AI has pushed valuations of India’s top IT firms to 2008-09 levels. This and more in today’s ETtech Top 5.Also in the letter:■ India’s agentic funding spree■ Unacademy cofounder quits■ Elon Musk loses to OpenAIAI Scare: IT valuations fall near levels seen during subprime crisis The latest selling spree in IT stocks has taken the valuations of top Indian software exporters near levels seen during the subprime crisis in 2008-09. Free fall: Shares of TCS, Infosys, HCL Tech, and Wipro are now trading at lower valuations, with price-to-earnings ratios between 15 and 18, about half of what they were four years ago during the Covid-driven tech boom.These stocks have lost nearly 30% so far in 2026 amid rising concerns over the use of AI in client servicing and deployment of IT solutions.Source: Google FinanceWhat’s driving this: Improving AI capabilities in coding, testing and debugging will affect the revenue potential of Indian IT service providers, which have long relied on headcount-based execution.Also, the recently-launched OpenAI Deployment Company to help enterprises integrate AI solutions signals its direct entry into enterprise process management, a space traditionally dominated by Indian IT firms.IT navigates new ‘pay-to-play’ AI token landscape IT service providers and their clients are now poring over dashboards and spreadsheets, trying to decode the cost–benefit equation of token usage as AI adoption surges across enterprises.Rising costs: Industry insiders say AI usage costs are climbing. As companies such as Anthropic and GitHub shift from subscription pricing to usage-based models, IT firms and their clients must get far sharper about what each token is really worth. Also Read:Indian founders flip Y Combinator’s $25,000 AI tokens for quick bucksGroww promoter group sells 0.23% stake for around Rs 250-260 crore (L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, founders, GrowwGroww’s promoter group sold around 0.23% stake in the company for around Rs 250 to Rs 260 crore, marking one of the largest liquidity events in the Indian startup space in recent times. Driving the news: As the post IPO lock-in for early-stage investors, promoters, and the promoter group expired over two days, Groww saw a major liquidity event. According to estimates based on disclosures made by the company on the stock exchanges, around Rs 250 to 260 crore has been liquidated by the promoter group.Strong momentum: Groww, which got listed on Indian exchanges late last year, has seen tremendous growth in its stock price, resulting in its market capitalisation jumping to Rs 1.15 lakh crore from Rs 70,000 crore in November during its listing. The company also reported strong financials in its FY26 filings.Beyond broking: As Groww consolidates its position as the largest stockbroker in the country, it is diversifying into new business areas such as credit and wealth management. According to disclosures made in its March quarter results, Groww reported that 55% of its revenues were from derivatives trading, 12% from lending, and 20% from stock trading and commodity derivatives.Funding in Indian agentic AI firms surges to $60 million in 2026 Indian agentic AI startups are attracting more capital as enterprises become clearer about what these systems can do and agents get easier to build and deploy, according to data from Venture Intelligence.Data decoded:Funding in the segment reached $60 million in the first four-and-a-half months of 2026.This was on top of a strong 2025 that saw investments nearly double to $144 million. In 2023, it was $121 million.Startups such as Confido Health and Runable raised upwards of $10 million each from Z47 and Nexus Venture Partners, sources said.More than 100 agentic AI startups have been founded in India since 2023, showing how quickly the space has become crowded. But why: Multiple founders told ET that enterprises are now open to piloting and scaling agentic AI operations, as there is clarity on what the agents can do for their workflows. A Bengaluru-based investor said the quality of revenue has improved for Indian startups in this space as adoption increases.Unacademy cofounder Sumit Jain quits ahead of UpGrad acquisition Sumit Jain has stepped down as cofounder and CEO of Unacademy’s test-prep business ahead of the company’s planned merger with UpGrad.Deal details:Jain will continue as an advisor, the company's cofounder and CEO Gaurav Munjal told employees in an internal note reviewed by ET. Jain’s last day will be June 30.He had joined Unacademy in 2020 after the edtech bought Graphy. Tell me more: Jain's departure comes as UpGrad and Unacademy await the Competition Commission of India's nod for their proposed merger. His role had become especially important after Munjal stepped back from day-to-day operations last year.Moglix appoints Amit Kumar as MD & chief business officer B2B industrial commerce and deeptech platform Moglix has appointed Amit Kumar as its managing director and chief business officer.New role: Kumar joins Moglix's central leadership team with a mandate to build and scale the company's emerging business segments and new opportunity areas. He has over two decades of experience across business leadership, management consulting, and enterprise transformation.Elon Musk loses lawsuit against OpenAI Sam Altman and Elon Musk A US jury has sided with OpenAI in Elon Musk’s high-stakes lawsuit, rejecting his claim that the company has strayed from its original mission of benefitting humanity.Too late: A jury in Oakland said that the case was filed too late, after the legal deadline. It delivered a unanimous verdict in under two hours.Musk’s lawyers said he reserved the right to appeal. However, judge Yvonne Gonzalez Rogers warned that it would be difficult to overturn, given that it’s a factual issue.What are the accusations? Musk alleged that OpenAI’s leaders had induced him to donate about $38 million to the non-profit, but later shifted the company towards a profit-driven model backed by investors, including Microsoft, breaking its promise of building AI that benefits people.OpenAI argued that Musk knew about its commercial path and raised concerns too late. It also said his motives were not purely charitable and that he was influenced by financial interests