Daily Brief India: Groww, NIFTY Index, Sify Infinit Spaces Ltd, Sify Technologies , Meesho, Pvr Inox and more

• Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
• With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.

• Brian Freitas posted an insight Monday discussing how Indian stocks may experience significant passive inflows and outflows from global trackers over coming weeks. Read his insight for more detail.
• The changes may start to produce effects soon, so here we are offering an analysis of the NIFTY Index to evalate potential upside and downside.
• Our previous NIFTY 50 insight warned that trend indecision could trigger a pullback—exactly what is unfolding now in the market. The index remains not oversold yet.

• Sify Infinit Spaces Ltd (2026850D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.
• SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025. 
• According to the 1Lattice and C&W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.

• Sify Technologies is a comprehensive ICT service and solution provider in India, strategically positioned to capitalize on the country’s digital transformation, with core services in data centers, network, and digital services.
• The company is in a high-growth phase, marked by significant capital expenditures in expanding its data center capacity to meet the burgeoning demand driven by cloud adoption and the advent of AI, leading to near-term pressure on profitability.
• While revenue has been growing, the company faces challenges with net losses and high debt levels, making the successful and timely monetization of its new assets critical for its long-term financial health and shareholder returns.

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• Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
• ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
• The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.

• PVR Inox is piloting a full-service “dine-in” cinema concept in Bengaluru, while management confirms a major strategic shift towards an asset-light (FOCO) model for new screen expansion.
• The dine-in is a defensive move to protect premium Spend Per Head (SPH) against OTT, while the asset-light pivot is move to fix the balance sheet and scale in Tier-2/3.
• The company is re-engineering its business to be less dependent on its own capital, but its profitability remains entirely dependent on the one thing it cannot control: the content pipeline.