₹1,300 Crore Scam, Green IPOs, Insta Maids

Welcome to 1947—your clear, unbiased source for news that helps you cut through the noise and form your own conclusions.

It’s March 14. Today, we’re covering a ₹1,300 crore scam, why green IPOs are slowing down, and Urban Company’s Insta Maids. Plus, job openings at Meta, Revolut, Meesho, and more in Who’s Hiring at the end.

Policy & Governance

> FIR Approved Against AAP Leaders in ₹1,300 Crore Classroom Scam 
The Ministry of Home Affairs has approved an FIR against AAP leaders Manish Sisodia and Satyendar Jain over an alleged ₹1,300 crore scam in the construction of classrooms in Delhi government schools. The case follows a 2022 vigilance report recommending a probe. The President has also given her approval for the FIR. (Indian Express)

> New Law Eases Oil & Gas Exploration
India has passed the Oilfield (Regulatory and Development) Amendment Bill, 2024, to encourage oil and gas exploration and reduce reliance on imports. The law ensures policy stability, permits international arbitration, and extends lease periods for energy companies. India’s crude oil imports accounted for nearly 90% of consumption between April and December 2024. (Financial Times)

> Kerala’s Frontline Healthcare Workers Continue Protests
Over 26,000 Accredited Social Health Activists (Ashas) in Kerala have been protesting for a month, demanding better pay and official worker status. The demonstrators, who provide critical medical support in rural areas, plan to escalate their protests by surrounding the state secretariat if their demands remain unmet. (BBC)

> Human Trafficking Network at India-Bangladesh Border
An ED investigation has revealed that agents along the India-Bangladesh border were paid ₹4,000-5,000 per person by Hyderabad-based operators to traffic Bangladeshi girls into India. The probe stems from a Telangana Police FIR, later taken up by the NIA, exposing a prostitution racket linked to brothels near Hyderabad. (Hindustan Times)

Environment

> Record February Heat Threatening Wheat Harvest
India recorded its hottest February in 124 years, with heat waves forecasted to intensify in March. This extreme weather endangers wheat—the country's second-most consumed crop—harvested primarily during February-April. Despite setting ambitious wheat production targets, rising temperatures could disrupt procurement goals and food supply, adding pressure on domestic markets already impacted by the 2022 wheat export ban. (The Hindu)

> Parliament Urges Incentive to Curb Stubble Burning
A Parliamentary Standing Committee recommended providing farmers ₹100 per quintal of paddy as compensation to discourage burning crop residue which causes severe air pollution and climate change. The panel suggested direct benefit transfers alongside Minimum Support Price (MSP), creation of crop-residue markets, and establishment of district-level units converting residue into energy or electricity. (Indian Express)

> Public Outcry Grows Against Telangana Forest Auction
Environmentalists and residents strongly opposed Telangana government's proposed auction of 400 acres in Kancha Gachibowli village, citing severe ecological threats. Critics argue the land is a vital wildlife habitat and a crucial carbon sink that mitigates climate change and urban heat effects. An online petition urging protection of this forest has rapidly amassed over 18,000 signatures within 24 hours. (Indian Express)

Business

> India to Become World's Third-Largest Economy by 2028
India is on track to become the world’s third-largest economy by 2028, driven by macroeconomic stability, policy reforms, and improved infrastructure, according to Morgan Stanley. The country’s GDP is projected to grow from $3.5 trillion in 2023 to $4.7 trillion by 2026, making it the fourth-largest economy. By 2028, India is expected to surpass Germany with a $5.7 trillion economy. (Livemint)

> VC Funding Rebounds to $13.7B in 2024 
The venture capital market recovered in 2024, with funding rising 1.4x to $13.7 billion. Deal volumes surged ~45% to 1,270, driven by small- and mid-sized investments. Large deals ($50M+) nearly doubled, and five unicorns emerged, up from two in 2023. (Bain)

> Green IPOs Slowdown
Green IPOs in India have dropped sharply, with only two listings so far in 2025—Solarium Green Energy and Maxvolt Energy Industries—valued at just $18 million combined. This is a stark decline from 14 green IPOs in 2024, which raised over $2.3 billion in the second half alone. Investors are becoming less willing to pay a "green premium." (Bloomberg)

Tech, Media & Telecom

> Apollo Hospitals Expands AI Investment to Reduce Staff Workload
Apollo Hospitals plans to increase its investment in AI tools to automate routine tasks for doctors and nurses, easing workload pressures. Over the past two years, it allocated 3.5% of its digital spending to AI and will raise this amount in 2025. The hospital chain is developing AI tools to analyze medical records, suggest diagnoses, assist with documentation, and streamline patient care workflows. (Reuters)

> Flipkart Co-founder Launches Consumer Goods Franchising Venture
Binny Bansal, co-founder of Flipkart, has launched Opptra, a franchising business that will license and sell branded consumer goods across Asia. Opptra aims to help brands in fashion, homeware, electronics, and more expand using its global supply chain. While primarily focused on e-commerce, the venture will also establish physical stores. (Bloomberg)

> Xiaomi to Preinstall PhonePe’s App Store on Smartphones
Xiaomi announced that its smartphones in India will come preinstalled with PhonePe’s Indus Appstore, replacing Xiaomi’s GetApps. This multi-year deal strengthens PhonePe’s push to compete with Google Play in India. Indus Appstore supports 12 Indian languages, features a video-led discovery feed, and hosts over 500,000 apps. (TechCrunch)

> Police Arrest Russian Crypto Exchange Co-Founder Wanted by U.S.
Indian police have arrested Aleksej Besciokov, co-founder of the Russian cryptocurrency exchange Garantex, which is sanctioned by the U.S. and EU. Besciokov was detained in Kerala’s Varkala under India’s extradition law. The U.S. Justice Department has charged him with money laundering in the form of transactions linked to North Korean hackers and other cybercriminals. (TechCrunch)

Quick Hits

> The IT sector is set to hire over 150,000 freshers in FY26, nearly doubling last year’s intake as demand for tech talent rebounds.

> Specialty chemicals platform Scimplify has secured $40 million in a Series B round co-led by Accel and Bertelsmann India Investments, bringing its total funding to $54 million.

> Sexual health startup Allo Health raised ₹16 crore ($1.83M) in a pre-Series A round led by Rainmatter, expanding its hybrid model of clinics, AI-driven treatments, and medical professionals.

> Seven Indian eateries from Mumbai, Delhi, Kasauli, and Bengaluru have been featured in the 51-100 rankings of Asia’s 50 Best Restaurants list. The final top 50 will be announced on March 25. (India Today)

> Urban Company has launched Insta Maids, a 15-minute maid booking service in Mumbai, offering household chores for ₹49 per hour.

> India has donated 50,000 ampoules of Furosemide injections to Sri Lanka to help address a critical medicine shortage in hospitals.

> Sources say Rapido is exploring a food delivery service, holding talks with restaurant owners to challenge Swiggy and Zomato's commission structures.

> India’s first urban ropeway began trial runs in Varanasi, aiming to ease congestion by cutting travel time from 45-50 minutes to 15 minutes over a 3.75 km route.

> State Bank of India is setting up a specialized unit to finance emerging industries like AI, e-commerce, and fintech.

> Omar Abdullah announced free ridership for women on all government-owned public transport in Jammu & Kashmir, including e-buses, starting April 1, 2025.

> Athlete Vispy Kharadi set a Guinness World Record by holding the Hercules pillars for 2 minutes and 10.75 seconds.

Worth a Look

This week marks the fifth anniversary of Angrezi Medium, Irrfan Khan’s final major theatrical release. In a poignant monologue, he reflects on his love for the film and his battle with the illness that took his life.

Who’s Hiring

> Meta is hiring a business development manager for AI partnerships.

> EaseMyTrip is hiring a corporate legal counsel to assist with contract drafting, negotiation, and legal research.

> Revolut is hiring a product strategy manager. The fintech company is also hiring for several other positions, including head of legal.

> Momentum Capital is hiring a summer associate—ideal for someone interested in VC and eager to learn about startups in India and the U.S.

> Meesho is hiring a program manager (pricing) and business manager (multiple categories).

Thanks for reading! We’d love to hear your thoughts on this issue—what works, what doesn’t, and how we can make this even better. If you enjoyed this, please share the newsletter with someone who appreciates smarter, unbiased news.

See you on Monday.