In this week's newsletter, also read about why India VIX is not showing signs of fear, upGrad's plans for an IPO, a quick chat with Deepinder Goyal, and more
Sunrisers Hyderabad's Ishan Kishan celebrates after scoring a century (100 runs) during the Indian Premier League (IPL) Twenty20 cricket match between Sunrisers Hyderabad and Rajasthan Royals at the Rajiv Gandhi International Stadium in Hyderabad on March 23, 2025. Image: Noah Seelam/ AFP
By the time you scroll through this newsletter, franchises in the Indian Premier League (IPL) will have played a week's worth of matches in packed stadiums nationwide, and millions joining in via TV sets or mobile phones. The spectacle has already started setting new records, and the number of sixes has already passed the three-digit threshold. Since its first match in 2008, IPL has seen revenue growth manifold, and brands have not left a stone unturned to leverage its reach. For the 18th edition, IPL has bagged six central sponsors, and JioHotstar has signed up 1,100 advertisers. Here's how the money revolves around the world's second-most-valued sports league.
The India VIX has slipped 12.5 percent from the beginning of January and so has the benchmark index, shows a Forbes India analysis. Illustration: Chaitanya Dinesh Surpur
Volatility Index (VIX) is commonly and ominously known as fear index. Its primary purpose is to present the market's expectation of volatility over the coming 30 days. It was first devised by the Chicago Board Options Exchange in 1993. India has its own Nifty VIX, calculated by the NSE from the order book of NIFTY options, which informs investors to fine-tune their plans. Amid the global turmoil caused by Trump's tariff offensive and other geopolitical tensions, India VIX is not showing any signs of uncertainty. It has slipped 12.5 percent since January 2025. Why is VIX not panicking yet? Are Indian investors over-confident, or do they know something that global markets are unaware of? Here's a quick analysis of why the VIX is not showing any fear.
(From left )Mayank Kumar, co-founder, upGrad, Ronnie Screwvala, co-founder and chairperson, upGrad and Srikanth Iyengar, CEO, upGrad Enterprise. Image: Bajirao Pawar for Forbes India
The edtech business in India is divided into four major segments—school education, test preparation, study abroad, and working professionals. upGrad, co-founded by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, has focused on the latter two. Offering interactive learning experiences directly to students and working professionals, the edtech platform has posted Rs 1,950 crore revenue in 2025. It hosts 2,20,000 active paying learners and is also in markets across North America, APAC, Middle East, and Europe. This progress makes upGrad an outlier in the Indian edtech sector, which has fluctuated over recent years, leading to the decline of its more gigantic peers like Byju’s and Unacademy. With an initial public offering on the horizon for the company, here's a look at the last decade of the company while we also assess if it can unlock its full potential.