IT sector adds fewer hands; BigBasket's muted financials
Want this newsletter delivered to your inbox?
Also in the letter:
Top six IT firms saw staff additions plunge 72% in Q1
Steep decline:
Tata Consultancy Services (TCS) and Infosys led what little growth there was, adding of 5,060 and 210 employees, respectively
The other four, HCLTech, Wipro, Tech Mahindra, and LTIMindtree, together cut 1,423 jobs.
Big picture:
Quote, unquote:
Also Read:
Foot in the door:
Also Read:
BigBasket loses steam as quick commerce intensifies
Driving the news:
Tata Sons' FY25 annual report reveals a 3% dip in turnover for BigBasket's business-to-consumer (B2C) unit, Innovative Retail Concepts, which clocked Rs 7,673 crore.
Its business-to-business (B2B) arm, Supermarket Grocery Supplies, fared worse, falling 7% to Rs 2,227 crore.
Losses for the B2C business widened sharply to Rs 1,851 crore, up from Rs 1,267 crore in FY24.
Also Read:
Tata 1mg back in investment mode after strong FY25 growth
By the numbers:
Consolidated revenue jumped 20% year-on-year (YoY) to Rs 2,392 crore.
Tata 1mg Technologies, its main entity, posted Rs 375 crore in revenue and Rs 65 crore in PAT (tripling YoY).
Subsidiary Tata 1mg Healthcare recorded revenue of Rs 2,016 crore but incurred a loss of Rs 342 crore.
Coforge outperforms peers:
Net profit is at Rs 317.4 crore.
is at Rs 317.4 crore. Revenue surged over 54% to Rs 3,688.6 crore.
surged over 54% to Rs 3,688.6 crore. Growth was led by the Americas business, which improved 72.4% from the same period last year.
Contrary to top-tier hiring trends, Coforge's global workforce increased by 1,164.
Persistent Systems posts profit growth:
Net profit was at Rs 424.9 crore, helped mainly by foreign exchange gains.
was at Rs 424.9 crore, helped mainly by foreign exchange gains. Revenue increased by 21.8% YoY to Rs 3,335.9 crore.
increased by 21.8% YoY to Rs 3,335.9 crore. BFSI grew 30.7% YoY, and software, hi-tech and emerging industries verticals saw a 14.1% YoY surge.
Sponsor ETtech Top 5 & Morning Dispatch!
Why it matters:
The opportunity:
Reach a highly engaged audience of decision-makers.
Boost your brand's visibility among the tech-savvy community.
Custom sponsorship options to align with your brand's goals.
What's next:
Pine Lab's Setu boosts top deck with key senior hires
Driving the news:
Anand Raisinghani from SAP India has stepped in as the chief executive officer, taking over from cofounder Sahil Kini.
Prashanth Nimmagada joined as chief technology officer in April.
Santosh Subramanian assumed the role of finance head in March.
Nikhil Ratanpal is the director of product development.
Setting context:
Also Read:
SuperK raises Rs 100 crore from Binny Bansal, Mithun Sacheti; cricketer Shubman Gill joins cap table
Deal details:
The round was led by Flipkart cofounder Binny Bansal's 3State Ventures and CaratLane founder Mithun Sacheti.
Existing investors Blume Ventures and Xeed Ventures also participated.
Adding a touch of star power, Indian Test skipper Shubman Gill also joined the captable.
By the numbers:
Keeping Count
Other Top Stories By Our Reporters
PhysicsWallah's road to IPO:
Karnataka tech ecosystem's fundraising plummets:
Global Picks We Are Reading
Happy Friday! Hiring in India's IT sector declined significantly in the April-June quarter. This and more in today's ETtech Morning Dispatch.■ Setu rejigs top shelf■ SuperK raises funds■ PhysicsWallah IPO gets Sebi nodIndia's $280 billion sector experienced a sharp slowdown in hiring during the April-June quarter, with the top six IT companies adding just 3,847 employees in Q1 FY26.This represents a nearly 72% drop from the 13,935 additions in the previous quarter.Companies are leveraging artificial intelligence (AI) and automation to maintain, or even grow, revenues without increasing headcount.Experts say the focus is shifting towards efficiency, digital transformation, and targeted hiring. As business models evolve, companies are investing more in upskilling their workforce and adopting smarter recruitment strategies, they add.'While early indicators for FY26 suggest a cautious rebound—with top IT firms projecting higher fresher intake linked to an increase in the number of projects coming to India, hiring will remain skill-driven and unlikely to return to earlier volumes,' said Neeti Sharma, CEO of Teamlease Digital.Entry-level hiring, once the backbone of IT's pyramid-style staffing, has halved compared to pre-pandemic years, according to Teamlease data..In total, the six forms collectively employ around 16.25 lakh people, which is still below the 16.58 lakh recorded at the end of June 2022.Tata Digital-owned BigBasket is feeling the heat as quick commerce players, such as Blinkit, Zepto, and Swiggy Instamart, tighten their grip on urban grocery demand. The pressure is showing in the numbers.In contrast, Tata Digital's epharmacy arm, 1mg, has bounced back with strong momentum Mid-tier IT company Coforge recorded a 138.4% YoY increase in net profit, with revenue also surging.The IT services company reported a 38.7% YoY increase in net profit for the April-June quarter. It was, however, marginally lower than the previous two quarters.ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees.Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.Fintech infrastructure company Setu, owned by Pine Labs, has made significant leadership changes in recent months.In a move to strengthen its executive team, the company appointed several key figures to vital roles.Pine Labs acquired the fintech venture in June 2022. Setu provides a technology stack that allows companies to offer financial services on top of their existing operations. Among its range of products, Setu offers APIs (application programming interfaces) for bill payments, customer onboarding and KYC, payments via UPI, and digital signatures.Anil Thontepu (left) and Neeraj Menta, founders, SuperKSuperK, a value-first grocery retailer operating in small towns, has raised Rs 100 crore in fresh funding The retailer grew nearly 15% in FY25, up from Rs 85 crore the previous year. It now targets an annualised Rs 2,000–3,000 crore business in Andhra Pradesh and Telangana alone over the next five years. The latest round values the company at 2–2.5x its previous Rs 160 crore valuation.(L-R) Prateek Maheshwari and Alakh Pandey, founders, PhysicswallahEdtech startup PhysicsWallah has obtained approval from the Securities and Exchange Board of India (SEBI) for an initial public offering, according to a notification on the markets regulator's website.Karnataka-based startups raised $1.7 billion in the first half of 2025 (H1 2025), according to a report by data intelligence platform Tracxn , with Bengaluru-based companies leading. The funding level has fallen 30% from the $2.4 billion raised in the second half of 2024 (H2 2024), and is 44% lower than the $3 billion raised during the same period last year (H1 2024).■ Microsoft put older versions of SharePoint on life support; hackers are taking advantage ( Wired ■ AI 'a great opportunity for artists' says head of Stable Diffusion owner ( FT ■ Unleashing the AI jobs revolution in Africa ( Rest of World
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Uttar Pradesh secures ₹12,031 crore under PMAY-Urban 2.0
LUCKNOW: In a major push towards ' Housing for All ', the Uttar Pradesh government has secured financial approval of Rs 12,031 crore under the Pradhan Mantri Awas Yojana (Urban) Mission 2.0 to provide pucca houses to the urban poor, according to a statement released on Saturday. Chief Minister Yogi Adityanath has directed officials to ensure transparency and quality in construction, the statement said. Following this, geo-tagging and photographic documentation of each house will be mandatory under PMAY (Urban), enabling real-time monitoring at every stage of construction. All houses will also be equipped with disaster-resilient features to safeguard against earthquakes, floods, and other calamities, making safety an integral component of the scheme, it said. The cost of construction under the scheme is being shared between the Centre and the state government in a 60:40 ratio. Each eligible beneficiary will receive Rs 2.5 lakh in assistance to build a permanent (pucca) house. Launched on September 1, 2024, the PMAY (Urban) Mission 2.0 aims to ensure pucca houses for all families by the set deadline. The scheme is being closely monitored by officials at both the state and district levels to guarantee timely and quality construction. The initiative not only provides social security to the urban poor but also promotes integrated urban development across Uttar Pradesh, the statement added.
Time of India
36 minutes ago
- Time of India
ED probes Anil's RHFL for writing off Rs 7k cr loans to group firms
NEW DELHI: As the ED sifts through voluminous documents and digital records seized from Anil Ambani 's Reliance group entities during searches, which began on July 24 and concluded on Sunday, the agency, in particular, is looking at alleged diversion of Rs 12,000 crore loans by Reliance Home Finance Ltd (RHFL) to various related entities. ED is being assisted in its task by National Financial Reporting Authority, CBI, Security and Exchange Board of India (Sebi) and National Housing Bank, since it involves misappropriation of huge public funds. At least a dozen related entities of the group are currently undergoing insolvency proceedings, which means massive haircuts for banks. Sources said 22 individuals, who are key management personnel and associates of Ambani, have come under the radar of the agency and are being investigated, besides the 60 companies that were covered during the searches lasting over 72 hours. A Sebi investigation report (shared with ED) has highlighted alleged laundering of funds by RHFL, which had written off around Rs 7,000 crore out of the Rs 12,000 crore of loans it had extended to various entities linked to the Anil Ambani group. Ambani is already under investigation for his group entity RHFL availing funds of Rs 2,965 crore from Yes Bank by allegedly paying bribes to its former CEO Rana Kapoor through his wife Bindu Kapoor and her companies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Do You Speak English? You May Be Able To Work a USA Job From Home in Bangladesh US Jobs | Search ads Undo Rs 1,353 crore of the Rs 2,965 crore received from Yes Bank has turned into NPA. A forensic audit, commissioned by the bank, has also concluded diversion of this amount to related companies. Reliance Power and Reliance Infrastructure, in identical statements, said, "The company and all its officials have fully cooperated and will continue to cooperate with the authority". On the alleged diversion of Rs 12,000 crore by RHFL to related entities, a company official said, "The account of RHFL has been fully resolved with change in management pursuant to the judgment of SC in 2023. ..Allegations of other irregularities are sub-judice and as a matter of fact, the Sebi order has been challenged before SAT (Securities Appellate Tribunal) since 2024". "Sebi vide its order dated Aug 22, 2024, has found that RHFL has engaged in a fraudulent scheme to divert funds for the benefit of Ambani and his group companies," a source aware of the probe said. ED is probing related party transactions, in which it was found that Reliance Infrastructure had received funds from Crest Logistics and Engineers Pvt Ltd, which in turn had received funds from at least four entities - RPL Star Power Pvt Ltd, RPL Solar Power Pvt Ltd, Species Trade and Commerce Pvt Ltd and Worldcom Solutions Ltd - all of them allegedly linked to the Anil Ambani group. According to the Sebi investigation report, the forensic audit of RHFL found that "loans of more than Rs 12,000 crore have been extended to various entities which are linked to the Anil Ambani group. These companies had a common registered address, email ID/domain, address and directors". The Sebi report further revealed that as on Sept 30, 2021, Rs 6,931 crore had been declared as NPA/written off by RHFL out of loans extended to linked/associated entities of the group.
Deccan Herald
41 minutes ago
- Deccan Herald
Most migrants from Bihar unaware of SIR portal, finds survey
Conducted among 338 workers, the survey found that 75% earn less than Rs 17,000 a month, and 68% lacked accurate information on required documents.
