Anthropic Rattles Markets
Anthropic’s launch of Cowork plugins on February 4 sent markets into a tizzy. The AI release sparked a global tech sell-off, dragging down SaaS giants and India’s IT bellwethers alike. So, what did Anthropic launch and why did it spook the markets?
The SaaSpocalypse: On February 4, the AI major rolled out 11 plugins for Claude Cowork, positioning it as an AI assistant that moves beyond chat to autonomously execute multi-step workplace tasks directly on a user’s computer. Markets read the launch as a structural inflexion point, which triggered the stock dumping.
IT Stocks Caught In Fire: While the first shockwave hit US and European software giants like Salesforce, Adobe, SAP and ServiceNow, the sell-off quickly shrouded Indian IT stocks. While the Nifty IT index plunged to its worst single-day fall in six years of 6%, giants Infosys, TCS, Wipro, HCLTech and Tech Mahindra also slid between 5-8%.
Market watchers claimed that tools like Claude Cowork could directly hit India’s labour-intensive service delivery model.
An Overreaction? A section of market voices feels that the sell-off was more about sentiment rather than fundamentals, arguing that near-term positioning should hinge on client stickiness, balance sheets, and deal wins over the next few quarters. Industry watchers feel that the market carnage was an evolution of investor sentiment toward agentic AI, rather than a total wipeout
The Hiring Question: Meanwhile, the most visible evidence of this structural reset has been in the crumbling hiring of the Indian IT sector. Industry experts attribute this to hiring undergoing a productivity-led reset as AI interventions deepen.
As AI agents begin to own the workflows, can India’s IT giants fend them off? While that is a question for another day, here is why Anthropic’s latest release triggered a massive SaaS panic.
From The Editor’s Desk
Policy Boost For Deeptechs
- Addressing a long-standing demand, the Centre has notified a revised startup definition, which significantly relaxes the framework for recognition of deeptech ventures.
- Deeptech startups will now stay eligible for certain benefits for up to 20 years, with a higher turnover threshold of ₹300 Cr. This effectively expands the threshold for companies that can qualify even after they’ve crossed early scale.
- Eligible startups can also apply for tax benefits under Section 80-IAC, but the recognised entities will be mandated to deploy funds primarily toward core business activities like innovation, research, scaling, and operations.
Nykaa’s Q3 Glow-Up
- The beauty ecommerce platform’s profit surged 156% YoY to ₹67.7 Cr in Q3 FY26, as operating leverage kicked in alongside better margins. Operating revenue also grew 27% YoY to ₹2,873.3 Cr.
- Beauty and personal care continued to anchor the financials. The vertical’s profit rose 56% YoY to ₹156.6 Cr on the back of a 27% YoY growth in revenues to ₹2,622.4 Cr, omnichannel momentum and growing sales of owned brands.
- The fashion arm’s revenues grew 18% YoY to ₹235 Cr, while losses narrowed 20% YoY to ₹20.3 Cr. What helped cushion the losses was EBITDA margins, which improved to -2% from -5.3% in the year-ago quarter.
ZILO Nets $15 Mn
- The fashion-focussed quick commerce startup has raised nearly ₹140 Cr in its Series A round led by Peak XV Partners to scale operations, invest in tech and expand beyond Mumbai.
- Founded in 2025, ZILO operates a fashion marketplace that delivers apparel to customers in under 60 minutes. The latest funding comes eight months after the startup bagged $4.5 Mn in a seed round last year.
- While investor interest remains high, the quick fashion category is marred by issues such as high returns, inventory constraints at dark stores, logistics issues and operational complexity. Competition in the space also remains equally high.
Cab Drivers To Strike On Feb 7
- The Telangana Gig and Platform Workers Union has urged the drivers of ride-hailing platforms like Ola, Uber, Rapido and Porter to join a nationwide strike on February 7.
- The union wants government-regulated fare structures and a ban on private vehicles being used commercially. The TGPWU has earlier also demanded better pay, internal complaints committees and an end to arbitrary ID blocking.
- The strike fits a wider pattern of gig-worker mobilisation seen recently. Unions previously undertook protests across the country on Christmas, New Year’s Eve and Republic Day.
Bharat VISTAAR Enters The Field
- In her Budget 2026 speech, FM Nirmala Sitharaman announced Bharat VISTAAR, an AI-driven, multilingual platform that aims to unify advisory and decision support for farmers.
- However, VISTAAR could wipe out “shallow” advisory startups, pushing the ecosystem towards diagnostics, fulfilment, and crop-cycle interventions that actually change outcomes.
- Simultaneously, farmer-specific VISTAAR data could improve credit modelling for startups. On the back of this, fintechs will likely be able to unlock stage-specific loans aligned to crop cycles, potentially lowering defaults and transaction costs.
Inc42 Markets
Inc42 Startup Spotlight
Can Apolloyn Disrupt Drone Manufacturing?
India still relies heavily on imports for key UAV subsystems and other battlefield materials. This impedes the speed of iteration and procurement cycles. Enter Apolloyn Dynamics, a student-led startup that is indigenising India’s drone tech sector.
Apolloyn’s Three Missions: Founded in 2025, the startup is developing three kamikaze drones for defence applications. Its flagship UAV, Ahuti, targets high-velocity, short-range tactical strikes. Pralaya is built for higher payload delivery, while Abhyas is a long-endurance intelligence-gathering UAV.
The Mobile Advantage: Apolloyn has bagged an Indian Army contract to build and deploy its mobile drone lab. Now operational in Jammu, the unit can produce over 100 first-person-view drones per month, enabling fast assembly, repair, and redeployment just kilometres from active combat zones.
Sky-High Ambitions: The startup is eyeing a piece of India’s military and tactical UAV market, which is projected to become a $5 Bn opportunity by 2033. This creates enough room for startups like Apolloyn to combine product development with rapid, distributed manufacturing. So, can Apolloyn become India’s template for frontline drone manufacturing?
Infographic Of The Day
Indian users account for 7.2% of global Claude demand, trailing only behind the US. Here is how the AI chatbot is scaling in the country versus the world…
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