Group 1: Peak XV Partners Developments - Three managing directors, Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma, have left Peak XV Partners to establish a new fund, citing "disagreements" over economics and payouts as the reason for their departure [3][5][29] - Shailendra Singh, managing director at Peak XV, described the exits as a natural outcome of a high-agency, entrepreneurial culture, indicating a shift towards a leaner structure with a target of seven to eight general partners [7][29] - The firm has promoted Abhishek Mohan to managing director and appointed Saipriya Sarangan as chief operating officer, while veteran partners including Singh, GV Ravishankar, Rajan Anandan, and Sakshi Chopra remain [18][29] Group 2: Industry Trends and Financial Updates - The early-stage investing industry is experiencing a rough period, with multiple partner exits from Peak XV and other firms, coinciding with ongoing discussions about raising independent funds [18][29] - The Indian government has introduced a targeted tax exemption for overseas professionals, aimed at attracting global talent to the electronics and semiconductor sectors, which has been positively received by industry experts [20][21] - WestBridge Capital has made its first climatetech investment by leading a $45 million funding round in Varaha, a startup focused on carbon dioxide removal and verified carbon credits [24][29] Group 3: Financial Performance of Companies - Mumbai-based stockbroking startup Dhan reported a net profit of Rs 408 crore for the financial year 2025, a 156% increase from Rs 159 crore the previous year, with operating revenue growing 2.3 times to Rs 876 crore [29][31] - Fractal Analytics has reduced its IPO size to Rs 2,833.9 crore, a 42% decrease from the previously proposed Rs 4,900 crore [29][31] - Nazara Technologies reported a 24% year-on-year decline in operating revenue for Q3 FY26, with revenue at Rs 405.9 crore and a net profit decrease of 35% to Rs 8.8 crore [29][31]

Core Viewpoint - The mandatory quarterly settlement process requires all unused funds in Zerodha accounts to be transferred back to clients' primary bank accounts by January 3, 2026, in compliance with SEBI regulations [1]. Group 1 - All unused funds in Zerodha accounts as of January 2, 2026, will be credited back to clients' bank accounts on January 3, 2026 [1]. - Stockbrokers are mandated by SEBI regulations to return unused funds to clients' bank accounts [1]. - Funds added to the trading account before January 2 and remaining unused will also be settled back to the bank account [2]. Group 2 - Withdrawal requests made on or after January 1 will be processed on January 3, 2026 [2]. - Instant withdrawal will not be available on January 3, 2026 [2].

Core Insights - Bakkt is investing approximately $10 million in Transchem, with the total deal size estimated at around $40 million, aiming to provide regulated access to offshore and tokenized investment products for Indian users [1][7][8] - The investment includes an option for Bakkt to subscribe for additional warrants, which may be exercised for shares in Transchem's common stock within 18 months [7][8] Company Strategy - Bakkt's strategy involves partnering with or acquiring regulated financial intermediaries and layering digital asset infrastructure on top, similar to its approach in Japan with the acquisition of Marusho Hotta [3][8] - The broader thesis for Bakkt in India focuses on integrating licensed brokers, tokenization infrastructure, global investment rails, and crypto-linked treasury and lending products to create a scalable, regulated digital asset platform [4][8] Market Context - The move comes as India's retail investor base is expanding, with increasing interest in global equities, alternative assets, and digital investment products [4][8] - Under India's liberalized remittance scheme, residents can invest up to $250,000 annually in foreign property or securities, which supports Bakkt's strategy to attract Indian savers seeking diversification [5][8] Financial Details - Transchem's board approved a proposal to create and allot up to 6.15 crore warrants at an issue price of ₹75 each, totaling ₹461.25 crore, with Bakkt being the largest participant by subscribing to 4.75 crore warrants [6][8] - ICE currently holds a 32% stake in Bakkt, with other notable backers including Marshall Wace and BlackRock [6][8]