From Razorpay's lead in the fintech race to the reinvention of India's cricketing greats, our top stories of the week
In this week's newsletter, also read about how India's small-town roots have reached global boardrooms, the rare earth magnet dilemma for India's EV sector, continued tariff turbulence, Kiran Mazumdar-Shaw's inspiring journey and more
Harshil Mathur and Shashank Kumar, co-founders of Razorpay, are considered India’s fintech poster boys. They capitalised on a once-in-a-generation opportunity when UPI disrupted traditional payment models in the country. Banking on seamless integration and robust APIs, they have been solving for Indian consumers, giving their company a crucial lead in the market. But now, with the payments space heating up and global rivals like Stripe circling, the question is no longer about dominance, but endurance. Can Razorpay innovate beyond transactions? Let's see the analysis and hear from Mathur.
2) Kiran Mazumdar-Shaw: The brewmaster
Kiran Mazumdar-Shaw, Chairman and MD, Biocon Guerin Blask for Forbes
Did you know that the Chairman and MD of Biocon was actually studying to master fermentation in a completely different industry? She was studying to become a brewmaster, but what began as an accidental entry into brewing became the foundation for Biocon, now a global pharmaceutical force. She realised early that finding a cheaper way to make complex, life-saving drugs not only made them more accessible but was also good business. Her enthusiasm for overcoming challenges and ignoring conventional wisdom has made her one of the world's most successful—and richest—female entrepreneurs.
3) Second innings
Retirement is no longer the endgame for Indian cricketing legends. From Sachin Tendulkar’s startup bets to MS Dhoni’s brand equity plays and Virat Kohli’s wellness empire, the new innings is all about business. What unites them? A strong personal brand, massive fan loyalty, and a savvy understanding of influence. As cricket evolves into a money juggernaut, its icons are becoming strategic investors, content creators, and entrepreneurs, proving that legacy in sports now goes well beyond the pitch.
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1) Rare earth crunch
Electric SUVs XEV9e and BE6 on the production line at Mahindra & Mahindra’s Chakan plant near Pune Image: Amit Verma India’s electric vehicle ambitions may soon hit a speed bump due to rare earth magnets. And with 90 percent of the global supply controlled by China, India’s automakers are bracing for a critical shortage. As demand for EVs surges, so does the urgency to secure alternative sources, build local processing capacity, and reduce dependence on imports. Companies like Tata Motors and Mahindra are exploring partnerships, but the road to self-reliance in rare earths is long, expensive, and politically fraught. Here's how automakers are working to find a solution.
2) Tariff turbulence
US President Donald Trump, US Secretary of State Marco Rubio (L) and US Defense Secretary Pete Hegseth (R), at a cabinet meeting at the White House Image: Andrew Harnik / Getty Images Via AFP Since US President Donald Trump revealed sweeping tariffs on his so-called 'Liberation Day,' global markets have been caught in the crosswinds of uncertainty as new duties loom. In the US, President Trump’s threat of sweeping tariffs—including 50% on copper, steep levies on semiconductors and pharmaceuticals, and a possible 10% surcharge on BRICS imports—has rattled investor sentiment. Indian equities have held relatively steady, thanks to resilience in consumer stocks, but the threat hangs over their heads too until India strikes a deal with the Trump Administration 2.0.
3) Letter of Note
Nobel Laureate Rabindranath Tagore dictates to his secretary at Visva Bharati, Santiniketan, West Bengal, in 1929 Image : E.O.Hoppe/Getty Images A recent auction by AstaGuru of 35 handwritten letters, along with 14 envelopes, by Rabindranath Tagore sold for ₹5.9 crore, underscoring both their monetary and archival value. These aren’t standalone artefacts, but a window into Tagore’s evolving creative and philosophical mindset. Auction house DAG adds that preserving such archival material—letters, sketchbooks, and memorabilia—is about more than just collecting objects. It sparks dialogue, challenges skewed understandings, and anchors us to our past. In an era of disposable communication, these fragile documents preserve the legacy of context and emotion.
4) From India to the world
Sabih Khan, COO, Apple. Image courtesy: Apple From Microsoft's Satya Nadella to Alphabet’s Sundar Pichai, Indian-origin leaders are at the helm of the world’s biggest companies. The recent elevation of Sabih Khan as Apple's newly appointed chief operating officer (COO) underscores a broader narrative: talent rising from India's hinterlands like Moradabad, Khadki, Sundargarh, Pampady, and Kolhapur is leading global giants. This curated photo feature shines a spotlight on the fact that leadership is not confined to metro roots, but is forged in small-town grit and global vision.