In Today’s Issue:
- PM Keir Starmer leads record UK trade mission to India, unlocking £billions in new opportunities
- Revolut storms into India with UPI, $45M localization push, and 350K waitlisted users
- Ransomware gang leaks data of 8,000 nursery children. Two teens arrested
- Bank of England warns of AI bubble “eerily reminiscent” of dot-com crash
- EU unveils €1B “Apply AI” plan to reclaim digital sovereignty
- And Amazon rolls out prescription kiosks at One Medical clinics. No more pharmacy detours
Plus: Vertu Motors reels from JLR cyberattack, MHRA-FDA deepen AI healthcare alliance, Sees.ai lands Boeing backing, and TSMC’s 2nm chips hit $30K/wafer.
All that and more. Let’s dive in…
DRIVING THE CONVERSATION TODAY
Starmer leads UK’s largest-ever trade mission to India
Prime Minister Keir Starmer has landed in Mumbai at the helm of the UK’s biggest trade delegation in history. 125 leaders from business, academia, and culture are aiming to cash in on the landmark UK–India trade deal signed in July 2025.
The two-day mission targets billions in new investment and market access in India, now projected to become the world’s third-largest economy by 2028. Delegates include Rolls-Royce, British Airways, Diageo, BT, LSEG, and Airbus, alongside SMEs and universities, underscoring a “whole-of-society” approach.
Key wins already emerging:
- India’s average tariff on UK goods slashed from 15% to just 3%
- Immediate relief for Scotch whisky exporters and digital SMEs via streamlined customs
- British Airways adds third daily London–Delhi flight. IndiGo launches Manchester–Delhi route
Starmer and PM Modi will also finalise cooperation pacts in AI, telecoms, and defence, cementing a strategic axis beyond trade.
Revolut launches in India with UPI, multi-currency accounts, and big ambitions
Revolut is officially entering India. Its most complex and ambitious market launch yet. After securing a PPI license and buying Arvog Forex in 2022, the fintech will roll out later this year with:
- UPI-integrated digital wallets
- Domestic and international Visa cards
- Multi-currency accounts and same-day remittances
- Full KYC using Aadhaar and video verification
Targeting 150 million digitally native Indians aged 25–45, Revolut aims for 20 million users by 2030 and $7 billion in annual transaction volume. It’s already built a 350,000-person waitlist and invested $45 million to comply with India’s data localisation laws. This is its largest global tech adaptation to date.
But competition is fierce. Niyo, Fi, Scapia, and BookMyForex are already entrenched, and traditional banks are fighting back with zero-fee forex.
Ransomware attack exposes 8,000 nursery children. Two suspects arrested
UK police have arrested a 17- and 22-year-old in Bishop’s Stortford over a ransomware breach at Kido International, a London nursery operator caring for children under five.
The hacking group Radiant leaked photos, names, addresses, and contact details of ten children on the dark web as “proof” of the breach, which affected 8,000+ families across Kido’s 18 Greater London sites.
Both suspects remain in custody on charges of computer misuse and blackmail. The incident has sparked national outrage and renewed calls for stricter data protection rules for childcare providers. A sector increasingly targeted by cybercriminals.
Bank of England sounds alarm on “AI bubble”
The Bank of England’s Financial Policy Committee has issued a stark warning. US tech valuations are “stretched to dot-com levels,” and a sharp AI-driven correction could ripple through global markets, including the UK.
While AI investment surges. OpenAI is eyeing $1 trillion in projects with Oracle and AMD, and Microsoft/Nvidia are pouring billions into UK data centres. The BoE cautions that FOMO-fuelled liquidity and extreme concentration in the top S&P 500 firms (now at a 50-year high) leave markets vulnerable.
Still, economists argue a pullback could be healthy. “A recalibration, not a collapse,” as AI monetisation matures beyond hype.
FUNDING FLASH
Sees.ai raises £3.65M from Boeing for autonomous drone inspections
Chichester-based Sees.ai, the first UK firm authorised for routine Beyond Visual Line of Sight (BVLOS) drone flights, has secured £3.65 million led by Boeing.
Its AI-powered drones inspect live infrastructure, like National Grid pylons, replacing helicopters, cutting emissions, and slashing costs. The funding will fuel European expansion into offshore wind, methane monitoring, and emergency response.
Dragonfly nabs £2.6M to build AI “software concierge”
London startup Dragonfly has raised £2.6 million (Episode 1, Dreamcraft, Bolt’s Markus Villig) to tackle software overload. Its platform uses “digital fingerprinting” to map a company’s tech stack, then recommends tools via conversational AI. It positions itself as an automated alternative to Accenture-style consultants.
Already cataloguing 250,000+ products, Dragonfly aims to become the go-to AI companion for enterprise software decisions.
Beauty Tech Group IPOs on LSE with £300M valuation
Manchester’s Beauty Tech Group (owner of ZIIP Beauty and Tria Laser) has floated on the London Stock Exchange, raising £29 million in a rare tech IPO this year.
Operating in 80+ countries, the company will use proceeds for global expansion and next-gen beauty tech.
RSM UK called it a “vote of confidence” in London’s public markets.
EQUALLY IMPORTANT
EU launches €1B “Apply AI” strategy to rival US and China
The European Commission has unveiled a €1 billion plan to boost AI adoption across healthcare, energy, manufacturing, and defence. This is part of its push for “digital sovereignty.”
The “Apply AI” initiative builds on last year’s AI Act, easing rules for startups while funding AI screening centres and agentic systems in pharma and climate tech.
Horizon Europe and Digital Europe will foot the bill, with hopes of unlocking matching private investment.
President von der Leyen: “We want AI made in Europe, not just used in Europe.”
MHRA and FDA deepen AI healthcare alliance
The United Kingdom’s Medicines and Healthcare products Regulatory Agency and the United States Food and Drug Administration are joining forces to fast-track safe AI in medicine. A new Joint Commission on AI in Healthcare.
With reps from Google and Microsoft. It will set ethical standards, while a 2027 reliance framework lets FDA-approved devices enter the UK faster.
MHRA chief Lawrence Tallon: “We’re leveraging the NHS’s scale to make the UK the launchpad for global health tech.”
Vertu Motors warns of £5.5M profit hit from JLR cyberattack
Car retailer Vertu Motors says it could lose up to £5.5 million in annual profit due to Jaguar Land Rover’s six-week system outage. About £2 million hit in September alone.
Though JLR (owned by Tata) is restarting operations, Vertu’s shares fell 3.5%. The company still expects full-year profit of £27.2 million excluding the cyber impact.
TSMC’s 2nm chips to cost $30,000 per wafer
TSMC’s next-gen 2nm N2 chips will cost 10–20% more than current 3nm wafers. Around $30,000 each. Less than feared but still steep.
Qualcomm’s Snapdragon 8 Elite Gen 6 will be among the first to use them in late 2025.
Consumers will likely foot the bill. Expect pricier flagship phones and tablets in 2026.
WORTH NOTING
Amazon Pharmacy rolls out prescription kiosks in LA
Starting December, Amazon Pharmacy will let One Medical patients pick up antibiotics, inhalers, and blood pressure meds via in-clinic kiosks in Los Angeles. No delivery needed.
Patients pay via the Amazon app, see real-time copays, and consult pharmacists virtually. Refrigerated or controlled drugs (like GLP-1s) are excluded. The move aims to cut shipping costs and boost med adherence. National rollout planned for 2026.
GoCardless posts first profitable quarter
Payments firm GoCardless has turned its first quarterly profit, a milestone on its path to full-year profitability by June 2026. Revenue rose 38% to £127M in 2024. Losses fell 55%. CEO Hiroki Takeuchi called it “proof that disciplined scaling works.”
SoftBank buys ABB Robotics for $5.4B
SoftBank is acquiring ABB’s robotics division in a $5.4 billion deal to advance its “Physical AI” vision.
Merging robotics with Masayoshi Son’s dream of Artificial Super Intelligence (ASI). The move adds to SoftBank’s AI empire: Arm, OpenAI stakes, AutoStore, and more
