Bitcoin volatility shakes cryptosphere; A 10X return on diagnostics bets

Hello,

IPO-bound Shiprocket has two pillars lined up for its next phase of growth: emerging businesses and quick commerce.

The company's emerging businesses have been steadily occupying a larger share, contributing 20% of its total revenue, clocking Rs 326 crore in FY25.

At the Bengaluru edition of ecommerce conference Shivir 2025,  MD and CEO Saahil Goel also touched upon the growing significance of quick commerce as a new reality for logistics players—and how they need to pivot processes and infrastructure to fulfil this new demand. 

Meanwhile, Delhivery is looking to turn the spotlight on diversity by opening its first all-women distribution centre in Kerala. 

The Kochi centre employs women across operations, delivery, and team leadership, and features women-centric infrastructure such as secure rest areas, changing rooms, ergonomic workspaces, and enhanced safety features.

India’s digital workforce, on the other hand, is still lagging in that regard. 

Only 37% of women in India use mobile internet compared to 53% of men, according to a report produced by Gender x Digital (GxD) hub at LEAD, Krea University, in collaboration with The/Nudge Institute.

It also found that nearly a fifth of women rely entirely on borrowed devices, which directly restricts their ability to access digital work, platforms, and progression.

True gender equality demands gender equity first. 

In today’s newsletter, we will talk about 

• Bitcoin volatility shakes cryptosphere
• A 10X return on diagnostics bets
• CleanStart making software safer

Here’s your trivia for today: What do the 3 points on the Mercedes-Benz logo stand for?

Cryptocurrency

Bitcoin volatility shakes cryptosphere

For the better part of 2025, Bitcoin's value grew staggeringly. Analysts and institutions were largely bullish, forecasting strong growth throughout the remainder of this year, buoyed by the asset touching a fresh all-time high of $126,000 on October 6, 2025. However, the price has now fallen by about 30% in a matter of weeks. 

The asset class was trading at $88,809 on Thursday early morning, before it pared losses and touched $92,244.81 at the time of writing this article, according to CoinMarketCap.

Key takeaways:

• Whispers of an impending correction have been brewing since BTC prices shot up late last year when it passed the $100,000 price stamp for the first time in December, fuelled by the US SEC’s approval of spot Bitcoin ETFs and institutional adoption.
• According to WazirX, with Bitcoin down nearly 30% from its peak earlier this year, the total crypto market cap has fallen by over $1 trillion in recent weeks, with a 15% decline in price just over the last 30 days. 
• Despite the selloff, exchanges note that deeper market behaviour remains steady. This refers to those investors who hold Bitcoin for the long term.

Funding Alert

Startup: AgroStar

Amount: $30M

Round: Equity

Startup: Ultrahuman

Amount: Rs 100 Cr

Round: Debt

Startup: Agraga

Amount: Rs 100 Cr

Round: Pre-Series B

Healthtech

A 10X return on diagnostics bets

Diagnostics has emerged as the strong segment within Somerset Indus Capital Partners' healthcare portfolio, with investments generating a 10.34-times return on capital, the highest across all sectors in the fund.

A significant share of that performance comes from Krsnaa Diagnostics. Somerset Indus's 2015 bet on Krsnaa, which operates tests at up to 90% below private rates, became fund's strongest performer before full exit in 2023.

All details:

• Somerset first invested in Krsnaa in 2015, when the company ran several hundred centers under state tenders. The firm added capital in 2017, helping fund new laboratories, imaging centers and a central tele-radiology hub. 
• The company's contracts with state governments, largely under the National Health Mission, allow it to run diagnostic services inside district hospitals and other public facilities at 70% to 90% below prevailing private-sector prices. Volume is guaranteed through public-hospital patient flow.
• For Somerset, the stability of state contracts and the asset-heavy nature of diagnostic equipment provided clearer cash-flow visibility than other healthcare segments, explaining why diagnostics delivered the fund's strongest returns.

Startup

CleanStart making software safer

A single line of malicious code can expose thousands of applications, bringing businesses to a halt. That’s the problem US-based CleanStart wants to solve. The cybersecurity startup is creating what co-founder Vijendra Katiyar calls “a safe foundation for modern software”. 

By offering clean container images and secure, ready-to-use code packages, it helps companies build and deploy applications without worrying about hidden vulnerabilities.

News & updates

• Upgrade: Google released Nano Banana Pro, the new model built on Google’s latest LLM, Gemini 3. The company claims Nano Banana Pro improves on its predecessor, Nano Banana, with the ability to create more detailed images and accurate text, and generate text in different styles, fonts, and languages.
• Data centre: Tata Consultancy Services and private equity firm TPG will form a joint venture to develop AI data centres, with both partners set to invest a total of $2.03 billion in equity. The capital will be invested in tranches in the JV, called HyperVault AI Data Centre, over the next few years. The companies also aim to raise $4.5-$5 billion through debt.
• Market: HSBC expects BSE Sensex to rise about 10% by end-2026, setting a target of 94,000 for the 30-stock index, saying that domestic stocks offer value compared to China. Indian stock markets have lagged their Asian and emerging market peers this year, weighed down by softer corporate earnings, rich valuations, and heavy foreign selling.

What do the 3 points on the Mercedes-Benz logo stand for?

Answer: Land, sea, and air. 

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