TCS Q1 beats expectations; VC-funded Probo under ED lens
Also in the letter:
TCS flexes profits, beats Street estimates, and dishes out a dividend
Driving the news:
Sweetening the results:
Margins hold steady:
Operating margin rose 30 basis points quarter-on-quarter to 24.5%, while net margin held at 20.1%.
Cash generation remained solid, with net cash from operations reaching Rs 12,804 crore, representing 100% of net income.
Headcount update:
Attrition ticked up slightly to 13.8% from 13.3% last quarter.
Total headcount stood at 6.13 lakh, with a YoY net addition of 6,071.
The big picture:
Also Read:
Probo's 'opinion trading' bet backfires as ED freezes Rs 285 crore
Backers in the spotlight:
Trouble runs deep:
Bigger crackdown coming?
Also Read:
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What's next:
Ecommerce platforms target tier-II and tier-III cities for festive sales growth in India
Focus shift:
Planning ahead:
Nykaa is tying up with regional influencers and local media to build buzz in smaller cities, with festive discounts of up to 50% on the cards.
Amazon India is expanding delivery infrastructure in cities like Nagpur, Panchkula, and Indore to push fashion, jewellery, and electronics.
Meesho Mall, the branded goods division of Meesho, is tapping big brands—HUL, Tata Consumer, Kenvue, and Himalaya—for its expansion into cities like Madurai, Jodhpur, and beyond.
Tring, tring:
Partners Group to acquire majority stake in Infinity Fincorp for Rs 1,950 crore
Deal details:
The transaction includes a primary infusion of Rs 600 crore (around $70 million) and a secondary share buyout from Indium UV (Mauritius) Holdings and other shareholders.
Singapore-based Jungle Ventures, an existing investor, also doubled down in the round.
Infinity plans to use the fresh capital to ramp up tech, expand its footprint, and streamline customer onboarding.
Tell me more:
It currently manages assets worth over Rs 1,200 crore and serves 50,000 customers.
In FY24, the company clocked Rs 143.7 crore in revenue and Rs 25.72 crore in net profit.
Saas fintech platform Arteria Technologies raises Rs 100 crore
Deal details:
The deal is a mix of primary and secondary capital.
Arteria will use the funds to scale hiring, AI-led product development, and international expansion.
Linda Yaccarino's two years at X were about restabilising a platform in crisis
Picking up pace:
Advertisers were pulling back, unsettled by Musk's provocative public statements, his embrace of anything-goes 'free speech,' and the broader uncertainty around the platform's direction.
His takeover also scrapped core Twitter features. Blue checkmarks became paid (and subscription-based), moderation loosened, and misinformation spiked.
And yet:
Grok-ified:
TCS reported a 6% growth in net profit for the June quarter, while revenue rose 1.3%. This and more in today's ETtech Top 5.■ Ecomms eye beyond metros■ ETtech Done Deals■ Yaccarino X-its the buildingTata Consultancy Services (TCS) started FY25 strongly, reporting a 6% increase in consolidated net profit to Rs 12,760 crore in Q1, comfortably surpassing analyst estimates of Rs 12,205 crore.Revenue rose 1.3% year-on-year (YoY) to Rs 63,437 crore, but constant currency revenue dipped 3.1% as global clients stayed tight-fisted on tech budgets.The board declared an interim dividend of Rs 11 per share, payable on August 4. The order book came in strong at $9.4 billion, driven by demand for AI-led transformation and cost-cutting projects.CEO K Krithivasan sounded upbeat, highlighting momentum in new services and deal wins. Investors agreed, as TCS shares closed slightly higher at Rs 3,395 ahead of the earnings call.Gaming startup Probo is in hot water after the Enforcement Directorate (ED) froze Rs 284.5 crore in assets over alleged illegal betting and money laundering.The agency raided four sites across Gurugram and Haryana on July 8 and 9, uncovering offshore fund trails and suspicious activity.Founded in 2019, Probo raised $24 million from Peak XV Partners, Elevation Capital, and MK Venture Partners. It reported Rs 490 crore in revenue last fiscal year, marketing itself as an 'opinion trading' app that investigators now say was just online betting in disguise.The ED flagged foreign fund flows via Mauritius and the Cayman Islands, weak KYC checks, zero safeguards for minors, and ads promising 'easy money.' Multiple FIRs allege cheating and fraud, claiming that the app duped users under the guise of innocent opinion polls.In April, Sebi warned that opinion trading is unregulated and falls outside the scope of securities law. The Probo case may be the first domino in a broader crackdown on India's gaming startups.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.Ecommerce giants and consumer brands are turning their gaze to non-metro India as the festive season approaches, ramping up inventory and marketing in smaller cities to fuel demand.Amazon, Flipkart, and Meesho are doubling down on tier-2, tier-3 and even tier-4 cities during the July-September and October-December festive cycles, aiming to drive volume growth. Consumer brands like Nykaa, Titan, and leading electronics makers are also chasing this next wave of shoppers.Smartphone brands, including Samsung, Xiaomi, Oppo, Vivo, and Realme, are expanding their retail networks, launching EMI offers, and rolling out hyperlocal campaigns to capture a larger share of the wallet in small-town India.Shrikant Ravalkar, founder, MD and CEO, InfinitySwiss investment giant Partners Group will acquire a majority stake in Mumbai-based Infinity Fincorp Solutions with a Rs 1,950 crore (around $230 million) deal.Infinity Corp offers secured loans to micro, small, and medium-sized enterprises (MSMEs), with a strong presence in Tier I and II cities.Sriram Kanuri, founder and CEO, Arteria TechnologiesICICI Venture, the investment arm of ICICI Bank, has invested Rs 100 crore in Arteria Technologies, a SaaS company specialising in supply chain collaboration that also provides financing.X's chief executive, Linda Yaccarino, stepped down on July 9, closing a rocky two-year tenure at a platform trying to reinvent itself as an 'everything app' under Elon Musk's ownership.Yaccarino joined in 2023 , just as Musk's Twitter rebrand to X was running into turbulence.A seasoned ad executive with a long run (11 years) at NBCUniversal, Yaccarino was meant to restore credibility and steady the business. But her efforts were often overshadowed (and undermined) by Musk himself, most notably when he told advertisers to 'go f*** themselves' on stage.Still, she pushed through major updates, including Community Notes, which later inspired Meta to follow suit (or copy!). She laid the early foundation for X Money, a key step in the platform's pivot to financial services.Her departure follows Musk's merger of the social media platform with his AI startup, xAI, signalling a radical shift in his priorities. The platform Yaccarino once led is becoming increasingly Grokified , even as the flagship AI chatbot regularly attracts controversy.Also Read: Grok 4: Elon Musk unveils latest model amid antisemitism backlash
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