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Dominating The AI Shelf Space

Thirty years after the internet’s first ad banner went live, digital marketing is undergoing its biggest transformation yet. As users swap search engines for AI chatbots, the rules of brand discovery and consumer engagement are being rewritten. 

Ads In AI Era: Rather than typing keywords into Google and navigating links, consumers are now using AI tools for product recommendations. This behavioural pivot has given rise to answer engine optimisation and generative engine optimisation. But unlike legacy SEO systems, AI platforms offer no common ranking system or standard playbook.

Attribution Problem: For marketers, the biggest challenge is determining whether AI visibility actually drives traffic, customers and sales. This is because multi-step queries and zero-click answers make traditional click attribution nearly impossible. Inconsistent citations and reliance on third-party content further weaken brand control. 

As such, experts believe that brands should build a consistent information flow across their digital ecosystem to avoid appearing next to misinformation or unsuitable content.

Ads Enter The Chat: As marketers struggle with the AI RoI question, OpenAI is also creating a new commercial layer around its AI assistants. It has begun rolling out ads for ChatGPT’s free and Go users in India, with more than 50 brands expected in the initial rollout. By tapping ad agencies and opening a self-serve ads manager, OpenAI is looking to monetise its huge user base in the country. 

The New Toolkit: Meanwhile, a new wave of startups is building tools to bring measurement and commerce to AI search. While the likes of RankinLLM are tracking brand mentions and sentiment, TruCommerce is connecting product catalogues directly to AI platforms to enable in-chat purchasing. Then, there is also Gushwork that helps small businesses create content optimised for AI tools. 

As chatbots compress the path from discovery to decision, can brands solve the challenges around visibility, attribution, measurement and control? Let’s find out…

From The Editor’s Desk

Zetwerk Gears Up For IPO

• The B2B manufacturing startup’s public issue will open for subscription on October 15 and close on October 19. It has also set a price band of ₹143-₹151 per share for its IPO, which will value the company at ₹25,583 Cr at the upper end of the spectrum. 
• The ₹5,012 Cr public issue will comprise a fresh issue of shares worth ₹2,830 Cr and an OFS of up to 14.45 Cr shares, worth ₹2,182.3 Cr at the upper end. This comes a couple of months after Zetwerk filed its updated DRHP with SEBI in August.
• Separately, defence tech company Tonbo Imaging has also set a price band of ₹665-₹700 per share for its upcoming IPO, which will also open on October 15. The ₹852.1 Cr public issue will consist solely of an OFS component of up to 1.22 Cr equity shares.

Tessolve Bags $75 Mn

• The semiconductor startup has raised ₹718 Cr in a round led by Vector Line Capital to fuel acquisitions, broaden its service offerings and strengthen its international business. It is also already in talks to close multiple acquisitions over the next couple of quarters. 
• Founded in 2004, Tessolve designs AI chips and provides end-to-end engineering services across chip architecture, validation and testing. Hero Electronix acquired a controlling stake in the company in 2016. It has raised $265 Mn to date.
• The fundraise comes amid growing investor interest in the Indian deeptech sector, which is being driven by regulatory push, subsidies, a pivot to IP-driven products and a growing talent pool. The sector raised $290 Mn in Q3 2026, up 176% YoY. 

PharmEasy’s FY26 Show

• The online pharmacy’s parent API Holdings managed to slash its net losses by 67% YoY to ₹520 Cr in FY26. This came as operating revenue rose 12.7% YoY to ₹6,618.5 Cr, driven by higher margins, capacity utilisation and fewer discounts.
• Giving a breakdown, the company said that its B2B businesses generated ₹4,082.4 Cr in revenue in FY26 with an EBITDA loss of ₹3.6 Cr. On the other hand, the B2C arm generated ₹1,334.5 Cr in revenue and reported an EBITDA loss of ₹44.1 Cr in FY26.
• Meanwhile, expenses also continued to bite. API Holdings’ consolidated expenditure stood at ₹7,146.7 Cr in FY26, albeit down 0.9% YoY. Purchases of stock-in-trade remained its biggest cost centre at ₹5,244.8 Cr, up 10.9% YoY.

Top-Level Rejig At Nazara

• Founder Nitish Mittersain is stepping down as the MD of the gaming giant after a 27 year-long stint. CFO Rakesh Shah has also resigned to pursue external opportunities. Shah will be replaced by ex-Ness Digital Engineering executive Arun Agrawal. 
• CaratLane founder Mithun Sacheti has also been elevated to the role of executive whole-time director role for a period of five years. Meanwhile, Rohit Sharma has stepped down from the post of whole-time director. 
• The reshuffle comes as much is happening at Nazara. Last month, Raymond Stauffer took over as the new CEO of the gaming giant. Nazara also de-subsidiarised its esports arm NODWIN Gaming earlier this year even as losses continue to pile up.

The RDI Boost For Deeptechs

• The government has announced the first cohort of 19 second-level fund managers to deploy ₹7,131 Cr from the RDI fund. Fourteen AIFs and five focused research organisations have been selected to channel the capital to the eligible startups.
• The fund managers are also expected to mobilise capital equivalent to the RDI Fund’s contribution, expanding the pool of financing available for research-led startups. The Centre also plans to onboard additional fund managers going forward.
• Launched in November 2025, the RDI Scheme has an outlay of ₹1 Lakh Cr and aims to address the funding gap faced by startups developing high-impact technologies. Earlier this year, the fund had also allocated ₹2,000 Cr allocated to deeptech companies.

Inc42 Markets

Inc42 Startup Spotlight

Can Nextup Make Muscle Recovery Less Pricey?

For people dealing with post-workout soreness, recovery tools can be difficult to choose. While many cheaper gadgets lack useful features, premium devices can stretch the budget. Nextup is plugging this gap with Pulse, which combines practical features with an accessible price point.

Going Mass-Premium: Founded in 2024, Nextup is positioning itself between budget recovery gadgets and higher-priced products. Its flagship massage gun Pulse, features a 30W copper motor, a top speed of up to 4,200 RPM, four interchangeable massage heads and a 3,000mAh battery. Nextup claims that Pulse is quiet and operates at under 45 dB.

The In-House Edge: The bootstrapped startup leverages a D2C-led model, selling through its own website and marketplaces such as Amazon. It also runs an in-house assembly facility, which gives it more control over quality and lets the team make product changes based on consumer feedback. It competes with the likes of Cult, Dr Physio and Agaro. 

Road Ahead: Going forward, the D2C brand plans to scale Pulse across online channels and build its creator community to spur repeat demand. It has also set its eyes on launching additional products as it expands from recovery into personal wellness and broader consumer electronics. So, can Nextup build a mass-premium wellness brand for Indians?

Infographic Of The Day

Sixteen Indian entrepreneurs earned a combined ₹43.4 Cr in fixed remuneration in FY26. Even founders of loss-making Meesho, Swiggy and Ather took home crores in paycheques. Here is all about it…

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