BigBasket cofounder Hari Menon has resigned as CEO, handing over leadership to Amazon veteran Amit Nanda, while audio startup Pocket FM is planning a reverse flip to facilitate an initial public offering in India.
- BigBasket CEO Hari Menon steps down, Amit Nanda appointed CEO
- Pocket FM plans reverse flip ahead of potential India IPO
- SpaceX to acquire AI startup Cursor in $60 billion deal
What happened
Hari Menon, cofounder and longtime CEO of BigBasket, has stepped down from his role. The Tata Digital-owned online grocery company named Amit Nanda, an Amazon veteran and current director of selling partner services, as its new CEO. Menon and cofounder Vipul Parekh remain on the BigBasket board, with Nanda tasked to advance the company’s quick commerce capabilities and business innovation.
Separately, Pocket FM, a US-domiciled audio entertainment startup, is negotiating a reverse flip transaction to shift its holding structure back to India. This step is a prerequisite for the company’s planned initial public offering (IPO) in the Indian market. The move comes amid heightened investor scrutiny and increased competition in India’s mobile-first storytelling ecosystem.
Why it matters
BigBasket’s leadership change signals a pivotal moment as the company seeks to regain rapid growth after a revenue dip in FY25. Under Tata Group’s ownership since 2021, BigBasket pivoted decisively towards quick commerce in 2024 but faced intense rivalry. Amit Nanda’s leadership, with his experience at Amazon, is expected to sharpen BigBasket’s competitive edge in fast delivery grocery services.
Pocket FM’s reverse flip and IPO plans highlight the growing attractiveness of India’s audio content market, especially following rival Kuku Technologies’ confidential filing for a significant IPO with SEBI. Though the restructuring adds complexity and cost, it positions Pocket FM to raise capital domestically and meet investor demands for transparency on revenue metrics, user engagement, and operational costs.
What to watch next
Monitor BigBasket’s performance under new leadership, particularly the effectiveness of Amit Nanda’s strategies to accelerate quick commerce and innovation. Market response to BigBasket’s initiatives could influence the competitive dynamics in India’s online grocery sector, especially against faster-growing rivals.
Pocket FM’s progress in completing the reverse flip and subsequent IPO filing will be key indicators of confidence in the Indian audio streaming market. Investor reactions to its disclosures on financial and user engagement metrics will be closely watched, alongside any announcements regarding private fundraising rounds.
Additionally, keep an eye on expanding developments in India’s tech startup environment, exemplified by Cursor’s pending $60 billion acquisition by SpaceX. This deal and related moves signal heightened interest and investment in Indian-origin AI and tech ventures on the global stage.