Dear Reader,
Reliance Industries chairman Mukesh Ambani has emerged as the world's biggest billionaire wealth gainer, adding over $6 billion to his fortune in a single day, as shares of his flagship company surged following a stronger-than-expected quarterly earnings performance.
According to Forbes' Real-Time Billionaires list, Ambani's wealth increased by 7.85%, or $6.3 billion, making him the biggest gainer globally in the latest update to the ranking on November 2.
ICYMI: The gap between economic superpowers, the US and China, versus the rest of the world is striking. The US economy is bigger than the combined GDP of Germany, Japan, the UK, India, and France.
In other news, ValueQuest Tristar Fund, an India-focused private equity fund, has secured over Rs 2,100 crore in investor commitments within 15 months of its first close, surpassing both its base target and the full greenshoe option. The fund targets advanced manufacturing sectors, including aerospace, defence, precision engineering, and the energy transition. It has so far invested in four companies: Hi-Q Electronics, Rangsons Aerospace, Waaree Energy Storage Solutions, and Trusted Aerospace & Engineers (TASE Global).
Meanwhile, PRISM, parent entity of hospitality chain OYO, has posted a consolidated profit after tax (PAT) of Rs 353 crore in the first quarter ended June, registering 17% growth from Rs 301 crore in the year-ago period. The quarterly profit included a deferred-tax credit of approximately Rs 244 crore, according to the company's audited financials.
In today’s newsletter, we will talk about
- MobiKwik reports Rs 11.83 Cr profit in Q2
- Indian female workforce growth lacks quality jobs
Here’s your trivia for today: Which consumer electronics retail chain was founded in 2006 as an enterprise of Infiniti Retail, a subsidiary of the Tata Group?
News
MobiKwik reports Rs 11.83 Cr profit in Q2
Fintech company MobiKwik reported a net profit in the second quarter of FY27, compared with a loss in the year-ago period, marking its fourth consecutive profitable quarter and its highest-ever quarterly profit. It saw a net profit of Rs 11.83 crore for the July-September quarter, against a loss of Rs 28.61 crore in Q2 FY26.
Key takeaways:
- MobiKwik’s revenue rose 9.4% year-on-year (YoY) to Rs 295.70 crore. The company attributed the quarter’s performance to higher gross merchandise value (GMV) growth and improved margins.
- According to MobiKwik, its payment business recorded a 35% year-on-year (YoY) growth in gross merchandise value (GMV) to Rs 59,677 crore in Q2 FY27.
- The company’s registered user base increased to 196.3 million in Q2 FY27, compared with 183.5 million in the corresponding quarter last fiscal.
<Funding Alert>
Startup: Clinics On Cloud
Amount: $12.5 M
Round: Series A
Startup: Two Point O Capital (TW.O)
Amount: $10M
Round: Undisclosed
Social impact
Indian female workforce growth lacks quality jobs
Women in India are working more but they remain tied to agriculture and other lower-productivity activities, while the disproportionate burden of unpaid domestic and care work continues to constrain their economic opportunities.
A new report, The Participation Paradox: Women’s Work and Time-Use in India, 2017-18 to 2025, examines this disconnect.
Key takeaways:
- Between 2017-18 and 2025, the number of women in the workforce nearly doubled, from 104 million to 201 million. The female worker population ratio also rose from 22% to 38%.
- However, the rise in numbers tells a more complicated story. Much of the increase was driven by rural women entering agriculture, taking up own-account work, and engaging in unpaid family work.
- In 2025, 60% of women outside the labour force cited childcare or personal household commitments as their primary reason for not working.
News & updates
- Crypto hack: Binance customers have pulled $3.6 billion from the world's largest cryptocurrency exchange after it was hacked last week. The hack, which has been linked to North Korea, could be the largest financial heist in history.
- Oil prices: Crude oil prices tumbled Monday following remarks from US Secretary of State Marco Rubio that President Donald Trump favors diplomacy over military action to resolve tensions with Iran. Brent crude futures, the international benchmark, fell 6.07% to $106.54 a barrel.
Which consumer electronics retail chain was founded in 2006 as an enterprise of Infiniti Retail, a subsidiary of the Tata Group?
Answer: Croma
We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com.
If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.