WazirX Reboots, Meesho Vs AWS & More

The WazirX Return

WazirX is making a comeback. The crypto exchange is looking to win back the trust of its battered crypto community with a court-approved restructuring plan, promise of zero trading fees and a new security partner. 

The WazirX Reboot: A year after a cyberattack forced WazirX to shut trading, the crypto platform will begin resuming operations starting today, albeit in a phased manner. To lure traders back, the exchange is offering zero trading fees on all pairs. Additionally, it has also partnered with digital asset custodian BitGo to safeguard platform assets and prevent a redux of last year.

A Long Road To Recovery: WazirX’s journey post the hack has been arduous. The July 2024 hack wiped out $235 Mn in user assets. What followed was a year of uncertainty as the company navigated insolvency proceedings and forensic audits. While WazirX claims to be working to issue “recovery tokens” to compensate the impacted users, the process has been slow, and the full recovery of lost funds remains a major concern for its 4.3 Mn users.

The Viability Question: Wazir is entering the fray again after being missing in action for a year. It now faces fierce competition from both local and international players that have not suffered comparable breaches. Then, the zero fees eliminate a key revenue stream, raising questions about long-term sustainability. 

A Test Of Trust: WazirX will have a tough act to balance, as it straddles high taxes, regulatory uncertainty, and the eroding trust in the Indian crypto economy. There is also the task of convincing users that it has truly reformed its security practices and can protect their assets. 

So, will a zero-fee offer and a new security partner be enough to rebuild the broken trust in WazirX? Let’s find out… 

From The Editor’s Desk

? Furlenco Turns The Corner In FY25

• The furniture rental startup recorded its first-ever profit of INR 3.1 Cr in FY25. It had posted a loss of INR 130.2 Cr in FY24.​ 
• This turnaround was driven by a 64% YoY jump in operating revenue to INR 228.7 Cr and a strategic pivot towards premium offerings.
• Furlenco’s profitability is a significant achievement in a challenging market where competitors are struggling. Rival Pepperfry was recently acquired in what was widely seen as a distress sale, highlighting the tough operating environment.

? Ultrahuman Goes Dark In The US

• The Bengaluru-based wearables startup is now barred from importing and selling its smart rings in the US. With the Presidential review period now over, the ITC’s cease-and-desist orders have officially taken effect. 
• The legal battle centres on Oura’s ‘178 patent’, which is being contested by several players, including Samsung, making it a key battleground in the wearables patent wars.
• The ban poses a significant threat to Ultrahuman’s business, as the US market is its largest source of revenue. In FY25, the US accounted for nearly 60% of the company’s INR 564.7 Cr operating revenue

⚔️ Meesho’s INR 127 Cr AWS Tangle

• Ecommerce unicorn Meesho is locked in an INR 127.45 Cr arbitration with Amazon Web Services (AWS) over unpaid invoices. AWS alleges that Meesho failed to meet its “spend commitment” as per a private pricing agreement signed in 2022.​
• Meesho, in response, has filed a counterclaim of INR 86.49 Cr, citing that it suffered business disruptions and incurred migration costs due to ‘deficiencies in the services provided by AWS’.​
• The legal dispute comes at a time when Meesho has filed draft papers for its INR 4,250 Cr IPO and is already grappling with tax and vendor disputes amounting to over INR 710 Cr.

⚠️ Brokerages Cautious About Urban Company 

• Morgan Stanley has initiated coverage on Urban Company with an ‘Underweight’ rating and a price target of INR 117, indicating about 23% downside from the previous close of INR 152 on the BSE.
• Meanwhile, Goldman Sachs has a ‘Neutral’ rating on the stock with a price target of INR 140, suggesting a downside of nearly 8%.
• While brokerages acknowledged strong execution and medium-term EBITDA potential, both flagged premium valuations and limited upside, contributing to a nearly 15% decline in the stock over the past month.

? BharatPe Gets A New CTO

• IPO-bound fintech unicorn BharatPe has appointed ex-Paytm senior vice president Ajit Kumar as its new CTO. In his new role, Kumar will helm tech strategy and innovations across its payments and lending platforms. 
• BharatPe has seen a wave of high-profile exits in recent times, including its CMO, CHRO, and chief data scientist. As a result, the unicorn has been on a major organisational restructuring to steady its ship and ensure stability and focus.
• This is a critical hire as the company looks to strengthen its tech leadership ahead of a public listing. Despite the leadership challenges, BharatPe slashed its net losses by 82% YoY to INR 88.2 Cr in FY25, while growing its top line by 17% YoY to INR 1,667 Cr.

Inc42 Markets

Inc42 Startup Spotlight

Can Evera Fill The BluSmart Vacuum?

BluSmart’s collapse in early 2025 left a massive void in India’s EV ride-hailing space. With over 8,000 electric cars suddenly off the road, demand for reliable, sustainable urban transport soared. The market needed a financially disciplined, quality-focussed player that could rebuild trust while scaling responsibly.

A Green Mobility Option: Delhi-based Evera Cabs, founded in 2019, stepped in to fill this gap. The company acquired BluSmart’s fleet, strengthening its EV base to 1,000 cars and expanding services across B2B employee transport and B2C airport transfers. Its promise of zero cancellations, no surge pricing, and trained drivers has helped it earn a premium spot in the market.

Firing On All Cylinders: With only about 3,000 EV taxis out of 2.5 Lakh operating in Delhi NCR, the room for growth is huge. Supportive EV policies and corporate sustainability goals further boost demand. Evera projects revenue to double from INR 15 Cr in FY25 to INR 30 Cr in FY26, with plans to grow its leased fleet to 2,000 vehicles.

With a cautious, financially sound approach and focus on a premium experience, can Evera fill the BluSmart vacuum?  

Infographic Of The Day

Private labels are taking over! Quick commerce giants Blinkit, Zepto & Instamart are moving from marketplaces to inventory-led models, pushing in-house brands, and challenging the very D2C brands they once hosted. Here’s what’s going on inside quick commerce’s private label play.