Five things worth knowing this morning, and what each one actually changes.
Flipkart tests food delivery on its own staff
Flipkart began testing a food delivery service called Eat In with employees in Bengaluru on September 9, and is piloting a standalone app for Flipkart Minutes at the same time. The number that matters is the commission: orders route through ONDC at up to 11 per cent, against the 25 to 30 per cent Zomato and Swiggy charge. The test widens to all employees around September 15, then to Bengaluru customers. Two earlier challengers ran out of money. What Flipkart has that they did not is a user base it already owns and riders already on the road. (Business Standard)
PhonePe wins its first overseas licence
PhonePe said on September 9, at the Global Fintech Festival in Mumbai, that it holds two licences from the Central Bank of the UAE. One covers consumer wallets and gift cards, the other merchant acceptance. Until now its overseas presence meant an Indian traveller paying by UPI in Dubai. This makes it a locally regulated payments company in a second country, able to sign up Emirati merchants. The UAE holds roughly 3.5 million Indian residents and is one of the two largest sources of remittances into India. (Medianama)
The Jawa maker is doubling capacity
Classic Legends, the Mahindra-backed company behind Jawa and Yezdi, said on September 10 it will raise capacity from 120,000 motorcycles a year to more than 200,000 by December. That is a 67 per cent increase in a segment Royal Enfield dominates. Exports are part of the answer, in European and Latin American markets where a 350cc retro bike undercuts far more expensive machinery. The constraint is not the factory but the dealership. Production that runs ahead of reach becomes stock sitting with dealers. (Business Standard)
A mall REIT buys an unfinished building
Nexus Select Trust said on September 9 it will pay Rs 1,600 crore for all of the Galaxy Complex in Guwahati, a 0.5 million sq ft mall and a 164-key Hyatt Regency, both still under construction. The implied cap rate is 8.25 to 8.5 per cent, against nearer 7 for a finished metro mall. REITs normally buy rent-paying assets because unitholders are paid from rent. Nexus is being paid about 125 basis points to wait, and to be first in seven eastern cities. (Business Standard)
India’s fraud office wants a Xiaomi probe
The Serious Fraud Investigation Office recommended on September 9 a detailed investigation into Xiaomi’s Indian business, including fund movements and whether it took the approvals India made mandatory for Chinese capital in 2020. A recommendation is not a charge. It decides whether the company spends the next two years answering a ministry. The timing sits alongside a certification order this month that shut Chinese makers out of about a third of India’s CCTV market. For retailers the effect shows up first in credit terms and shelf space. (Business Standard)
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