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The consumer electronics startup jumped through the ranks to become India’s top audio and smartwatch brand. Just as quickly, the IPO-bound company appears to be losing steam and its comeback looks uncertain.

The 15-year-old company has bought one brand after another in the hope of growing fast. That plan has fallen flat on its face, but there’s no stopping Wingreens.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
With competition in the segment intensifying, the chief business development officer of India’s largest exchange unpacks the bourse’s strategy going forward.