AI-powered cyberattacks put Indian fintechs on alert; Shiprocket turns profitable in Q2 FY27

Dear Reader, 

Investor appetite for India’s B2C ecommerce sector appears to be cooling. Funding fell 33% to $1.6 billion across 356 rounds between January and November 3, 2026, compared with $2.4 billion across 621 rounds in the year-ago period, according to Tracxn. Late-stage and seed-stage funding declined 51% and 50%, respectively, while early-stage investments remained relatively stable, growing 3%.

While investors are becoming more cautious, the AI infrastructure boom is facing a different challenge: rising public concerns over its impact on local communities. OpenAI has pledged to pay the full electricity costs of data centres it owns and operates, while committing to greater transparency around construction plans and community consultations. 

Meanwhile, India's cybersecurity watchdog CERT-In has warned of AI-driven attacks targeting fintech firms and NBFCs, with hackers exploiting payment systems to siphon off funds.

Cybersecurity concerns are also surfacing across global financial services. Binance has revoked all API keys linked to third-party trading platform SignalPlus following a potential security issue reported by the company. The exchange said its own systems and user funds remain safe, and advised affected users to review their trading positions before reconnecting. 

The risks extend beyond financial services. A cyberattack targeting refrigeration control systems at three sites operated by France's national blood service raised storage temperatures for plasma and other blood products. Monitoring systems detected the breach in time, allowing staff to move supplies before any products were compromised. Authorities are investigating the incident.  

In today’s newsletter: 

• CERT-In flags AI-driven attacks on NBFCs, fintech firms
• Saraniya Periasamy’s journey at Agnikul Cosmos
• Shiprocket turns profitable in Q2 FY27

Here’s your trivia for today: What is a 'zero-day' vulnerability in cybersecurity? (Scroll down for the answer)

Artificial Intelligence

CERT-In flags AI-driven attacks on NBFCs, fintech firms 

AI-powered cyberattacks targeting India’s financial services sector are escalating, prompting a fresh warning from CERT-In. The government cybersecurity agency has flagged a campaign called CRAFTY FALCON, which uses AI tools to target NBFCs, fintech companies and other financial institutions. The attacks have involved exploiting payment systems and stealing cryptocurrency assets. 

Key takeaways: 

• CERT-In has identified an active campaign called CRAFTY FALCON, which uses machine intelligence and AI-assisted tools to target financial institutions. 
• Attackers have exploited merchant settlement APIs to move funds and stolen wallet keys to siphon cryptocurrency assets. 
• The campaign has affected NBFCs, digital lending platforms, payment aggregators, fintech firms and crypto exchanges, with CERT-In warning that the threat remains active.

Inspiration

Saraniya Periasamy’s journey at Agnikul Cosmos

From joining a space-tech startup with no prior experience in the sector to leading the development of an orbital launch vehicle, Saraniya Periasamy’s journey has been anything but conventional. As Agnikul Cosmos’ fourth employee, she has played a key role in the company’s efforts to build indigenous rocket technology. Today, as Executive Vice President and Vehicle Director, she is helping steer the development of Agnibaan while encouraging more women to explore careers in space-tech. 

Breaking barriers: 

• Saraniya joined Agnikul Cosmos eight years ago as a Systems Engineer and went on to lead the development of its Agnibaan SOrTeD suborbital mission, which successfully flew in May 2024. 
• She is now leading the development of Agnibaan, the company's orbital launch vehicle, with plans to demonstrate booster recovery and reuse, alongside exploring ways to repurpose its upper stage. 
• Having transitioned from civil engineering and ocean technology into space, Saraniya believes self-doubt is often a bigger barrier for women than a lack of opportunities. 

Ecommerce

Shiprocket turns profitable in Q2 FY27

Shiprocket turned profitable in Q2 FY27, reporting a net profit of Rs 60 lakh against a loss of Rs 20.3 crore a year ago, while revenue grew 35% to Rs 673.6 crore. Its emerging business, led by Martech and omnichannel solutions, grew 61% during the quarter. The company also repaid Rs 242 crore in borrowings following its IPO, ending the first half debt-free.

News & updates

• Ambulance pricing: Blinkit Ambulance will charge Rs 2,500 for non-emergency transfers, while emergency services will continue to remain free. Zomato founder Deepinder Goyal said the move aims to discourage routine hospital visits and transfers from using emergency ambulances, keeping them available for critical cases.

• Ronaldo retires: Cristiano Ronaldo will retire from Portugal's national team after the November international break, ending a 23-year international career. He leaves as men's international football's record goalscorer with 146 goals in 234 appearances, having led Portugal to the Euro 2016 title and two Nations League victories.  

What is a 'zero-day' vulnerability in cybersecurity?

Answer: A security flaw that attackers can exploit before a fix is available

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