In this week’s wrapup, we look at ONDC’s food delivery play is fizzling out, why everyone from Amul to Britannia is protein-ifying their products, how a Supreme Court verdict just ripped apart one of India’s largest bankruptcy deals, what the new India-UK trade deal actually means, and understand Warren Buffett’s retirement.

And in this week’s markets edition, we ask if it’s finally time for Yes Bank to wear a foreign badge. 

Five years ago, Yes Bank nearly collapsed. It had hidden bad loans, falling deposits and a crisis so bad the RBI had to step in, cap withdrawals, and hand over the keys to SBI and a rescue team. Today, that team wants out. So we take a look at whether a takeover could be Yes Bank’s final turnaround story or just another fix that comes undone. Click here to read the entire markets story.

With that out of the way, let’s recap what we wrote over the week.

Has the ONDC experiment failed?

A few years ago, the government-backed ONDC (Open Network for Digital Commerce) had a bold pitch — to do to food delivery what UPI did to payments. Disrupt the Zomato–Swiggy duopoly, slash commissions and give both restaurants and customers a better deal.

But recently, cracks showed. Orders are slipping. Buyer apps like PhonePe’s Pincode are walking away. Restaurants aren’t thrilled. And rumours even swirled that the National Restaurant Association of India (NRAI) was considering jumping ship.

So what’s really going wrong?

We explore the numbers, the business model and why ONDC’s food dreams may be on shaky ground in Monday’s edition. You can read it by clicking here.

Why are FMCG companies suddenly obsessed with protein?

Ice cream with protein? Yep, that’s where we are now. FMCG giants are launching everything from protein kulfis to protein bread. And it’s not just a gimmick but what seems to be a calculated bet on India’s growing health-conscious, label-reading consumer.

But are these products actually solving India’s chronic protein deficiency, or just monetising guilt and wellness trends?

We broke down the protein rush, the economics behind it, and whether kulfi can really power your muscles in our Tuesday story. 

The Bhushan Power & Steel rewind no one asked for

You know what’s worse than a bankruptcy? A bankruptcy deal that gets scrapped after the buyer has paid thousands of crores and run the company for years.

That’s exactly what happened this week when the Supreme Court nullified JSW Steel’s acquisition of Bhushan Power & Steel. The reason? Alleged violations of the insolvency process — and a long shadow of financial fraud by the old promoters.

The fallout of this is that JSW is left hanging. Banks may have to reverse recoveries. And the Insolvency and Bankruptcy Code (IBC) now has a giant question mark over its credibility.

It’s one of the most consequential rulings for India’s financial system in years. And we told the whole story in Wednesday’s newsletter. Catch up here.

The India–UK FTA explained

After 14 rounds of negotiations and years of back and forth, India and the UK have finally signed a free trade agreement (FTA).

So what’s the deal?

India gets duty-free access for 99% of its exports. From textiles and pharma to jewellery and IT services. The UK gets tariff cuts on cars, whisky, medical devices and more. SMEs benefit, jobs get a boost, and Indian professionals working in the UK could soon avoid paying double social security contributions.

But not everyone’s celebrating. Indian automakers and liquor companies might take a hit. So is the trade-off worth it?

We answer this and unpack the history, the politics and the impact of the FTA in Thursday’s deep dive. Read it here.

Is Warren Buffett really retiring?

It’s the end of an era — sort of. Warren Buffett, the 94-year-old Oracle of Omaha, announced he’s stepping down as CEO of Berkshire Hathaway. He’s handing over the reins to Greg Abel but staying on as Chairman. And the move has sent investors, fanboys and markets into a nostalgic spiral.

But this isn’t just about old age or succession planning. Maybe Buffett’s stepping away because the market has changed and he doesn’t want to play by its new rules. And climate scrutiny is building, especially on Berkshire’s coal-heavy energy arm.

We looked at what this really means for Berkshire and its investors going forward in our Friday’s edition.

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