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The consumer electronics startup jumped through the ranks to become India’s top audio and smartwatch brand. Just as quickly, the IPO-bound company appears to be losing steam and its comeback looks uncertain.

As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.
The 15-year-old company has bought one brand after another in the hope of growing fast. That plan has fallen flat on its face, but there’s no stopping Wingreens.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.