Mutual funds outsize FPIs, Rapido overtakes Uber, EVs 40%

Retail SIP inflows pushed Indian mutual funds’ assets under management to ₹76.41 lakh crore, nudging them above foreign portfolio investors’ ₹76.22 lakh crore for the first time. The shift signals a structural rebalancing of capital markets, giving domestic investors a larger stake and hinting at a slower but steady erosion of FPI dominance in equities.

Between March and May Rapido logged 82 million monthly active users, a 67% YoY jump, outpacing Uber’s 39 million, Ola’s 27 million and even food‑delivery leaders like Swiggy (67 million) and Blinkit (79 million). The surge, driven by its subscription‑fee model and expansion into cabs, e‑rickshaws and parcels, signals Rapido’s rise as a major consumer‑internet platform in India.

Temasek leads $100M raise for Indian hyperspectral satellite maker Pixxel, pumping over $50M and pushing valuation to $350‑400M. Existing backer GIC ups its stake, underscoring a surge of sovereign money into India’s space‑tech sector. The capital will fuel Pixxel’s satellite manufacturing expansion and broader Earth‑observation services.

Corporate India is channeling cash into financial assets at twice the speed of new factories, even as profits surge. Net fixed assets rose 7% YoY while capital work‑in‑progress fell 6%, pointing to a cautious stance amid weak demand and geopolitical uncertainty. The trend threatens a delayed private investment cycle.

Intel, IBM, Dell, Honeywell Aerospace, Ford, GE Appliances and De Beers told the USTR that the proposed 10‑12.5% tariffs on 60 import‑dependent economies, including India, would raise U.S. manufacturing costs and undercut the administration’s goal of expanding domestic production. They argue the duties would make U.S. factories more expensive than overseas alternatives, risking supply‑chain delays and higher consumer prices.

FADA data shows non‑petrol/diesel vehicles accounted for a record 40% of June passenger‑car sales in India. Odisha, Delhi, Tamil Nadu and Telangana drove the surge, marking the fastest EV adoption pace yet and signaling a shift toward cleaner transport across key states.

MobiKwik CFO Upasana Taku says zero merchant discount rate (MDR) on UPI is unsustainable for banks and payment firms, urging a modest charge for large merchants processing over ₹5‑9 million a month. She argues that without MDR, the cost of UPI infrastructure falls on the industry while big listed firms reap fee‑free benefits.