The cost of caregiving; Cult.Fit files draft IPO papers

Hello,

Swiggy has crossed a key ownership milestone. The company’s foreign shareholding has fallen below 50% for the first time as the company seeks to qualify as an Indian Owned and Controlled Company (IOCC). However, the company said the change does not alter its ownership, control, or day-to-day operations.

In other news, the Competition Commission of India (CCI) has cleared upGrad’s acquisition of a stake in Unacademy parent Sorting Hat Technologies, paving the way for the company’s merger with upGrad Education.

The AI race, meanwhile, is becoming strategic. China’s DeepSeek is reportedly building its own inference chip designed to power AI responses, a move that could reduce its reliance on Nvidia and Huawei and strengthen China's homegrown AI ecosystem. At the same time, Beijing is said to be considering restricting overseas access to its most-advanced AI models. 

The global AI hardware race is also fuelling a massive hardware boom. Samsung Electronics expects a 19-fold jump in quarterly profits on soaring demand for AI memory chips, highlighting how the AI revolution is creating winners far beyond software. 

While China tightens control over AI, Australia is grappling with another tech challenge. A new study suggests the country’s world-first ban on social media for under-16s is struggling in practice, with major platforms failing to verify users’ ages during sign-up.

In today’s newsletter, we will talk about 

• The cost of caregiving
• Cult.Fit files draft IPO papers

Here’s your trivia for today: Which country has the highest share of electric cars?

Insight

The cost of caregiving

India’s labour force data reveal a telling gender divide: while men who stay out of the workforce are often investing in their future through education, women are more likely to step away to shoulder unpaid caregiving and household responsibilities. New NSO data show that despite rising female workforce participation in urban India, childcare and domestic work remain major barriers to women’s economic inclusion.

Gender gap: 

• More than half of men (53.5%) who are outside the labour force cite education as the reason, while 68.7% of women say childcare and household responsibilities keep them from working.
• Female labour force participation in India’s 46 million-plus cities rose from 19.8% in 2017-18 to 27.2% in 2025, while the Worker Population Ratio increased from 17.9% to 25.5%.
• Women spend nearly three times more time on unpaid domestic and caregiving work than men—363 minutes daily versus 123 minutes. Experts say better childcare infrastructure, flexible work policies, returnship programmes, and shared caregiving responsibilities are essential to keep more women in the workforce. 

News

Cult.Fit files draft IPO papers

After a decade of building one of India's largest fitness and wellness platforms, Cult.Fit is heading to the public markets. The company has filed its IPO papers, betting that strong growth and shrinking losses will convince investors it's on the path to profitability.

Fitness bet: 

• The IPO includes a Rs 950 crore fresh issue, with funds earmarked for opening new fitness centres, meeting lease obligations, repaying debt, marketing, and expanding its Cultsport retail business. Existing investors, including Tata Digital, Temasek-backed MacRitchie, Accel, and founder Mukesh Bansal, will also partially exit through an OFS.
• The company’s revenue jumped 41% year-on-year to Rs 1,720.6 crore in FY26, while net losses nearly halved to Rs 251.9 crore. The company is moving closer to break-even, though it is yet to turn profitable.
• Fitness services still contribute about 70% of revenue, but the faster-growing products business such as sports equipment, apparel, and nutrition show Cult.Fit’s ambition to become a broader consumer wellness brand. 

News & updates

• Oil prices: Oil prices rose on Tuesday morning following a report of an Iranian attack on commercial ships in the strategically vital Strait of Hormuz. 
• Bond sale: Amazon is looking to raise at least $25 billion ​through a US dollar bond sale in the company's latest push to fund its hefty AI investments.

Which country has the highest share of electric cars?

Answer: Norway

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