Temasek has sold part of its stake in Lenskart. This and more in today’s ETtech Top 5.Also in the letter:■ Qcomm goes gourmet■ Gaming firms vs GST■ DeepSeek eyes new fundingTemasek offloads 2% stake in Lenskart for Rs 1,945 crore Peyush Bansal, CEO, LenskartSingapore's sovereign wealth fund Temasek has trimmed its holding in eyewear retailer Lenskart, selling a 2% stake for around Rs 1,945 crore, exchange filings on Tuesday showed.Sale details: Temasek sold the shares through open-market transactions on July 10, cutting its stake to 4.75% from 6.8%. Lenskart ended the day at Rs 543.65 on the National Stock Exchange (NSE).Tell me more:The move follows recent exits by Abu Dhabi Investment Authority (ADIA) and SoftBank.ADIA sold shares worth Rs 1,944 crore.SoftBank offloaded shares worth Rs 2,873 crore through a block deal.Lenskart listed in November 2025; its six-month initial public offering (IPO) lock-in ended on May 8.Also Read:Startup investors cash out nearly Rs 18,000 crore after IPO lock-ins endAvendus set for final close of future leaders Fund-III at Rs 1,800 crore Ritesh Chandra, managing partner, Avendus GroupAvendus Group is on track to wrap its third Future Leaders Fund (FLF III) at around Rs 1,800 crore by the end of July.Key numbers:FLF III is coming in about Rs 300 crore above its original target.The fund plans to back more late-stage, cash-generating companies.It hit its first close at Rs 850 crore in January 2025.FLF II closed at around Rs 1,600 crore in 2022 and has returned about 20% of investors' capital.FLF I closed at Rs 375 crore in 2020.The three funds together manage more than Rs 4,000 crore in assets.Byju’s founder loses bid to overturn Singapore jail sentence Byju Raveendran, founder, Byju’sThe High Court of Singapore has refused to stay Byju Raveendran's six-month jail sentence, leaving the eponymous Byju's founder exposed to imprisonment if he returns to the city-state.What's happening: On July 9, the court rejected Raveendran's request to suspend the sentence, according to his law firm, Lazareff Le Bars.He was sentenced for contempt in May, with a temporary stay granted last month.Raveendran has appealed the ruling before Singapore's Court of Appeal. His lawyer told Bloomberg that he is currently outside Singapore and that it is unclear if or when he will return.Tell me more: The latest order intensifies Raveendran's legal troubles. He is facing claims from foreign investors globally, including in the US, where lenders are trying to recover losses on a $1.2 billion loan.In Singapore, a unit of the Qatar Investment Authority (QIA) has also taken legal action against him over its investment in Byju's. QIA welcomed the latest ruling and said it will continue to pursue legal remedies.Quick commerce platforms enter gourmet grocery war Quick commerce firms are racing upmarket, expanding premium grocery offerings as Zepto, Swiggy Instamart and Blinkit court higher-spending shoppers.Driving the news:Zepto is preparing to launch 'Select', a new section for imported products, premium groceries and fresh items. It has also started onboarding brands, sources told us.Zepto already runs Premium Harvest Store, which sells bakery items, dairy products, fresh fruits and vegetables.Swiggy Instamart is giving prominence to Nectr, its direct-to-consumer (D2C) brand for locally sourced fruits and vegetables. Products carry an 'upgrade' tag and are currently available at 20-40% discounts, depending on the location.Premium push: Demand for higher-quality groceries is rising, creating room for players such as Peak XV-backed FirstClub, Handpickd (founded by Anant Goel), and consumer brand Puckk.Satish Meena, founder of Datum Intelligence, said, “While the emergence of platforms like FirstClub and Handpickd is pushing traditional quick commerce to look into this segment, they also need it because there are always questions around the quality of storage and handling in dark stores.”Also Read: ETtech Explainer: Why quick commerce business models are under scrutinyOnline gaming firms move Supreme Court to review 28% GST verdict Online gaming companies have approached the Supreme Court, seeking a review of its decision backing the 28% Goods and Services Tax (GST) and retrospective tax claims of over Rs 1.5 lakh crore.What's happening? The review petitions contest the apex court's May 27 ruling upholding the 28% GST on online gaming and retrospective tax notices.The firms have asked the court to revisit the legal and constitutional issues linked to the tax regime.The ruling allows tax authorities the green light to pursue pending tax claims, adding financial and legal pressure on gaming companies.Government eyes uniform digital platform username rules The government is considering common rules for usernames across digital platforms as it evaluates submissions from WhatsApp, Telegram and Signal.The issue: The Centre had directed Meta-owned WhatsApp to pause its username rollout in India. ET had reported that WhatsApp assured the government it would not launch the feature until consultations are complete. Telegram also submitted its reply to the IT ministry.The three platforms – which currently use mobile numbers to identify users – submitted their replies last week after receiving formal notices.China's DeepSeek considers new fundraising after first round Liang Wenfeng, founder, DeepSeekChinese AI startup DeepSeek is already weighing another funding round, just a month after closing its first raise, the Financial Times (FT) reported on Tuesday.Round details: DeepSeek has begun preliminary talks with new investors for a fresh round that could value the company at about $71 billion before the new money comes in (pre-value), according to the report.It completed its first funding round around the end of May, raising about $7 billion at a $52 billion valuation, including the new capital, according to FT.Background:DeepSeek is one of China’s best-known AI startups.Reuters recently reported that the company is developing its own AI chip to reduce dependence on Nvidia and Huawei hardware, which it currently uses to train and run its models.Yes and? This comes just as Bloomberg reported that DeepSeek founder Liang Wenfeng's net worth more than doubled to $36 billion from about $16.7 billion after the company's latest funding round, making him the world's richest AI model founder.