Dhanteras brings digital gold fever; ShareChat’s FY25 earnings report

Hello,

It’s a real gold rush this Dhanteras.

As of Friday, the 24-carat gold rate in India jumped by Rs 3,330 per 10 grams to cost Rs 1,33,770 per 10 grams. Meanwhile, silver prices declined to Rs 18,500 per 100 grams.

The upswing is attached to economic uncertainties, inflation fears, and geopolitical tensions, driving the demand for this safe-haven asset.

Yet, the economic engines are roaring this Diwali. According to a Unicommerce report, order volumes jumped 24% year-on-year (YoY) and gross merchandise value rose 23% on quick commerce channels this festive season.

This year, though, there has been some confusion regarding the date of Diwali, as Amavasya Tithi, the lunar phase that determines the date of Diwali, falls across two days. Most of the country will celebrate the festival on October 20.

Meanwhile, Reliance Industries released its Q2 results.

The Mukesh Ambani-led conglomerate posted a consolidated net profit of Rs 18,165 crore—higher than Rs 16,563 crore in the same period a year back. New customer additions and higher per-user income, together with its wireless broadband services becoming the world's largest, helped post a 13% YoY jump.

In today’s newsletter, we will talk about 

• Dhanteras brings digital gold fever
• ShareChat’s FY25 earnings report
• Inside Springwel Mattresses’ digital push

Here’s your trivia for today: In which country is Diwali celebrated as a five-day festival honouring crows, dogs, and cows?

Insights

Dhanteras brings digital gold fever

The gold rush is back. From PhonePe and Paytm expanding their gold offerings to startups like Gullak raising significant funding rounds and Jar pursuing vertical integration, digital gold platforms are multiplying rapidly. As gold prices hit record highs, digital bullion startups race to capture India’s festive demand—but for investors chasing returns, ETFs still shine brighter.

All that glitters:

• Gold prices have surged dramatically, climbing from Rs 1.12 lakh per 10 grams of 24-karat gold in mid-September to nearly Rs 1.35 lakh ahead of Dhanteras. The rally has been so sharp that gold smuggling has reportedly increased ahead of the festive season.
• Digital gold, which is treated like physical bullion for tax purposes, attracts a flat 12.5% long-term capital gains tax after 24 months of holding, with indexation benefits removed. 
• These platforms target gold enthusiasts planning to eventually convert their holdings into jewellery anyway, for whom the GST becomes less relevant, since physical jewellery carries the same tax treatment. The platforms also appeal to less savvy investors who find financial instruments such as ETFs intimidating.

Top Funding Deals of the Week

Startup: Zepto

Amount: $450M

Round: Fresh

Startup: Kuku

Amount: $85M

Round: Series C

Startup: EKA Mobility

Amount: Rs 500 Cr (~$56.7M)

Round: Fresh

Social Media

ShareChat’s FY25 earnings report

Google-backed ShareChat reported a 42% decline in loss before taxes to Rs 1,105 crore for the financial year ended March 31 2025, reflecting the firm's measures to reduce expenses.

The social networking firm reported a marginal 0.7% growth in FY25 revenue to Rs 723.4 crore, compared with Rs 718.1 crore last year. According to the company, the deep reduction in losses acted as a trade-off for revenue growth.

Key takeaways:

• ShareChat is now targeting a 30% rise in revenue growth in FY26 and has already surpassed Rs 1,000 crore in ARR due to rising subscription revenues amidst a slowdown in advertising revenue. 
• Manohar Singh Charan, CFO at ShareChat and Moj, said the firm’s ad revenue dipped due to real money gaming companies rolling back their ad spend owing to impending GST dues and high taxes levied on these companies.
• He said the company hopes to achieve net profitability in FY27; however, achieving EBITDA profitability remains a trade-off currently. This is because the company is continuing to invest in growth areas, having launched QuickTV earlier this year.

SMBStory

Inside Springwel Mattresses’ digital push

Restful sleep is important for one’s overall health, and a good mattress makes all the difference. As more and more Indians realise this, there is a huge demand for products that contribute to good sleep. Gurugram-based Springwel Mattresses understood this—not now—but nearly 30 years ago when it introduced spring mattress technology in 1996.

Over the years, the company has built a reputation for quality and material science innovation. As it gears up for its next growth phase, it is focused on digital integration and ecommerce expansion.

News & updates

• Racing: Apple has secured exclusive US broadcasting rights to Formula 1. The new five-year agreement between the tech giant and Formula 1 will make Apple TV the exclusive streaming home for all Formula 1 races starting in the 2026 season, taking over from current broadcaster ESPN.
• Bad loans: Banking stocks across the globe sold off on Friday, as fears about bad US loans spilt over into equity markets beyond the United States. US stock markets were rattled on Thursday amid mounting concerns about poor lending practices, after lenders Zions and Western Alliance disclosed bad loans.
• Meta glasses: Shares in Ray-Ban maker EssilorLuxottica rose 14% to hit an all-time high on Friday, adding nearly $20 billion in market value as investor enthusiasm for its AI-powered Ray-Ban Meta glasses gathered momentum. The Paris-listed group reported Q3 sales growth of 11.7% from a year ago to $8.1 billion.

In which country is Diwali celebrated as a five-day festival honouring crows, dogs, and cows?

Answer: Nepal. The festival there is called Tihar.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected]. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.