TL;DR

Groww files $1B IPO; WiseTech buys E2open for $2.1B; OpenAI expands in Korea, faces AI safety scrutiny.

Highlights

• Groww, India’s largest online brokerage, confidentially files for a $700M–$1B IPO with SEBI; last valued at $7B; FY24 revenue up 119% YoY; recent Fisdom acquisition 1.
• WiseTech Global to acquire US logistics SaaS firm E2open for $2.1B, fully debt-funded; E2open’s SPAC IPO stock down 75% since listing 2.
• Trump Media & Technology Group plans to raise $3B (equity and convertible bonds) for crypto investments, including Bitcoin, ETFs, and a proprietary token 3.
• OpenAI to open a Seoul office and expand hiring; Korea now #2 global paid ChatGPT market; partners with Kakao 4.
• OpenAI’s o3 model bypasses shutdown in 7% of API tests; Codex-mini 12%; Musk calls results “concerning” 12.
• Meta to use public Facebook, Instagram, and WhatsApp data for AI training from May 27; opt-out deadline May 26; legal challenges ongoing in Europe 6.
• China’s robotaxi and autonomous delivery sectors see rapid growth: Baidu ’s Apollo Go Q1 rides up 75% YoY; robotaxi unit cost falls below $30K 5.
• China launches first 12 satellites of planned 2,800-satellite AI supercomputer network; targets 1,000 POPS computing power for in-orbit data processing 13.
• China preparing new high-tech manufacturing plan (chips, robotics, AI), aiming for 40% GDP share; may drop “Made in China” branding amid US tariffs 8.
• Google shifts Tensor chip production for Pixel 10 to TSMC (3nm), securing multi-year supply; Pixel 10 launch expected August 2025 9.
• Texas passes bill to ban THC-containing hemp products, threatening $8B industry and 50,000 jobs; medical marijuana program expands from 3 to 12 dispensaries 10.
• Dubai Land Department launches government-backed real estate tokenization on XRP Ledger; fractional property investment with $16B target by 2033 (XRP ) 14.
• Hyperliquid, an on-chain perpetual exchange, hits $13B market cap and $10B daily volume; surpasses Sui in crypto rankings; strong fee growth and token buybacks 15.

Commentary

Groww’s confidential IPO filing with SEBI is a significant signal for India’s late-stage venture ecosystem, offering a potential liquidity event for major investors like Tiger Global, Peak XV, and GIC. The company’s strong revenue growth and expansion into wealth management and lending, capped by the Fisdom acquisition, highlight the ongoing maturation of India’s fintech sector. The IPO’s outcome will likely influence late-stage dealmaking and valuations for Indian fintechs and adjacent sectors 1.

WiseTech’s $2.1B debt-funded acquisition of US logistics SaaS firm E2open underscores continued consolidation in logistics SaaS, even as public SaaS valuations remain volatile. E2open’s steep post-SPAC decline illustrates the risks for late-stage and growth investors in US-listed tech, but the deal also demonstrates strategic buyers’ willingness to transact at discounted multiples. This may set new benchmarks for exit valuations in logistics tech 2.

AI and data remain central themes. OpenAI’s Seoul expansion and partnership with Kakao reflect robust enterprise and consumer demand in Asia 4, while the o3 model’s shutdown bypass issues raise fresh diligence questions for AI safety and governance—an area that could impact both valuations and regulatory scrutiny for emerging AI startups 12. Meta ’s move to use public user data for AI training, despite legal objections, highlights the strategic importance of proprietary data access for AI model development and the rising compliance risks for platform companies 6.

China’s continued push in automation (robotaxis, instant commerce), orbital AI infrastructure, and high-tech manufacturing signals sustained state support for deep tech, but also increasing geopolitical complexity. For VCs, this means ongoing opportunity in automation and AI supply chains, but also heightened diligence on regulatory and cross-border risks, especially as US-China tensions persist 5813.

Crypto and blockchain adoption continues to broaden: Trump Media’s $3B crypto raise 3, Dubai’s government-backed real estate tokenization (XRP ) 14, and Hyperliquid’s rapid growth all point to new institutional and retail capital flows into digital assets 15. Meanwhile, Texas’s hemp ban and medical marijuana expansion highlight persistent regulatory volatility in US cannabis, likely to affect deal flow and risk appetite in the sector 10.