The Digital Gold Rush, What's Ailing Ajio & More

India’s Digital Gold Frenzy

Gold has done more than just shine in 2025 so far, hitting record highs. As a result, fintech giants from Paytm to Jio Financial Services are tapping into the frenzy, offering digital gold for as little as INR 10. So, what’s driving this gold rush?

An Irresistible Economics: Digital gold’s primary allure is its simplicity. Unlike regulated gold ETFs, it requires no demat account or KYC verification. This low-friction entry point is perfect for building a user habit. Digital gold also offers higher intermediary margins compared to mutual funds, with less transparent pricing and spreads that allow platforms to optimise profitability. On the customer side, ease of convenience provides instant gratification that traditional products can’t match.

A Systemic Risk? However, behind this rush, there is a catch. The boom in digital gold during the recent festive season prompted a sharp warning from SEBI. The regulator has cautioned investors that digital gold is not a regulated security and could expose the public to significant ‘operational risks’.

Experts have flagged the danger of platforms over-leveraging their stored gold. Meaning: they may not be fully backed by physical reserves. This risk is compounded by cybersecurity failures, such as the recent INR 1.95 Cr digital gold heist from the Aditya Birla Capital app, and the mushrooming fly-by-night apps that lack clarity, transparency, or disclosures.

Uncertainty Ahead? Regulators are now worried about everything from consumer protection to anti-money laundering compliance. While standardisation remains a key challenge, critics warn that digital gold, despite its convenience, could follow the same trajectory as cryptocurrency.

With the regulatory clock ticking, will digital gold survive in its current form, or will regulatory intervention change the yellow metal’s digital destiny in India? Let’s find out…

From The Editor’s Desk What’s Ailing Reliance’s Ajio?

• Launched to challenge India’s online fashion giants, Ajio aimed to be the premium alternative to discount-driven marketplaces. Despite early promise, it today commands just 9% of India’s $20 Bn online lifestyle market, dwarfed by its rivals.
• Ailing the Reliance-owned marketplace has been its discount-heavy strategy and a directionless blend of premium and bargain-bin products. What has also not helped is its lack of curated appeal, which has eroded customer trust.
• Its heavy reliance on Reliance’s offline retail DNA has also resulted in slower delivery times, clunky reverse logistics, and a seller ecosystem favouring large vendors over smaller sellers.

Awfis’ Bottom Line Shrinks

• The coworking space provider saw its profits dwindle 59% YoY to INR 16 Cr in Q2 FY26 on the back of a 31% YoY and 10% sequential jump in expenses to INR 376.6 Cr during the quarter.
• This bottom line took a hit despite operating revenue rising 25% YoY to INR 366.9 Cr, and operational EBITDA improving 32% YoY to INR 132 Cr.
• Awfis operates India’s largest managed workspace portfolio with 237 centres and 1.47 Lakh seats across 18 cities. The company targets GCCs and large enterprises, with the 500+ seat client cohort now making up 34% of its portfolio.

Pine Labs Closes IPO On A High Note

• The fintech major’s public issue closed with an oversubscription of 2.46X, receiving bids for 24.09 Cr shares against 9.78 Cr on offer. Employees led the pack with a 7.35X subscription, followed by QIBs (4X) and retail investors (1.22X).
• The IPO of Pine Labs, which offers payment solutions, comprised a fresh issue of up to INR 2,080 Cr and an OFS of up to 8.23 Cr shares. At the upper end of its INR 210–221 price band, the company was pegged at INR 31,169 Cr.
• With listing slated for November 14, investor focus now remains on how Pine Labs balances growth, profitability, and valuation amidst evolving competitive dynamics in the fintech space.

slice SFB Turns It Around

• The small finance bank (SFB) turned profitable in H1 FY26 with a net profit of INR 6.5 Cr on the back of its merger with North East SFB.
• Post-amalgamation, slice SFB’s net worth shot up to INR 891 Cr from INR 61 Cr in March 2024, and AUM zoomed 254% YoY to INR 3,759 Cr in H1 FY26.
• Founded as a fintech startup in 2015, slice merged with NESFB in October 2024, combining tech with traditional banking in Northeast India.

Capillary Technologies Sets IPO Price Band

• The SaaS startup has set its IPO price band at INR 549 to INR 577 per share, aiming to raise up to INR 877 Cr via its public listing. Its IPO comprises a fresh issue of INR 345 Cr and an OFS of up to 92.29 Lakh shares.
• The IPO opens for subscription on November 14 and closes on November 18, with D-Street listing expected on November 21.
• Founded in 2008, Capillary Technologies offers AI-powered cloud-native platforms for customer engagement and loyalty management.

Inc42 Markets

Inc42 Startup Spotlight Can Ozi Disrupt India’s Baby Care Market?

Urban parents in India often face a frantic struggle to find essential baby products, especially during late-night emergencies or when preparing last-minute outings. Though quick commerce giants like Blinkit, Instamart, and Zepto have ventured into baby-care categories, they often lack comprehensive offerings and consistent availability. Solving this problem is Ozi.

The Ozi Way: Founded earlier this year, Ozi is a dedicated quick commerce platform that delivers premium baby-care products within 30 minutes. It sells everything from teething rings and diapers to apparel and nutrition. The platform offers products from brands like Nestlé, Huggies, Chicco, and Cetaphil through its app, and currently serves key urban locations.

A FirstCry Redux? India’s baby care-focussed quick commerce market is projected to breach $1 Bn by 2030, driven by rising urbanisation and increased spending by working parents on convenience-driven purchases. Backed by Blume Ventures and $3.3 Mn in funding, Ozi’s curated offerings aim to capture a pie of this promising yet underserved niche.

In an increasingly crowded quick commerce market, can Ozi become the go-to babycare platform for India’s urban families?

Infographic Of The Day

As Lenskart hit Dalal Street, Peyush Bansal alone pocketed a whopping INR 823 Cr. Here’s who else cashed out.

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