Pakistan, Egypt, and Turkey drafted a proposal calling for a 45-day ceasefire and the reopening of the Strait of Hormuz Axios. The plan? Stop shooting for 45 days, use that time to negotiate permanent peace. Iran's response?
No. Trump's deadline is Tuesday 8pm ET. If the Strait stays closed, he's promised to hit Iranian power plants and civilian infrastructure. Oil's at $108/barrel. The rupee's at 93. India's watching this play out with one eye on the fuel pump and the other on the tanker routes. Geopolitics is just supply chain management with missiles.
🚀 India's Defence Exports Hit ₹38,424 Crore - Up 63% in One Year
India's annual defence exports touched an all time high of ₹38,424 crore in the financial year 2025-26, marking an over 62 per cent growth over the previous fiscal Business Standard.
That's ₹1,200 crore to ₹39,000 crore in less than a decade. BrahMos missiles. Pinaka rocket systems. Akash air defense systems. India's exporting to 80+ countries. The shift from importer to exporter is real. And it's accelerating.
🏦 Manufacturing Startup Zetwerk Just Filed for a ₹4,200 Crore ($46 million) IPO
Zetwerk has reworked its leadership structure and expanded its board as it moves closer to a planned public listing, with co-founder and CEO Amrit Acharya taking on the additional role of chairman Storyboard18.
The company confidentially filed for an IPO targeting ₹4,200 crore. Zetwerk's a B2B manufacturing platform serving aerospace, electronics, and infrastructure. Revenue dropped 11% to ₹12,798 crore in FY25. But losses narrowed 60% to ₹371 crore from ₹918 crore. The profitability story is real. Valuation's holding at $3 billion - flat from last round. That's discipline. Not hype. Investors are rewarding companies that can actually make money.
🛵 India Sold 1.78 Lakh (178k) Electric Scooters Last Month While Oil Hit $108
India's EV two-wheeler registrations reached a record 1.78 lakh units in March 2026, marking a sharp 60% month-on-month rise with TVS Motor leading at 46,859 units.
This is happening while Brent crude sits at $108/barrel and petrol pumps are printing money. High oil prices make electric two-wheelers look less like "nice to have" and more like "financially smart." India's oil import bill is spiking. The rupee's at 93. Every litre of petrol burned is dollars leaving the country. Every electric scooter sold is a small dent in that dependence. It's not an energy transition driven by climate goals. It's an energy transition driven by the import bill.
On a different note - The Profitability Cult Has Taken Over Indian Startups 💳
For a decade, Indian startups worshipped growth. Revenue didn't matter. Profits were for "old economy" companies.
That person is gone.
Profitability isn't a milestone anymore - it's a cult. Zetwerk's IPO? Flat valuation, shrinking losses. The fundraise announcements now lead with "sustainable growth" and "unit economics."
India's startup ecosystem got forced to grow up. The question isn't whether profitability matters. It's whether this obsession lasts when the next bull market arrives.
Today’s Quiz 🧠
Yesterday's answer: A. 3-4%
In India, only 3 out of every 100 people have credit cards. India has 111 million credit cards in circulation but 1.4 billion people. That's 3-4% penetration. Nearly 60% of those cardholders have 3+ active loans. So the entire consumer debt crisis everyone's talking about? It's being driven by 3% of the population. Imagine what happens when the other 97% get cards.
Today's question:
Zetwerk's revenue dropped 11% in FY25, but losses narrowed 60%. What does this tell you?
A. They're cutting costs faster than revenue is declining
B. They're prioritizing profitability over growth
C. They're getting IPO-ready by cleaning up the P&L
D. All of the above
(Answer tomorrow)