MakeMyTrip’s Control Game, Ola Electric Slashes Prices, and Eternal Grants ESOPs

For years, hotels believed platforms were partners. They brought demand, filled empty rooms, and gave small properties access to a national audience. In a fragmented market, that felt like real progress.

What no one anticipated was how that power would evolve.

In April 2026, a Morpheus Research report forced the industry to confront a deeper issue, not commissions or discounts, but control itself.

The shift is subtle but decisive. Earlier, platforms enforced price parity through contracts that prevented hotels from offering lower rates elsewhere. In 2022, the Competition Commission of India stepped in, imposed penalties, and forced these clauses to be removed. On paper, the system changed. In reality, it simply moved into code.

Today, parity is enforced through ranking systems. When a hotel offers a lower price on its own website, its visibility begins to drop. The listing is still there, but it slowly slips down the page, and in a market where most bookings happen on mobile apps, that loss of visibility directly translates into lost demand.

This is what many in the industry now describe as algorithmic feudalism. Hotels are not removed, but they are quietly pushed out of sight.

The numbers make the pressure clear. Hotels that break parity can see ranking drops of 40 to 70 percent, with conversion rates falling sharply, a hit that budget and independent properties often cannot absorb.

The result is a forced trade-off. Hotels either align their prices with the platform or accept a collapse in bookings.

Over time, this has reshaped the economics of the business. Platforms promise scale, but commissions ranging from 15 to 45 percent, combined with rising operating costs, leave many independent hotels with little margin to work with.

In theory, direct bookings should solve this. Hotels could offer better prices on their own websites, build loyalty, and retain customer relationships. In practice, that strategy often backfires. A small discount on a direct channel can trigger a ranking drop that cuts total bookings significantly, turning independence into a loss.

This is how dependency becomes structural. Hotels lose pricing power, lose access to customer data, and gradually lose the ability to build their own brand.

From the platform side, the argument remains compelling. They organised a fragmented market, absorbed customer acquisition costs, and built trust in online transactions. But in doing so, they also concentrated control over discovery, which is now the most valuable layer of the ecosystem.

Globally, regulators have started responding to this shift. In Europe, new rules go beyond banning parity clauses and target any indirect mechanisms that achieve the same outcome. The focus has moved from contracts to algorithms.

The debate is no longer about pricing mechanics but about ownership of demand. Because once visibility can be controlled, the market stops being open and starts being governed, and for thousands of small hotels, that distinction determines whether they grow or simply manage to survive.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Raste Ka Maal Saste Mein”: Ola Electric Slashes Price Of Flagship Ebike

Ola Electric has slashed the price of its flagship Roadster X+ 9.1 kWh ebike by over 31% to ₹1,29,999, riding on improved in-house battery production via its 4680 Bharat Cell.

The company is also scaling its gigafactory capacity to 6 GWh, doubling down on manufacturing muscle. Investors seem to like the momentum, with the stock jumping over 14% amid a surge in March registrations.

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“Kaddu Katega Toh Sab Mein Batega”: Zomato parent Eternal grants Rs 167 Cr worth ESOPs

Zomato’s parent Eternal has granted ESOPs worth ₹167 Cr, covering over 74 lakh equity shares across its employee stock plans.

A bulk of this, about 64 lakh options, comes under its legacy and newer ESOP schemes approved by the board committee. It’s a familiar move to retain and reward talent while keeping employees invested in the company’s long-term play.

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“Sapne Dekhe Bade Bade”: Dronetech Startup Garuda Aerospace Pre-Files Draft Papers For ₹750 Cr+ IPO

Garuda Aerospace is quietly lining up for the public markets, pre-filing its DRHP with SEBI for an IPO that could exceed ₹750 Cr alongside an OFS component.

The Chennai-based dronetech startup is also restructuring its equity, approving a stock split that cuts face value from ₹10 to ₹2 per share. It’s a classic pre-IPO playbook move, signaling both capital ambitions and a bid to widen retail investor accessibility.

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“Ho Jaayegi Balle Balle”: Meghalaya Govt Signs MoU with Starlink to Deploy Satcom Services in Remote Areas

The Meghalaya government has signed an MoU with Starlink to pilot satellite internet across key sectors like healthcare, education, and agriculture.

The idea is simple: test if satcom can actually deliver reliable high-speed connectivity in hard-to-reach areas before scaling up. It follows similar moves by Maharashtra and Gujarat, suggesting states are lining up to bet on space-powered internet.

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“Hum Saath Saath Hai”: Fintech Unicorn Dhan In Talks To Acquire Infinyte Club

Fintech unicorn Dhan is in talks to acquire Infinyte Club in a deal pegged at around $10 Mn, blending cash and equity.

The startup focuses on helping users unlock liquidity from ESOPs and access both public and private market strategies. For Dhan’s parent Raise Financial, it’s a neat extension of its broking-first play into wealth and liquidity solutions.

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1. Aquapulse has raised ₹25 Cr in its ongoing Series A round led by NABVENTURES, doubling down on its aquaculture ambitions. The startup plans to build its own processing facility to tighten quality control and improve margins.

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2. Palmonas has raised $40 Mn (₹373 Cr) in a Series B round led by Xponentia Capital and Vertex Growth Fund. The funding underscores rising investor interest in the demi-fine jewellery space as the brand gears up to scale.

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3. Circulate Capital has raised $220 Mn in the first close of its Asia II fund, already crossing 70% of its $300 Mn target. The capital will back recycling and circular supply chains across South and Southeast Asia, with a sharp focus on plastics, packaging, and more.

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