The CapTable

The CapTable is designed to reflect India's vibrant new economy and help you make impactful choices. How did we get here? For rapidly expanding businesses, a capitalization table (cap table) outlines all shareholders — including founders, employees, and investors — along with their respective equity stakes. It embodies the core of a company. We are committed to providing this crucial information to you. Our team is dedicated to considering all perspectives and presenting the most accurate version of the truth. We see this as our ethical duty to you, our audience. Why is this important now? India's startup scene is capturing global attention due to its vast market potential and innovative developments. However, this swift growth has also led to some confusion and noise, which we aim to clear up for you. We will equip you with timely news, in-depth analysis, and valuable insights — everything you need to make informed decisions.

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Did BluSmart and Gensol’s downfall begin in the boardroom?

1 day ago | the-captable.com | Pranav Balakrishnan |Nikhil Patwardhan

Key TakeawaysBluSmart’s board included an independent director with potential conflicts of interest, raising questions over the integrity of its governance structuresIndependent director Inderpreet Wadhwa had commercial interests through Clime Finance, which leased EVs to BluSmart’s sister concern Gensol Engineering, which in turn leased them to BluSmartThe board also failed to flag BluSmart’s worsening financial condition, including unpaid taxes and cash flow issues.
Lending, but not to farmers: Indian agritech’s identity crisis

3 days ago | the-captable.com | Parvathi Benu

Key TakeawaysAgri-fintech is booming even as agritech funding dips, with players like Samunnati and SarvaGram raising hundreds of crores. There is a catch, however, with these businesses largely lending to agribusinesses, not farmers. Indeed, most loans bypass individual farmers, who remain reliant on banks or moneylenders. Lending to collectives or peers is safer and more scalable, say founders.
Starlink got the green light from DoT. Now the real work begins.

6 days ago | the-captable.com | Pratap Vikram Singh

On 5 May, the Department of Telecommunications (DoT) launched a new set of security instructions for satellite communications companies, taking the total number of compliance norms pertaining to satellites to 29. Since then, the telecom department has issued a letter of intent to Starlink after the company formally agreed to comply with these conditions.
Why Ather’s IPO didn’t ignite

6 days ago | the-captable.com | Pranav Balakrishnan

Ather Energy’s public listing has had a subdued start. Known for its deliberate, meticulous approach to product launches, Ather has built a reputation for high-quality electric vehicles (EV). However, when the company went public earlier this week, it had a disappointing start to life on the bourses. While the company’s shares debuted at Rs 321 per share, they closed at Rs 310.40 on day one.
Inside India’s thriving NSFW livestream black market

1 week ago | the-captable.com | Nikhil Patwardhan

Key Takeaways A shadow resale economy around NSFW livestreams is thriving in India, driven by resellers who pirate premium content and distribute it via Telegram, Discord, and Reddit Resellers operate with professional efficiency, using multi-screen setups, external hard drives, bots, and anti-piracy tools to manage and monetise stolen content Frictionless UPI payments, low costs, and psychological triggers like anonymity and instant gratification have enabled this shadow marketplace Despite...
As the study abroad slowdown worsens, India’s edtech exporters are scrambling

1 week ago | the-captable.com | Parvathi Benu

Key TakeawaysIndia’s outbound student market shrank 15% in 2024, with sharp declines across the Big 4 study destinationsStartups like Leverage Edu and AdmitKard, built on servicing this demand, now face severe revenue pressure.
Eternal earnings: Zomato’s summer blues and Blinkit’s imminent evolution

1 week ago | the-captable.com | Pranav Balakrishnan

Eternal, better known by its food delivery platform Zomato, kicked off earnings season for India’s new-age tech companies with yet another tepid show in its core food delivery business. Overall, Eternal reported a 78% year-on-year drop in net profit to Rs 39 crore in the last quarter of the year ended March 2025, even as its operating revenue jumped 64% to Rs 5,833 crore. The company has introduced a new metric in addition to gross order value, or GOV.
Meta tightens grip on India’s internet infra as Big Tech looks to reduce dependence on telcos

2 weeks ago | the-captable.com | Pratap Vikram Singh

Key Takeaways Meta is investing $200M in a pan-India dark fibre network, dubbed Project Gajendra, to expand its infrastructure footprint and reduce dependence on local telcos The company is building data centre capacity closer to users—especially in Tier-2 cities—to lower latency and improve monetisation Through the 'cost plus margin' model and partnerships with smaller providers, Meta is optimising costs while sidestepping regulatory burdens India’s B2B fibre market is booming post-pandemic,...
Revenue restatements, auditor red flags, and a CFO exit: What's going on at Peak XV-backed Dailyhunt?

2 weeks ago | the-captable.com | Nikhil Patwardhan

Key Takeaways VerSe Innovation restated its FY23 and FY24 revenues, with auditors identifying deficiencies in internal financial controls across key functions Deloitte issued an adverse opinion on VerSe’s internal controls, highlighting risks related to financial misreporting, though it provided an unqualified opinion on the consolidated financial statements VerSe’s CFO resigned shortly after the audit findings—reportedly on health grounds—drawing attention to leadership stability and...
Flipkart to reverse flip, but will it have a happy homecoming?

2 weeks ago | the-captable.com | Nikhil Patwardhan

Walmart-backed Flipkart has officially confirmed its intent to shift its holding company from Singapore to India—a move that’s been in the works for some time and is seen as a precursor to a public listing on Indian stock exchanges.