Building Pharma Labs In Space, Zerodha’s Bland FY26 & More

In the race to manufacture drugs in space, Indian startups are exploring new possibilities in the realm of microgravity research. Microgravity in low-Earth orbit eliminates convection, sedimentation, and buoyancy, allowing researchers to grow uniform protein crystals, study biological processes, and develop materials with unique properties that are difficult to achieve on Earth.

Indian startups such as Serendipity, Ethereal, AnduraX, and Akashalabdhi are making strides in developing space-based pharmaceutical facilities and inflatable habitats for microgravity experiments. However, the commercial potential for drug crystallisation and protein folding in space may take some time to materialise, as Indian microgravity startups face challenges such as high launch costs, limited access to orbital platforms, and lengthy validation cycles.

Despite these hurdles, the IN-SPACe Technology Adoption Fund and ISRO's Bharatiya Antariksh Station could help move experiments from labs to repeatable missions. In unrelated news, Zerodha, India's leading stock brokerage, reported a modest 1.2% YoY increase in net profit to ₹4,283 Cr in FY26. The company's operating revenue remained steady, similar to the previous year.

Zerodha's brokerage income and market share of active clients took a hit due to the end of transaction charges rebates and a decline in the bull market. Meanwhile, AI startup Runable raised ₹200 Cr in its Series A round led by Susquehanna and Nexus Venture Partners to support its product development and hiring efforts. Runable's AI agent platform helps small businesses manage their operations and has scaled to $2 Mn in Annual Recurring Revenue within three weeks.

In other financial news, Purple Style Labs, an omnichannel fashion platform, priced its ₹680 Cr IPO between ₹546 and ₹575 per share, projecting a post-issue market capitalisation of nearly ₹4,604 Cr. The startup operates 15 experience centres and reported a net loss of ₹285.4 Cr in FY26, with operating revenue growing by about 14% YoY to ₹557.8 Cr.

Honasa, a listed D2C major, abandoned its proposed ₹135 Cr acquisition of a 58% stake in a nutraceuticals startup due to undisclosed closing conditions. However, Honasa plans to remain focused on the nutraceuticals sector and expand its consumer-focused business. boAt, a consumer electronics startup, saw its profit rise 38% YoY to ₹84.5 Cr in FY26, even as operating revenue declined by nearly 5% YoY to ₹2,931 Cr.

The company attributed the improvement in profit to cost-efficiency measures and noted that its wearables segment turned profitable in FY26, posting a profit of about ₹7 Cr.