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SC Grants Relief to Paytm’s First Games, Stays Massive GST Notice

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StartupStories

The Supreme Court of India has granted interim relief to Paytm’s gaming arm, First Games, by staying proceedings on a ₹5,712 crore GST notice issued by the Directorate General of GST Intelligence (DGGI). The notice, sent in April 2025, demanded GST for the period January 2018 to March 2023, based on the department’s view that 28% GST should be levied on the total entry amount, rather than the 18% GST currently paid on platform fees.

First Games challenged the notice in the Supreme Court, which on May 23, 2025, ordered a stay on all further proceedings until a final decision is reached. The dispute is part of a broader industry-wide debate over the correct GST treatment for real money gaming platforms, with similar cases pending before the court. Following the stay, Paytm shares rose nearly 2% in early trading, reflecting investor optimism.

The Supreme Court’s order provides temporary relief to First Games and signals ongoing judicial scrutiny of GST demands across India’s online gaming sector.

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Meet the 13 Deeptech Startups Empowered by BIGShift Accelerator in India

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Bigshift

India’s deeptech ecosystem has reached a significant milestone with the launch of BIGShift, a premier accelerator programme by Inc42 and India Accelerator designed to empower early-stage startups developing breakthrough technologies. The first cohort comprises 13 innovative startups addressing complex challenges in fields such as artificial intelligence, aerospace, robotics, healthcare, and geospatial analytics. These startups benefitted from specialized capital-readiness training, strategic mentorship, and direct access to investors interested in supporting high-risk, high-reward deeptech ventures, making BIGShift a crucial platform for nurturing India’s next-generation technology leaders.

The accelerator programme uniquely combines virtual bootcamp sessions with a comprehensive two-day in-person masterclass, equipping startups with advanced go-to-market strategies, funding expertise, and a valuable network of experienced operator-mentors. Noteworthy startups from the cohort include ActionSync, focused on enterprise data unification; Polygon Geospatial, delivering AI-powered real-time spatial analytics; Purna AI, which innovates in preventive health through genetic biomarkers; Spacetaxi, pursuing reusable commercial rockets; and VertiFly, specializing in hybrid eVTOL aerial mobility solutions. This diverse group exemplifies the ingenuity and pioneering spirit of Indian deeptech entrepreneurship across multiple high-impact sectors.

BIGShift’s inaugural cohort not only accelerates technological development but also provides critical support mechanisms like pilot project matchmaking, regulatory guidance, and facilitating enterprise collaborations. As these 13 startups transition their groundbreaking solutions from the lab to the marketplace, BIGShift is poised to be a catalyst for deeptech innovation in India, helping transform scientific research into scalable, impactful businesses that will shape the country’s technological future.

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Tim Cook: Apple Posts Record India Growth in iPhone, Mac & Services

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Apple

Apple CEO Tim Cook revealed that Apple closed the June quarter with record revenue in over two dozen markets, driven by double-digit growth in India across iPhone, Mac and Services. During April–June, iPhone sales in India jumped 13.4% year-on-year, Mac revenue rose 15%, and Services revenue climbed 13%, each marking an all-time quarterly high. Cook emphasized that “we saw iPhone growth in every geographic segment and double-digit growth in emerging markets including India, the Middle East, South Asia, and Brazil.”

India’s strategic importance extends beyond sales into Apple’s supply chain: 71% of iPhones sold in the U.S. now carry “Country of Origin: India,” up from 31% a year ago. This shift underscores Apple’s diversification strategy and its deepening manufacturing partnerships with Foxconn, Pegatron, and Tata Electronics. Cook noted that India has become a “major manufacturing base” for iPhones destined for global markets, reducing reliance on a single region and enhancing supply stability.

Looking forward, Apple plans to open new retail stores in India later this year, bolstering its direct-to-consumer presence and capitalizing on the world’s fastest-growing smartphone market. Despite incurring approximately $800 million in tariff costs during the quarter, Cook affirmed that India’s market potential and manufacturing advantages remain “key pillars of our global strategy” as Apple accelerates its expansion across the subcontinent.

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Microsoft Hits $4 Trillion Milestone Driven by AI and Cloud Growth

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Microsoft-Satyam

Microsoft vaulted past the $4 trillion market-capitalization milestone on July 31, becoming only the second U.S. company after Nvidia to reach this valuation as AI enthusiasm swept through equity markets. Shares jumped 5.3% on the back of stronger-than-expected fiscal Q4 results, with revenue climbing 18% year-over-year to $76.44 billion and net income rising 24% to $27.23 billion, while earnings per share of $3.65 beat analysts’ $3.37 consensus. 

The company’s Intelligent Cloud segment, led by Azure, delivered 39% revenue growth, pushing full-year Azure sales past $75 billion—a 34% increase—and underscoring cloud and AI as core growth drivers. CEO Satya Nadella emphasized that “Cloud and AI is the driving force of business transformation across every industry and sector,” reflecting momentum from strategic AI investments, including the partnership with OpenAI and proprietary model development. 

Microsoft’s share gains helped propel the Nasdaq Composite up 1.3% to 21,396 and the S&P 500 higher by 0.8%, with the Dow Jones Industrial Average adding 0.3%. Looking ahead, record capital expenditures of $30 billion slated for AI infrastructure and data-center expansion, combined with deep integration of generative AI across Microsoft 365 via Copilot, position the company to sustain market-cap expansion as enterprises accelerate digital transformation.

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