SARS intensifies control over trusts as tax filing season begins

According to the new Indian Diaspora Index, prepared by Prosus and Dealroom, founders who grew up in India are responsible for $560 billion in founder equity value among 205 existing and former unicorns outside of India. This report demonstrates the value created by entrepreneurs from India who developed their businesses in global markets.

The index analyzed 205 international unicorns that have at least one founder who grew up in India. It found that 70 such unicorns, with a total valuation of $243 billion, were founded entirely by Indian founders, such as Jay Chaudhry (Zscaler), Arvind Jain, Arvind Nithrakashyap, Bipul Sinha, and Soham Mazumdar (Rubrik), Ajeet Singh, Dheeraj Pandey, and Mohit Aron (Nutanix), as well as Deepak Pathak and Abhinav Gupta (Skild).

Furthermore, another 135 unicorns whose core teams have Indian origins, including Palo Alto, Bloom Energy, Astera Labs, and Perplexity, contribute $317 billion based on founder equity. In total, these companies amount to approximately $560 billion by this metric.

In comparison, 102 unicorns based in India are valued at approximately $349 billion using the same methodology, led by Flipkart ($36 billion), Zomato ($30 billion), and Groww ($16 billion).

Saurav Jain, Senior Investor at Prosus India, noted: 'The Indian Diaspora Index measures something we have personally seen and experienced in India: an exceptional density of talent with ambitions to build on a massive scale, often solving some of the country's most complex and significant problems.'

He added that Indian founders are capable of transforming technology, ingenuity, and deep local understanding into businesses that can fundamentally change people's lives and work.

Geographic Concentration of Success

A notable finding is the geographic concentration of this success. A broader analysis based on birthplace shows that 62 percent of these companies are located in the United States, making this ecosystem dominant for Indian founders creating high-value companies. In total, 200 out of 323 companies in this broader group were either founded (178) or relocated (22) to the United States.

This birthplace analysis includes founders who left India in childhood and companies based in India; it differs from the narrower international index which considers founders who grew up in India. Jain stated: 'The influence of Indian entrepreneurial talent extends far beyond the borders of the country.' He concluded that the index provides an important perspective on how Indian-origin founders contribute to value creation in global markets, with the US serving as a particularly significant ecosystem for this activity.

The results indicate the growing global nature of Indian entrepreneurship, extending the country's influence far beyond its domestic startup landscape. Among the international unicorns in the Indian Diaspora Index, 91 percent (187 out of 205) are based in the US.

The Indian Rupee showed strengthening on Monday, halting its downward trend against the dollar. If the rupee closed at 95.96 in the previous trading session, it reached 95.81 on Monday, representing a gain of 15 points. The rupee was supported by the decline in crude oil prices and expectations of negotiations between the US and Iran. Furthermore, growth in the domestic stock market and weakening US Treasury yields contributed to support for the Indian rupee.

In the interbank Forex currency market on Monday, the rupee opened at 95.86. During trading, it strengthened its position and reached a daily high of 95.72, but later the rise slightly subsided, and the rupee closed at 95.81. Previously, on September 18, the rupee closed at 95.96, weakening by 7 points. Thus, the rupee's movement on Monday not only compensated for Friday's fall but also slightly strengthened its position against the dollar.

According to Forex traders, the drop in crude oil prices after high levels proved to be a positive factor for the rupee. India imports a significant portion of its crude oil. Consequently, easing oil prices may reduce pressure on the country's import bill and lower demand for the dollar. The rupee benefited precisely from such expectations.

Anuj Choudhary, an analyst at Mirae Asset Sharekhan Research Department, noted that the fall in crude oil prices from high levels and hopes for negotiations between the US and Iran improved global risk sentiment. This provided slight support to the rupee. He also added that the expected increase in crude oil supplies from Saudi Arabia might keep pressure on prices, which could be positive for the rupee.

The expectation of possible negotiations between the US and Iran also played a role in the rupee's strengthening. If tensions between the two countries decrease, it may reduce investor anxiety in the global market. However, risks in this area have not completely disappeared. According to Anuj Choudhary, reports that Iran shot down a US drone in the Strait of Hormuz could again affect market risk sentiment. Such events could lead to an increase in crude oil prices, which in turn would affect the rupee.

The Dollar Index stood at 100.32 on Monday, showing a rise of 0.10 percent. Despite this, the rupee demonstrated strengthening. Meanwhile, Brent Crude futures fell by 2.08 percent, reaching $101.71 per barrel. This decline in crude oil prices provided important support for the rupee. Anuj Choudhary forecasts that the spot USD-INR rate may remain in the range of 95.55 to 96.05 in the future.

The Indian stock market also saw good growth on Monday. The Sensex index rose by 564.03 points, closing at 74,858.99. At the same time, Nifty reached 23,414.30, increasing by 67.90 points. Foreign investors were also observed buying shares in the stock market. According to exchange data, Foreign Institutional Investors (FIIs) bought equity capital on a net basis worth ₹599.54 crore in the Indian stock market on Friday. Positive sentiment related to the growth of the domestic market and foreign investment also helped create a favorable atmosphere for the rupee.

However, the situation with foreign exchange reserves was somewhat different. According to data published by the Reserve Bank of India (RBI) on September 18, over the week ending September 11, the country's foreign exchange reserves decreased by $4.924 billion, amounting to $780.782 billion. During this period, both foreign exchange and gold reserves were recorded as declining. Thus, despite the rupee's strengthening on Monday, the reduction in foreign exchange reserves is a metric that the market will monitor.

In upcoming trading sessions, the rupee's movement will be determined by several global signals. Primarily, attention will be paid to crude oil prices; if prices continue to fall from high levels, it could ease the situation for the rupee. Additionally, key factors for the rupee's movement will be the situation regarding negotiations between the US and Iran, news related to the Strait of Hormuz, and the dollar index. Currently, the picture on Monday looks positive for the rupee.

Allied Biofuels held a Front-End Engineering Design (FEED) meeting in Ningbo with key partners involved in its project to produce sustainable aviation fuel (SAF and e-SAF) worth 6.1 billion US dollars in Uzbekistan.

All attendees expressed confidence that they will be able to make the final Investment Decision (FID) in the first quarter of 2027. The event took place at the Sinopec office.

Participants and Division of Responsibilities

Representatives from China's Sinopec Engineering Group, Denmark's Topsoe A/S, South Africa's Sasol, and the US's Plug Power participated in the meeting. The parties agreed on the distribution of engineering tasks, technological interfaces, and a coordinated implementation program.

Sinopec Engineering Group is responsible for system integration, detailed design, and developing a cost estimate in an open-book format, after which the transition to the design, procurement, and construction (EPC) stage will begin.

Topsoe and Sasol provide licenses for key e-SAF production technologies—the SynCOR™ technology and the Fischer-Tropsch process, respectively. Plug Power provides electrolyzer systems with a total capacity of up to 2.4 GW for green hydrogen production.

This project involves creating the first integrated industrial complex for aviation biofuel production in Central Asia. Its implementation is supported by the President of Uzbekistan and combines renewable energy generation, green hydrogen production, and advanced fuel technologies.