Happy Wednesday! Groww delivered strong gains to early investors after the IPO lock-in expired. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Battery blues hit EVs■ Nazara Q4 earnings■ Flipkart’s GST setbackPeak XV, YC and Ribbit pocket up to 94x returns from Groww stake sales as IPO lock-in ends Lalit Keshre, CEO, GrowwEarly backers of Groww – Peak XV, Ribbit Capital and Y Combinator – have started cashing out after the IPO lock-in expired, logging multi-bagger returns.Number-wise:Sequoia Capital, Peak XV (formerly Sequoia Capital India), Micky Malka’s Ribbit Capital, and Y Combinator together sold 29.52 crore shares or 4.7% of Groww, via block deals.The deal happened for Rs 180-181 a share.The full block, in which more than 60 global and domestic investors participated, is valued at Rs 5,318 crore. Bumper returns: The sale adds to already outsized gains from Groww’s debut. The fintech listed last November at Rs 100 a share and has since climbed over 40%. On Tuesday, the stock closed down 5.5% at Rs 183.10 on the BSE.Also Read:Competition doesn’t limit growth in India: Groww’s Lalit Keshre on building a full-stack wealth platformCurrent stakes:Peak XV Partners has netted another Rs 1,116 crore and holds a stake worth Rs 18,000 crore. The fund had invested Rs 200-250 crore in the company.Following Tuesday’s deals, Y Combinator’s stake in Groww is worth Rs 9,911 crore, while Ribbit Capital holds shares worth Rs 1,122 crore in the company.Also Read: Groww Q4 FY26 results: Operating revenue surges 87%, net profit more than doublesLightspeed eyes new India fund; plans smaller corpus of $300-350 million (L-R) Ravi Mhatre and Bejul Somaia, partners, Lightspeed Venture PartnersLightspeed Venture Partners – backer of Oyo, ShareChat, Udaan, Zepto and PhysicsWallah – is slimming down its India cheque book, even as it doubles down on early-stage deeptech and AI.Devil in the details:Lightspeed is targeting $300-350 million for its fifth India-Southeast Asia fund, sharply lower than the $500 million it initially aimed for.Its last India-focused vehicle, raised in 2022, was also a $500 million fund.The firm’s growth-stage bets in India have struggled with valuations. Its later-stage portfolio includes Razorpay, Zepto, and PhysicsWallah, while it has backed companies such as Udaan, ShareChat, Oyo, and Byju’s across multiple stages. Tell me more:In February, partners Bejul Somaia and Ravi Mhatre told ET that Lightspeed’s India deployment over the past year has been skewed towards AI-native startups.Recent AI bets in India include Sarvam, Emergent, and Compsio.While they did not comment on the fund size, they acknowledged that the market has cooled from the peak-exuberance years, and said Lightspeed’s approach will be more measured and tightly aligned to the opportunity ahead.Also Read: ETtech Interview: Lightspeed’s Ravi Mhatre & Bejul Somaia on the AI bubble, India opportunity & moreElectric two-wheeler makers brace for raw material price hikes, AI infra pressure India’s electric two-wheeler makers are bracing for margin pain and price hikes as raw material costs spike and supply chains wobble amid geopolitical tensions.Driving the news: Automakers including Bajaj Auto, Hero MotoCorp, Ather Energy, and Revolt Motors, along with unlisted players such as Euler Motors and Ultraviolette, are flagging a sharp rise in the costs of lithium-ion cells, rare-earth magnets, memory chips, and key metals used in EV manufacturing.Prices of battery materials such as lithium, nickel and cobalt, plus aluminium, copper, steel and plastics, are all heading north.Lithium has jumped from about $8/kg to nearly $24 in a short span.Lithium-ion cells have become 30-50% costlier, depending on sourcing timelines.Pressure on the rise: Profitability is already under strain. Bajaj Auto estimates commodity inflation could lift costs by around 3.5-4% during the quarter.Hero MotoCorp said bill-of-material inflation is running in the high single digits.Ather Energy has warned of near-term margin pressure as commodity and electronic component prices stay elevated.What’s coming: Manufacturers said they’ve absorbed most of the shock so far, but more of it may be passed on to buyers.Hero MotoCorp, for instance, said it has already raised prices by around 2% across products, or Rs 700-3500 per vehicle.Also Read: Two-wheeler EV sales drop in April after March peak; Ola Electric's market share improvesOther Top Stories By Our Reporters Nazara’s Q4 profit jumps 13x: Online gaming platform Nazara Technologies reported Rs 398 crore in Q4FY26 revenue, down 23% year-on-year, but net profit surged more than 13x to Rs 56 crore from Rs 4 crore a year earlier.Flipkart’s GST setback: A proposed tax tweak that would have exempted Walmart-owned Flipkart's delivery charges from the goods and services tax (GST) has been struck down by the West Bengal Appellate Authority for Advance Ruling (WBAAAR).Global Picks We Are Reading■ Hantavirus conspiracy theories are already spreading online (Wired)■ Why Americans dread AI (FT)■ OpenAI to save $97 billion through 2030 in latest Microsoft deal (The Information)