WazirX investors’ fight for justice; Peak XV’s winning streak continues

Hello,

Flights can be impacted by many things—inclement weather, refuelling delays, even unruly passengers. But this time, it was a software update at Airbus that sent airlines scrambling. 

Global airlines rushed to fix a software glitch on Airbus A320 jets, as a partial recall by the planemaker halted hundreds of flights in Asia and Europe and threatened US travel over Thanksgiving weekend—one of the busiest times of the year for US airlines.

And that’s not putting it lightly—according to the US Department of Transportation, nearly 19.3 million people were estimated to take to the skies in the week, with 2.4 million of those on Thanksgiving Day alone. 

Airlines worked overnight to help head off the worst-case scenario and capped the number of flight delays in Asia and Europe, resulting in minimal disruptions.

India, too, is in the clear—IndiGo, Air India, and Air India Express reported that they had completed urgent software upgrades of the Airbus 320 planes, according to the air safety regulator. 

While holiday travel is experiencing a bit of a hiccup, holiday spending, on the other hand, is as robust as ever. And this time, there’s an additional secret ingredient: AI-powered tools and agents. 

Globally, AI and agents influenced $14.2 billion in online sales on Black Friday, of which $3 billion came from the US alone, according to data from Salesforce.

Welcome to the new way of choosing your Christmas gifts!

In today’s newsletter, we will talk about 

• WazirX investors’ fight for justice
• Peak XV’s winning streak continues

Here’s your trivia for today: The Winter Olympic Games were first held in which country?

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Cryptocurrency

WazirX investors’ fight for justice

In October, a landmark Madras High Court ruling held that crypto assets qualify as "property" under Indian law—something that could be owned and held in trust. More importantly, it questioned the logic behind WazirX's restructuring plan and its rebalancing scheme using users’ assets.

This single ruling strengthened crypto holders' rights in India and offered battered investors their first real legal foothold. Over the past few months, roughly 420 investors—from Mumbai, Delhi, Bengaluru, and smaller towns—have gathered across more than 15 WhatsApp and Telegram groups to chart a way forward.

An uphill battle:

• One WhatsApp group for Bengaluru members revealed that more than a dozen users had lost between Rs 1-15 lakh during the rebalancing. Another survey collected each person's exact pre-hack token counts and current balances to quantify the damage. Investors believed this evidence would prove crucial later.
• Banking on Madras HC's ruling, investors have narrowed down two possible resolution paths. The first path is to knock on the doors of the National Consumer Disputes Redressal Commission—India’s top consumer court.
• The second legal pathway involves filing cases individually in a state High Court and trying to replicate the same interim protection granted in the Madras case—a template dozens of investors are now eyeing.

Investor

Peak XV’s winning streak continues

Peak XV—the largest venture capital firm in the country—had a blockbuster year. Its early bets in fintech startup Groww and Pine Labs saw it realise a combined return worth Rs 2,361 crore, making it one of the most successful outcomes for a venture capital firm in the Indian market. 

With Meesho’s upcoming IPO, Peak XV’s winning streak will continue. The ecommerce marketplace has set its price band at Rs 105 to Rs 111. This means Peak XV, which invested in the company in 2018, stands to gain around Rs 193 crore at the higher end of the price band and Rs 182 crore at the lower end. 

Massive gains:

• The firm continues to hold a 16.8% stake in Pine Labs, which is now worth Rs 4,806 crore based on the shares' closing price as of Friday of Rs 248.97 apiece. Similarly, Peak XV is also sitting on Rs 16,863 crore of share value from its remaining stake of 17.16% in Groww. 
• These tailwinds come at a crucial time for Peak XV. The firm is looking to raise its maiden fund, post its split from US-based Sequoia Capital, with a target corpus of $1.2 billion to $1.4 billion to make early-stage bets in India and Southeast Asia. 
• In the Meesho IPO, the VC firm is the second-largest selling shareholder after Elevation Capital, according to its red herring prospectus (RHP). It held an 11.3% stake in the company prior to the offering and is expected to hold around 10.9% in Meesho, post its listing.

News & updates

• Status quo: OPEC+ countries agreed to maintain group-wide oil output quotas for 2026 in a meeting on Sunday, and also agreed on a mechanism to assess members' maximum oil production capacity, OPEC said in a statement.
• Data breach: South Korea's biggest online retailer, Coupang, apologised on Sunday over the breach of personal information from 33.7 million customer accounts through unauthorised data access. The government, which held an emergency meeting on Sunday, is looking into whether Coupang violated safety rules regarding personal information protection.

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What you should watch out for

• RBI policy: The Reserve Bank of India will announce its monetary policy decision on December 5. Amidst benign inflation, stable liquidity and robust macroeconomic conditions, there are high expectations that the central bank will cut its repo rate by 25 basis points to 5.25%.
• Auto sales Indian original equipment manufacturer (OEMs) are expected to report their monthly wholesale dispatch numbers in the first 2–3 trading sessions this week, followed by retail reads from industry bodies like FADA and high-frequency VAHAN registrations with a short lag.

The Winter Olympic Games were first held in which country?

Answer: France. 

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