New-age companies Nykaa and Honasa Consumer posted multifold jumps in their quarterly profit. This and more in today’s ETtech Top 5.Also in the letter:■ SpaceX files for mega IPO■ Indian chip cos wary of the West■ Binance on crypto lawsNykaa Q4 Results: Profit soars 4x YoY to Rs 79 crore; revenue climbs 28% Nykaa CEO Falguni NayarNykaa parent FSN E-Commerce Ventures on Thursday reported a fourfold jump in its March quarter consolidated net profit. Financials (March quarter):Consolidated net profit: Rs 79 crore vs Rs 19 crore a year earlier.Revenue from operations: Rs 2,648 crore, up 28% year-on-year.Gross merchandise value (GMV): Up 28% year-on-year to Rs 5,241 crore.Ebitda: Increased 67% YoY to Rs 223 croreFor full year FY26:Operating revenue: Up 26% at Rs 10,022 croreProfit: More than doubled to Rs 204 crore.Nykaa sales: Crossed Rs 10,000 crore for the first time.Business highlights: Nykaa’s beauty vertical posted a 27% on-year GMV rise to Rs 3,892 crore, driven by steady momentum in ecommerce, physical retail, and owned brands under the House of Nykaa.Its in-house beauty and fashion brands saw GMV for the full year climb 49% YoY to Rs 3,176 crore.Honasa Consumer Q4 profit rises to Rs 69.4 crore, declares dividend of Rs 3 per share Ghazal and Varun Alagh, founders, Honasan ConsumerMamaearth parent Honasa Consumer also delivered a sharp rise in quarterly profit and revenue.Financials (For January-March quarter):Operating revenue: Up 23% to Rs 657 crore from Rs 533.5 crore in Q4 FY25.Net profit: Up 177.6% YoY to Rs 69.4 croreDividend: Rs 3 per shareExpenses: Rs 594 crore vs Rs 522 crore a year earlierFor the full FY26:Operating revenue: Up 15.7% to Rs 2,392 crore from Rs 2,067 crore a year agoNet profit: Rs 200 crore, up from Rs 72.6 crore in FY25.CEO's take: “We delivered three consecutive quarters of 20%+ growth, with Q4FY26 being our highest-ever quarter in both revenue and Ebitda,” said Varun Alagh, cofounder and CEO, Honasa Consumer, in a stock exchange filing.Cockroach Janta Party's X account withheld in India hours after it surpasses BJP on Instagram The viral Cockroach Janta Party’s X account has been withheld in India—just hours after it surged past the ruling Bharatiya Janata Party (BJP) on Instagram.The satirical “party” isn’t going quietly, though. Its Instagram handle remains live, and has reportedly blown past 12 million followers.Tell me more: Cockroach Janta Party is the brainchild of Abhijeet Dipke, a political communication strategist currently in the US pursuing a master’s in public relations. Back home, he previously worked for the Aam Aadmi Party and campaign strategy – experience he’s now weaponised for meme-fuelled politics."As expected, Cockroach Janta Party’s account has been withheld in India (sic)," Dipke wrote on X.Also Read: 'Cockroach Janta Party' group goes viral, spotlights Gen Z worriesWhy it took off: What started as a dark joke morphed into a full-blown youth movement after Chief Justice Surya Kant described young unemployed Indians as “like cockroaches.” CJP turned that insult into an identity– and then into a protest vehicle.The mock party’s manifesto is pointedly political:Ban post-retirement Rajya Sabha seats for former chief justices.Reserve 50% of Parliament seats for women–without expanding the House.Bar elected representatives who switch parties from contesting elections for 20 years.Bound for Mars, Elon Musk's SpaceX unveils filing for blockbuster IPO Elon Musk's SpaceX is hurtling toward Wall Street, filing plans on Wednesday for what could become the largest initial public offering in history.Offer details:Target raise: Up to $75 billion in the public markets.Valuation: Up to $1.75 trillion when trading begins, possibly as early as next month.Structure: Dual-class shareholding that keeps Musk firmly in control.Control: Musk to hold about 85% voting power while owning around 42% of equity.Financials:2025 revenue: $18.7 billion.Operating loss: $2.6 billion, as the company continues to invest heavily in next-generation rockets and AI.Musk's alien approach: The filing is laced with references to lunar missions and Mars settlement, channelling the space-age futurism of “The Martian” and “Interstellar” while anchoring it in the commercial space business.The part-balance-sheet, part-science-fiction flavour of the document underscores just how unprecedented SpaceX’s IPO could be – in size, ambition, and business model.OpenAI preparing to file for IPO in coming days or weeks: WSJ Days after Musk lost a court battle to OpenAI, the ChatGPT maker is reportedly preparing to follow him to the public markets. Sources told Reuters the company plans to file confidentially for a US IPO in the coming weeks.Details:Timeline: Aiming to go public as early as SeptemberBankers: Working with Goldman Sachs and Morgan Stanley on a draft IPO prospectus.Potential valuation: Up to $1 trillion.Desi chip companies fear MNCs will dip into their DLI 2.0 treat Indian semiconductor startups worried that multinational companies entering the second phase of the design-linked incentive (DLI) scheme through joint ventures will dilute benefits meant for homegrown firms.What’s happening? The government is preparing DLI 2.0 for six semiconductor categories. Officials have indicated that companies with up to 49% foreign ownership may be allowed, unlike the first phase, which was restricted to Indian firms.Expert take: One industry executive warned that foreign players could use local partnerships to push globally developed chipsets and IP under India’s incentive programme.Yes, but: Officials argue that some foreign participation is essential because semiconductor design is capital-intensive and requires deep technical expertise.They added that talks on the revised scheme have moved beyond the pre-cabinet stage, with cabinet approval possibly already in place.Govt's semicon sops 2.0 may top $10 billion: IESA prez The second phase of the India Semiconductor Mission (ISM) could exceed its original $10 billion outlay, according to Ashok Chandak, president of India Electronics & Semiconductor Association (IESA).Industry players have urged MeitY to step up incentives as global memory chip prices are expected to stay elevated for at least 18 months amid supply shortages.No law bans withdrawal of cryptocurrency: Binance Crypto exchange Binance has pushed back against the idea that Indian rules curb withdrawals of virtual digital assets (VDAs).Jargon buster: A withdrawal is the transfer of crypto from a trading platform to another destination, such as a personal wallet.What’s the matter? Many Indian exchanges either block or discourage withdrawals, citing risks around money laundering, foreign-exchange violations and other illegal activities, and seeking to avoid regulatory scrutiny. Binance’s stand: The company said Indian laws do not impose withdrawal caps on users of centralised exchanges. Platforms must, however, comply with KYC and other regulatory requirements.It added that it shares transaction and withdrawal data with authorities when required.Challenges: Indian exchanges argue that tighter controls help limit misuse and legal exposure. Binance counters that opaque “shadow rules” only fuel confusion. It maintains that verified users should be able to access their assets and warns that overly strict limits may push users to unregulated or decentralised platforms.Charted: Reliance’s startup roll-up: hits & misses Reliance and its subsidiaries have acquired or backed internet-first brands across furniture, pharmacy, edtech, innerwear, AI, quick commerce, drones, retail technology, and consumer products between 2018 and 2026. Here's a closer look at them.