज के रिजॉल्यूशन प्लान को मंजूरी दे दी है. इस क्रम में NCLT ने वेदांता लिमिटेड की चुनौती को भी खारिज कर दिया. जेपी ग्रुप की बड़ी कंपनी जयप्रकाश एसोसिएट्स पर कुल 57185 करोड़ रुपये के दावे हैं. इसके प्रमुख लेनदारों में नेशनल एसेट रिकंस्ट्रक्शन कंपनी लिमिटेड (NARCL) भी शामिल है.
क्यों दिवालिया हुई कंपनी?
कंपनी ने यमुना एक्सप्रेसवे समेत कई पावर प्लांट्स और सीमेंट फैक्ट्रियों में भारी निवेश करने के लिए SBI और ICICI जैसे बैंकों से भारी कर्ज लिया. बाद में प्रोजेक्ट्स से सही कमाई न हो पाने और ब्याज दरें बढ़ने की वजह से कंपनी समय पर कर्ज नहीं चुका पाई और उसे डिफॉल्ट घोषित कर दिया गया. अब कर्ज में डूबी इसी कंपनी को अडानी ग्रुप 15000 करोड़ रुपये में खरीदने जा रहा है. अडानी ग्रुप ने जेपी एसोसिएट्स को खरीदने के लिए 15000 करोड़ रुपये का ऑफर दिया था, जिसे अब NCLT ने मंजूरी दे दी है.
बैंकों को लौटाए जाएंगे उनके पैसे
जेपी एसोसिएट्स को खरीदने की रेस में अनिल अग्रवाल की कंपनी वेदांता लिमिटेड और डालमिया भारत जैसी कंपनियां शामिल थीं, लेकिन आखिरकार जीत अडानी ग्रुप को मिली. कंपनी को खरीदने के लिए अडानी ग्रुप से मिलने वाले 15000 करोड़ में से एक हिस्से का इस्तेमाल बैंकों का कर्ज चुकाने के लिए किया जाएगा. बैंकों की कमेटी भी इस डील के लिए अडानी ग्रुप के पक्ष में वोटिंग की थी.
अडानी ग्रुप को क्या-क्या मिलेगा?
इस डील के तहत अडानी ग्रुप को जेपी ग्रुप की कई कीमती संपत्तियां मिलेंगी जैसे कि नोएडा और ग्रेटर नोएडा में 3985 एकड़ की जमीन.
जेपी ग्रुप के 5 लग्जरी होटल.
जयप्रकाश पावर वेंचर्स के नाम की कंपनी में 24 परसेंट की हिस्सेदारी.
सीमेंट बनाने वाली फैक्ट्रियां, जिनकी कैपिसिटी सालाना 6.5 मिलियन टन तक है.
वेदांता ने लगाई थी 17000 करोड़ की बोली
कंपनी को खरीदने के लिए वेदांता ने कुल 17000 करोड़ रुपये की बोली लगाई थी. हालांकि, कंपनी ने शुरुआत में 4000 करोड़ का तुरंत भुगतान करने और बाकी की रकम अगले 5-6 सालों में चुकाने की बात कही थी. वहीं, अडानी ग्रुप ने कहा कि वह 15000 करोड़ में से 6000 करोड़ रुपये तुरंत और बाकी रकम केवल 2 साल में चुकाने के लिए तैयार है इसलिए बैंकों ने अडानी ग्रुप को चुना.
वेदांता को किस बात पर ऐतराज?
जेपी एसोसिएट्स को खरीदने की प्रक्रिया जब शुरू हुई थी, तब वेदांता और डालमिया भारत जैसी कंपनियों ने डेडलाइन के भीतर ही अपनी-अपनी बोलियां जमा कर दी थीं. पहले कंपनी को खरीदने में अडानी ग्रुप ने दिलचस्पी नहीं दिखाई, लेकिन बाद में कंपनी ने इसे खरीदने के लिए एक बड़ा ऑफर पेश किया. वेदांता ने इसी बात का विरोध किया था. बैंकों और NCLT ने अडानी ग्रुप के प्रस्ताव को इसलिए स्वीकार किया क्योंकि कंपनी बड़ी मात्रा में और जल्दी पैसा लौटा रही थी.
File photo: Image of Krishna River Delta captured by Pixxel’s satellites
At a time when it is being drawn into the war in West Asia and amid the energy crisis, Saudi Arabia has taken the help of an Indian space start-up for providing it satellite images.
Bengaluru-based, Google-backed Pixxel, whose Firefly constellation of 18 satellites provide hyperspectral images, will supply special satellite data to Saudi Arabia’s national platform, UP42. Instead of buying data separately, Saudi agencies can now log onto this platform and get Pixxel’s imagery.
“The integration of hyperspectral capabilities into NSG UP42 strengthens Saudi Arabia’s geospatial infrastructure by providing government entities, regulators, and enterprises with deeper environmental and surface intelligence through a unified, sovereign platform,” says a press release from Pixxel.
Pixxel’s satellites do not take optical images—photos—of Earth; they take spectral images, in over 135 spectral bands. In simpler terms, this means that the images can be processed to get a very clear picture of the ground below. Electromagnetic waves (such as infra red, visible light, ultra violet, X-rays, gamma rays) hit the ground, but each feature on the ground reflects the waves differently, depending on its own nature. For example, soil’s reflection would be different from a plant’s, which would be different from another plant’s or a tree’s. Each feature has its own “signature” — so one can divine what exactly lies in the area pictured.
Pixxel says that Saudi Arabia will use the hyperspectral data provided by it to support applications, such as mineral detection and resource exploration, mine site closure and rehabilitation monitoring, illegal mining detection and environmental compliance and sustainability reporting enabling science-based regulatory oversight.
The release is silent on the possible military applications of Pixxel’s satellite imagery, but hyperspectral imaging is inherently capable of dual use. It can be used for surveillance, camouflage detection and battle damage assessment.
Pixxel is among the best-funded Indian space startups, having raised $95 million from investors such as Google, Radical Ventures, Lightspeed, Glade Brook Capital Partners and M&G Catalyst.
Fintech major PhonePe recently put its IPO plans on hold, underscoring how even well-prepared, market-leading companies are choosing to wait for more favourable conditions
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SAMYUKTA LAKSHMI
India’s much-anticipated IPO wave is showing signs of delay as global macroeconomic volatility, geopolitical tensions and valuation mismatches prompt startups and investors to reassess listing timelines.
Fintech major PhonePe recently put its IPO plans on hold, underscoring how even well-prepared, market-leading companies are choosing to wait for more favourable conditions. The move comes at a time when several new-age firms, including Zepto, OYO, Acko and Turtlemint, were gearing up to tap public markets in what was expected to be a blockbuster year for listings.
“Global macro volatility is directly impacting IPO timing more than IPO intent,” said Ujwal Sutaria, founder and general partner at TDV Partners. “Many fundamentally strong companies are choosing to hold back, rather than rush into listing at the wrong time.”
Sutaria added that IPO timelines are increasingly becoming “market-driven rather than milestone-driven,” with founders recognising that timing is as critical as business readiness.
Valuation reset underway
A key friction point emerging in the current environment is the widening gap between founder expectations and public market valuations.
“We’re seeing a clear disconnect between what founders expect and what public market investors are willing to pay,” Sutaria said, attributing it to lingering expectations from the 2021–22 funding boom, even as public investors shift focus to profitability and cash flows.
The case of PhonePe highlights this divergence, with investor appetite reportedly pegging its valuation significantly below prior private market estimates.
Shyam Menon, co-founder at Bharat Innovation Fund, said macro headwinds have created “an environment with zero tolerance for unpredictable cash burn,” forcing startups to recalibrate.
“IPO readiness is no longer just about scale; it is about profitability,” he said, adding that companies are cutting costs and tightening unit economics to present stronger financials before listing.
He also noted that founders are beginning to accept that “pricing an IPO to leave some money on the table for retail investors is a better long-term strategy” than chasing peak valuations and risking weak listings.
Delays and alternative exits
Industry executives expect IPO delays to become more common over the next 12–18 months, with companies adopting a wait-and-watch approach amid global uncertainty.
“The current VUCA environment… has definitely thrown a spanner in the works for impending IPOs,” said Rajeev Kalambi, general partner at Cactus Partners, pointing to geopolitical tensions and global trade disruptions. “We expect several IPOs to be deferred… merchant bankers would be keeping their eyes peeled to identify a window of opportunity.”
At the same time, startups are increasingly exploring alternative liquidity options. “If IPO markets are not attractive, companies tend to explore a combination of primary fundraising and secondary sales,” Kalambi said.
Sutaria echoed this trend, noting that secondary transactions, pre-IPO rounds and strategic sales are gaining traction as firms seek flexibility amid tighter capital conditions.
“The companies that will succeed in the next IPO cycle won’t just be the fastest-growing,” he said. “They’ll be profitable, capital-efficient, and just as thoughtful about timing the market as they are about building their business.”
