Festive spirit drives EV sales; Lenskart IPO off to a speedy start

Hello,

Wasn’t that a breathtaking entry into the World Cup final? 

After all, it was Jemimah Rodrigues who stood tall with her unbeaten 127 off 134 balls that thrust India into their third Women’s ODI World Cup final. In fact, it was the highest-ever chase in Women’s ODIs. 

ICYMI: How Jemimah Rodrigues stays grounded amid the highs and lows of modern-day cricket.

From stars on earth to those in the cosmos. Comet 3I/ATLAS made its closest approach to the Sun earlier this week, giving scientists a tantalising opportunity to study the interstellar object. But many of us Earthlings are rather suspicious of the comet, accusing it of being an interplanetary spacecraft.

Moving to the tech world, Apple capped what CEO Tim Cook called “an extraordinary year” with record-breaking results, posting an all-time high revenue of $416 billion for FY25.

And, in South Korea, three billionaires walked into a fried chicken restaurant and paid everyone’s bill! The chiefs of NVIDIA, Samsung Electronics, and Hyundai Motor Group know how to strike a deal in style.

Also, TechSparks 2025, YourStory’s flagship startup-tech summit, is where India's business and innovation ecosystem converges, moving the conversation from hype to real-world change. 

Check out the agenda here.

In today’s newsletter, we will talk about 

• October EV sales surge on festive demand
• Lenskart IPO off to a speedy start
• Meet the Sujal Sahelis of Rajasthan

Here’s your trivia for today: What was automotive giant Mahindra and Mahindra originally called before changing its name in 1948?

Insights

October EV sales surge on festive demand

With the festive season ending, electric vehicle (EV) makers saw a jump in sales during October as consumers rushed in to cash in on attractive discounts and offers. This led to a 29.8% jump in total sales of electric two-wheelers during this period. 

In October, Chetak-maker Bajaj Auto toppled TVS Motor Company’s market lead position—a spot the firm held on for six months this year—to sell 29,567 units, grabbing a 21.7% of the E2W market share. 

Festive cheer:

• Bajaj Auto had previously been the market leader in February and March this year, capitalising on the widening consumer base and thinning market share of Bhavish Aggarwal-led Ola Electric, which was the E2W market leader until November last year.
• TVS Motor, in October, sold 28,008 units, capturing 20.6% of the E2W market share. The sales data comes two days after the firm reported a constraint in its EV business due to the ongoing rare earth magnet crisis. 
• Ather Energy reported its highest-ever monthly sales data in October. The firm sold 26,713 units this month, holding a 19.6% market share in the segment and maintaining its position as the third-largest E2W manufacturer in India in terms of sales. 

Top Funding Deals of the Week

Startup: Snapmint

Amount: $125M

Round: Fresh

Startup: Snabbit

Amount: ~$31.7M (Rs 265 Cr)

Round: Series C

Startup: Optimo Capital

Amount: ~$29.3M (Rs 150 Cr) 

Round: Series A

IPO

Lenskart IPO off to a speedy start

SoftBank-backed Lenskart’s IPO was fully subscribed on day one of its bidding, with the allotment for qualified institutional buyers (QIBs), retail investors, and employees oversubscribed. By the end of the first day, investors had placed orders for 9.98 crore shares against 11.2 crore on offer, which constitutes 88.8% of the overall book.

On Friday, the total issue was subscribed 1.13X times, with the portion reserved for QIBs getting subscribed 1.42X. The retail portion of the allotment was subscribed 1.31X times, and that of employees was bid 1.1X times.

Key takeaways:

• Lenskart raised Rs 3,268.36 crore from 147 anchor investors prior to its IPO, according to a stock exchange filing. Key global marquee investors who were allocated shares include the Government of Singapore, T Rowe Price, Goldman Sachs, Steadview Capital, and JPMorgan, among others.
• Its IPO price band has been set in the range of Rs 382 to Rs 402 per share. It has allotted 8,13,02,412 equity shares at the upper end of its price band of Rs 402 per equity share.
• The public offering, opened on Friday, will close on November 4 and comprises a fresh issue of equity shares worth up to Rs 2,150 crore and an offer for sale of up to 127.5 million shares by existing shareholders.

Social Impact

Meet the Sujal Sahelis of Rajasthan

At the monthly meeting of the Sujal Saheli Maha Sangh in Kherli Saiyad village in Rajasthan’s Alwar district, a group of women, all dressed in similar printed sarees, break into song. The song talks of dreams, hope, and new beginnings.

The optimism of the Sujal Sahelis is infectious, as theirs is a story of transformation and triumph over diverse challenges. As Sujal Sahelis, over 850 women across 18 villages in Rajasthan’s Alwar district are driving change in water management, farm productivity, hygiene, and sustainable livelihoods.

News & updates

• Support: Air India is seeking at least $1.14 billion in financial support from owners Singapore Airlines and Tata Sons, Bloomberg News reported, to overhaul its systems and services, as well as develop in-house engineering and maintenance departments.
• Tax notice: Hindustan Unilever received a tax demand order of $226 million for FY21 from India’s tax authority. The Indian arm of UK-based Unilever said the tax authority had disputed the valuation of certain related-party transactions and raised questions over some of its depreciation claims.
• Stick together: A day after securing a deal for the rollback of US tariffs, Chinese President Xi Jinping called on Asia-Pacific countries to support free trade and maintain supply chain stability. 

What was automotive giant Mahindra and Mahindra originally called before changing its name in 1948?

Answer: Mahindra & Muhammad

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.