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Time of India
5 hours ago
- Business
- Time of India
Troubles deepen at TCS; Honasa's beauty-tech plan
Troubles deepen at TCS; Honasa's beauty-tech plan Want this newsletter delivered to your inbox? Also in the letter: CS to freeze senior hiring, pause annual salary hikes Details: Onboarding of senior hires has been delayed by over 65 days. At the same time, the company has started phasing out hundreds of bench employees across multiple cities as part of a tighter utilisation push. More to come: Also Read: Past tense: Quote, unquote: Also Read: TCS layoffs draw government attention What's next: Union heat: Also Read: Honasa looks beyond beauty and skincare to new growth categories Driving the news: Growth channels: The numbers: Also Read: 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: Go Digit's first quarter profit climbs 37% to Rs 138 crore Details: Net profit of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. Total income rose 4% to Rs 2,179.4 crore. rose 4% to Rs 2,179.4 crore. Expenses increased 3% to Rs 2,058.5 crore. increased 3% to Rs 2,058.5 crore. Gross written premium , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. Net premium earned at Rs 1,865 crore. Agritech startup DeHaat posts profit in Q1, says founder Revenue in FY25 was at Rs 3,000 crore, up 11% year-on-year CEO Shashank Kumar said DeHaat's annual revenue run rate was at Rs 4,000 crore. He did not provide the profit and revenue figures for the first quarter. Keeping Count Other Top Stories By Our Reporters Wipro plans to open PCB unit facility: Navi Technologies raises Rs 170 crore via debt round: Mobile testing platform Drizz raises $2.7 million: Global Picks We Are Reading Happy Tuesday! After announcing over 12,000 layoffs, TCS now plans to pause senior hiring and annual appraisals. This and more in today's ETtech Morning Dispatch.■ Go Digit's Q1 report■ Wipro's PCB unit facility■ Navi debt raiseK Krithivasan, CEO, TCSDays after announcing plans to lay off 12,000 employees —roughly 2% of its global headcount—Tata Consultancy Services (TCS) is hitting pause on senior-level hiring and freezing annual salary hikes worldwide, according to people familiar with the slowdown is already say TCS's move could trigger a broader industry reset , with other IT majors likely to mirror the cost-control playbook, as they grapple with soft demand and margin far, no peer has announced layoffs at this scale, but the slowdown is real. TCS added just 5,000 employees in Q1 FY26, while rivals like Infosys have eased off 2017, Infosys, Wipro, and Cognizant collectively laid off thousands of employees due to automation concerns and stricter US visas. Later, between 2020 and 2022, companies carried out silent layoffs by extending bench periods and reducing new firm Jefferies said this may be a 'canary in the coal mine' moment for IT services. 'TCS's move to cut 2% of its workforce may lead to execution slippages in the near term and higher attrition in the longer run for the firm and reflects a weak demand environment for the sector,' the report IT Ministry is closely monitoring TCS's decision to cut 12,261 jobs – roughly 2% of its global workforce – as alarm grows over job losses at India's largest tech firm. Government officials are in touch with TCS, seeking clarity on the rationale behind the ministry may push for more aggressive skilling interventions and wants clearer insight into existing talent gaps. TCS, for its part, said it will offer severance packages, counselling support, and outplacement services to affected union Nascent IT Employees Senate (NITES) has urged labour minister Mansukh Mandaviya to halt TCS's plan to axe over 12,000 jobs , calling the move 'illegal' and demanding the reinstatement of affected its letter, NITES accused the IT giant of sidelining over 600 lateral hires and questioned the fairness of the layoffs, pointing to hefty executive pay packets. The union also called on the government to hold senior leadership Alagh and Ghazal Alagh, founders, Honasa ConsumerHonasa Consumer, the parent company of Mamaearth, is looking to expand into new product lines as its once-flagship brand loses company is exploring a range of beauty tech products, including laser masks, LED light therapy devices, facial rollers, and face massagers, sources told us. These high-margin categories, often associated with Korean skincare and haircare routines, are drawing growing interest from both Indian and global is also doubling down on its newer labels, notably The Derma Co. and Dr Sheth's, which are showing strong momentum. On its Q4 FY25 earnings call, CEO Varun Alagh said these younger grands grew over 30% posted operating revenue of Rs 2,067 crore in FY25, though net profit dipped to Rs 73 crore from Rs 111 crore the previous year. With Mamaearth plateauing, the company is not bettting on premiumisation and innovation to drive its next Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Goyal, founder, Go DigitGo Digit General Insurance on Monday reported a nearly 37% rise in net profit for the first quarter on the back of growth in gross written agritech startup DeHaat posted a net profit for the first quarter of fiscal 2026 due to high-margin private label sales and exclusive agri-input distribution, along with increased focus on exports, storage and food Infrastructure Engineering (WIN) announced a new business division , Wipro Electronic Materials, on Monday, focusing on the manufacturing of high-performance materials for Printed Circuit Boards (PCBs).Flipkart cofounder Sachin Bansal's fintech venture Navi Technologies has raised Rs 170 crore through a debt funding round led by PhillipCapital, with NDX Financial Services, Arpee Commercial Company, Ambit Finvest, and Grey Grass India, among others, taking AI mobile app testing platform Drizz has secured $2.7 million in its maiden funding round , led by early-stage venture capital firm Stellaris Venture Partners. The funds will be used to advance the company's vision AI engine, expand its engineering team and strengthen research capabilities.■ From cheating exposés to dating background checks, TikTok detectives are thriving ( Wired ■ The truly worrying thing about the Coldplay concert scandal ( FT ■ BYD distracted the world while Chinese EV peers staged a coup ( Rest of World
Time of India
4 days ago
- Business
- Time of India
Trade deal windfall for Indian IT; Trump's warning shot
Trade deal windfall for Indian IT; Trump's warning shot Also in the letter: India-UK deal gives IT exports and workers a boost Driving the news: What they're saying: Zoom out: The big picture: Also Read: Trump warns US tech firms: No more factories in China, jobs in India What's the matter: Also Read: Why it matters: Expert take: Reality check: Also Read: Blinkit drives Eternal's Q1; margin outlook improves with inventory shift Catch up quick: Gross order value jumped 140% year-on-year to Rs 11,821 crore. Net order value (NOV) touched Rs 9,203 crore, overtaking Eternal's food delivery business for the first time. The company added 243 dark stores in Q1 and aims to reach 3,000 by 2026. Margin play: Why it matters: What's next: 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: Intel to cut 31% of workforce, cancels factory plans amid deep losses The details: Why it matters: CEO speak: Shake-up at Swiggy board; SoftBank, Accel exit stage Tell me more: SoftBank's Sumer Juneja and Accel's Anand Daniel have resigned from the board, according to a recent regulatory filing. Both cited pressing professional commitments as the reason for their exits. In their place, Swiggy has added Faraz Khalid as an independent director, the fourth such addition to its board. Who's on board: Introductions: Significance: Chart-ed: IPO winners and losers India's software exports are set to get a boost from the latest trade pact with the UK. This and more in today's ETtech Top 5.■ Blinkit drives Eternal's Q1■ Intel hits reset button■ Swiggy's board shakeupIndia's IT services exports to the UK are projected to grow by 15–20% each year from the FY25 base of $32 billion, thanks to new tax and labour concessions under the India-UK trade a significant win, Indian tech professionals will now be exempt from UK social security contributions for up to 36 months. This move, which effectively saves 20% of their salary, will benefit around 60,000 workers and generate over Rs 4,000 crore in corporate Puneet Gupta called it a 'game-changer' for short-term projects. Nasscom estimates Indian professionals have lost $1 billion globally due to dual social security taxes. The exemption fixes a long-standing fiction firms will also get a three-year waiver from the UK's Jobs Tax. Commerce minister Piyush Goyal said the agreement opens doors for IT, education, and services startups eyeing high-value UK US deal cycles slow, Europe is stepping up as a key demand driver. This UK carve-out sharpens the trend and signals India's intent to boost global mobility for its tech as India's tech workforce gains global mobility wins in the UK, a harder message is emerging from the US At an AI summit, President Donald Trump declared that the era of US tech firms manufacturing in China and hiring in India was 'over.' He urged the companies to 'go all-in for America,' accusing them of offshoring jobs while enjoying the benefits of American speech came days after the US released its AI Action Plan , which tightens export controls and backs local tech plan urges US allies to adopt similar curbs – or risk secondary tariffs. India isn't directly named, but may feel the heat if it doesn't fall in line on AI policy and Sahiba of The Dialogue said the move signals a tightening tech bloc, emphasising that India must navigate a diplomatic tightrope and balance its tech alliances. 'This opens up opportunities, but also risks,' she the noise, US firms still depend heavily on Indian talent through GCCs. Futuresense's Raghav Gupta warned that protectionism could backfire on American commerce platform Blinkit was the standout performer for its parent company, Eternal, in Q1 FY26, with its pivot to an inventory-led model earning praise from such as Jefferies and Nuvama see a 1% margin improvement (as a % of NOV) over the next 2–3 quarters. Kotak expects Blinkit to hit Ebitda breakeven by March 2026. Switching to an inventory-driven model enhances return on cash employed and aligns Blinkit's accounting structure more closely with offline retailers like Dmart. However, this may reduce revenue recognition for Hyperpure, which previously managed Blinkit's backend fulfilment With quick commerce gaining momentum and food delivery showing signs of fatigue , Blinkit is set to shape Eternal's growth story through FY26, and possibly redefine its Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship plans to shrink its global headcount to 75,000 by the end of the year – a sharp 31% drop from 2023 – as it battles mounting losses and resets its global chipmaker has already laid off 15,000 employees and is scaling back factory projects in Germany, Poland, and Ohio (United States). It is also shutting down operations in Costa Rica and shifting work to lower-cost locations in Vietnam and cuts reflect deeper challenges in the global semiconductor race, where cost pressures, geopolitical headwinds, and AI investments are reshaping the game. Intel's big bet on foundry services is still in early innings, and these moves suggest the turnaround is far from company posted a $2.9 billion loss in Q2, mainly due to restructuring charges, even as revenue edged past expectations at $12.9 billion.'We are making hard but necessary decisions,' CEO Lip-Bu Tan wrote to employees, vowing to boost efficiency and quarterly loss is expected. The real test is whether this reset unlocks the firepower needed to catch up with rivals Nvidia, AMD, and board has seen a major reshuffle just months after the food and grocery delivery giant went public, with nominees of two heavyweight investors stepping current line-up includes chairperson and non-executive independent director Anand Kripalu, Swiggy CEO and MD Sriharsha Majety, cofounder Nandan Reddy, and independent directors Shailesh Haribhakti, Suparna Mitra and Faraz Khalid. Also on the board are Roger Clarks Rabalias, representing Prosus, and Ashutosh Sharma from MIH Internet is the CEO of the Middle East-based ecommerce, quick commerce, and food delivery platform Noon, and previously co-founded the online fashion store said the appointment reflects its shift to a more independent governance structure. 'With his (Khalid's) joining our board, our independent directors (led by our Chairperson) represent four pillars of strategic governance,' CEO Majety said in a parent, Eternal, led the IPO gains significantly, according to data from exchanges. The share price of the restaurant aggregator and quick delivery platform has risen by 309% from its IPO price of Rs 76 when it listed in July platform Ixigo's parent, LeTravenues Technology, is a distant second, but still with a substantial 135% increase over its issue Electric and Paytm are the laggards on our list, trading 46% and 50% below their respective prices.
Time of India
4 days ago
- Business
- Time of India
IT sector adds fewer hands; BigBasket's muted financials
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 represents a nearly 72% drop from the 13,935 additions in the previous are leveraging artificial intelligence (AI) and automation to maintain, or even grow, revenues without increasing 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 hiring, once the backbone of IT's pyramid-style staffing, has halved compared to pre-pandemic years, according to Teamlease 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 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 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 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 Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship infrastructure company Setu, owned by Pine Labs, has made significant leadership changes in recent a move to strengthen its executive team, the company appointed several key figures to vital 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 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 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
Time of India
5 days ago
- Business
- Time of India
PayPal CEO interview; Infosys Q1 report
PayPal CEO interview; Infosys Q1 report Want this newsletter delivered to your inbox? Also in the letter: Digital wallet payments must flow beyond borders: PayPal CEO Alex Chriss No more walled gardens: On PayPal World: Cryptocurrency and payments: Also Read: Infosys profit surges 8.7% on deals, Europe show Number-wise: Net profit: Rose 9% year-on-year (YoY) to Rs 6,921 crore Rose 9% year-on-year (YoY) to Rs 6,921 crore Operating revenue: Climbed 8% YoY to Rs 42,279 crore Climbed 8% YoY to Rs 42,279 crore Revenue growth (in constant currency): rew 3.8% YoY and 2.6% sequentially Why it matters: Zoom in: EBIT margin was 20.8%, down 30 basis points YoY. Large deal wins touched $3.8 billion, with 55% from net new clients. Segment-wise growth was led by manufacturing (12.2%) and financial services (5.6%), while life sciences and 'others' saw decline. Attrition inched up to 14.4%, with a modest net headcount addition of just 210. Between the lines: Also Read: 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: Trump's tariffs, big beautiful bill derail Indian IT's big shift away from BFSI biz For instance: TCS flagged slowing medtech demand, tighter regulation and mounting cost concerns. Tech Mahindra, heavily exposed to these sectors, is pivoting back to BFSI and retail. Infosys, meanwhile, sees financial services regaining strength, becoming its top-performing vertical. Also Read: Good Glamm Group to be broken up; all brands up for sale Driving the news: Backstory: Recent cracks: Sirona returned to its founders for Rs 150 crore, far below the Rs 450 crore at which it was acquired. ScoopWhoop fetched just Rs 18–20 crore after being bought for Rs 100 crore. Key investors, including Accel, Prosus, and Bessemer, exited the board, as did several CXOs. Debt defaults and vendor disputes followed. A look back: Also Read: Gupshup raises $60 million from Globespan, EvolutionX Details: The funds will be used for expansion and speeding up go-to-market execution. The San Francisco-based company is also considering a return to India ahead of a potential public listing. Gupshup did not disclose the post-money valuation for the round. Automation company Enlite nets $5 million: Inbound Aerospace raises $1 million: Keeping Count Other Top Stories By Our Reporters ED lens on Myntra: Crisis resolved: Global Picks We Are Reading In an exclusive interaction, PayPal CEO Alex Chriss stressed the need for interoperability between country-specific digital wallet systems. This and more in today's ETtech Morning Dispatch.■ Good Glamm Group's breakup■ ETtech Done Deals■ Myntra under ED lensAlex Chriss, CEO, PayPalFor digital wallets and instant payment systems to truly scale, they need to move beyond domestic silos and plug into a global, interoperable network, said PayPal CEO Alex Chriss in an exclusive interaction with us Chriss praised the rise of local payment rails such as India's UPI, Venmo in the US, and WeChat Pay in China. But, he stressed that the next wave of growth in digital commerce hinges on making these systems work seamlessly with one another. Travellers, he said, should be able to pay merchants or send money using their preferred apps—regardless of where they are in the has stitched together what it calls PayPal World, a cross-border network linking five major systems: TenPay Global (China), UPI International (India), Mercado Pago (Mexico), PayPal and Venmo (the US). Indian consumers, for instance, will be able to shop from European merchants using UPI apps. Tourists in India could simply scan UPI QR codes using their home-country also backed cryptocurrency as the next leap in payments. If merchants want to accept crypto, PayPal wants to ensure they can—by building rails that support such transactions as part of this global Parekh, CEO, InfosysInfosys kicked off FY26 on solid footing. India's second-largest IT services exporter posted healthy deal wins , maintained strong cash flow, and nudged up its revenue macro uncertainty and sluggish global tech spending, Infosys stayed on course. The company raised the lower end of its FY26 revenue growth forecast to 1–3% in constant currency, signalling cautious Salil Parekh pointed to rising momentum in AI-led deals and client consolidation. The company's Project Maximus continues to improve internal efficiencies. Cash flow remained robust at $884 million, with conversion topping 100%.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 Reach out to us at spotlightpartner@ to explore sponsorship software firms are struggling to diversify beyond their traditional banking, financial services and insurance (BFSI) comfort zone. Verticals such as manufacturing, consumer, communications, and life sciences—once seen as growth bets—are now under pressure, dragging earnings down Darpan Sanghvi, CEO, Good Glamm GroupThe Good Glamm Group is being dismantled. Its lenders have enforced claims on individual assets, leading to a sale of brands one by one . The company will no longer operate as a single collection of brands, confirmed founder and CEO Darpan Sanghvi in a LinkedIn post Sanghvi wrote, 'Our lenders have decided to enforce their charge on the individual brands under the Good Glamm Group. What this means is that there will no longer be a group-wide solution which will allow all the brands to continue under a single umbrella. Instead, the brands will be sold one by one.'Launched as MyGlamm in 2017, the firm rebranded in 2021 and went on an aggressive buying spree—picking up POPxo, BabyChakra, Sirona, and ScoopWhoop. Fuelled by the funding frenzy, it paid steep prices for businesses that failed to to Tracxn, the company has raised $342 million to date. It raised $30 million in March 2024 at a flat valuation of $1.25 billion from existing investors, including Warburg Pincus, Prosus Ventures, Bessemer Venture Partners, and Sheth, CEO, GupshupConversational messaging platform Gupshup has raised $60 million (about Rs 518 crore), mostly through equity funding from venture capital firm Globespan Capital Partners, with the remainder as debt from EvolutionX Debt a Mumbai-based full-stack infrastructure automation company, has raised Rs 46 crore (about $5 million) in its maiden institutional funding round led by early-stage investment firm Avaana Aerospace, a space technology startup incubated at IIT Madras, has secured a $1 million funding round led by venture capital firm Speciale Invest, with participation from Mumbai-based asset management company Piper Enforcement Directorate (ED) has filed a complaint under the Foreign Exchange Management Act (Fema), 1999, against Flipkart-owned fashion retailer Myntra for allegedly contravening foreign investment regulations to the amount of Rs 1,654.35 deadlock caused by the Goods and Services Tax (GST) demand notices to small merchants across Karnataka was resolved on Wednesday after Chief Minister Siddaramaiah pledged not to chase the tax debts and offered protection to tax-compliant traders.■ Microsoft poaches top Google DeepMind staff in AI talent war ( FT ■ Ride-hailing giants' electric promises are stalling worldwide ( Rest of World ■ Anti-Elon Musk protesters are coming for Tesla's new diner ( The Verge
Time of India
6 days ago
- Business
- Time of India
Qcomm's ad revenue push; Paytm swings to black
Qcomm's ad revenue push; Paytm swings to black Also in the letter: Quick commerce platforms push brands to boost ad spends in pursuit of high-margin revenues What's happening: Swiggy Instamart has rolled out tiered onboarding packages priced between Rs 4.5 lakh and Rs 9 lakh, which are adjusted against ad spends over three months. Zepto is asking small brands to commit to Rs 2-7.5 lakh per month. Blinkit demands Rs 25,000 per SKU per state upfront, then steadily nudges brands to scale up ad budgets. Why it matters: Brandspeak: Also Read: Paytm swings to first-ever profit in Q1 FY26 By the numbers: Operating revenue: Rose 28% YoY to Rs 1,917 crore. Rose 28% YoY to Rs 1,917 crore. Contribution profit: Jumped 52% YoY to Rs 1,151 crore, with 60% margin (up 10 percentage points). Jumped 52% YoY to Rs 1,151 crore, with 60% margin (up 10 percentage points). Ebitda: Came in at Rs 72 crore (4% margin); PAT at Rs 123 crore. Came in at Rs 72 crore (4% margin); PAT at Rs 123 crore. Cash reserves: Remain healthy at Rs 12,872 crore. Driving the news: Marketing spends remained under Rs 100 crore. remained under Rs 100 crore. Employee costs decreased 32% year-over-year to Rs 643 crore, reflecting a leaner and more disciplined quarter. Boardroom changes: Group chief financial officer Madhur Deora will retire by rotation as an executive director on Paytm's board. Independent director Bimal Julka has resigned to explore his 'areas of emerging technologies and ease of doing business.' Urvashi Sahai has been appointed as an additional director for a five-year term. Also Read: Kissht reports fall in FY25 revenue; net profit at Rs 160 crore Numbers: Net profit slipped 18% Rs 160 crore. slipped 18% Rs 160 crore. Overall revenue declined 20% year-over-year to Rs 1,353 crore. declined 20% year-over-year to Rs 1,353 crore. Profit before tax and Esop cost stood at Rs 253 crore. Context: Also Read: 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: Kreditbee gets nod to become public entity On to IPO: Yes, and: The consolidation is central to Kreditbee's plan to streamline operations ahead of its listing. Following the merger, the entire business will operate through Krazybee Services, which will either book loans directly or manage them through NBFC partners. Financial snapshot: At a consolidated level, the company closed FY25 with a net profit of Rs 473 crore and total income of Rs 2,712 crore. According to a note by Crisil, Kreditbee has built a total asset base of Rs 7,119 crore. Keeping Count Other Top Stories By Our Reporters IT's Europe hope: Composio raises $25 million: Raise Financial Services appoints new group CFO: Global Picks We Are Reading Happy Wednesday! Quick commerce firms want to make up for mounting losses with ad revenue. This and more in today's ETtech Morning Dispatch.■ Kreditbee closer to IPO■ IT sees revival in Europe■ AI startup Composio raises fundsQuick commerce platforms are ramping up pressure on sellers to spend big on ads, chasing high-margin revenues to stem their mounting revenue, with margins north of 90%, is now a crucial growth engine for consumer internet players. Platforms are pushing out self-serve dashboards and sharper targeting tools to keep the money FY25, Blinkit and Zepto each generated approximately Rs 1,000 crore from advertisements, according to sources.'The problem is that with constant spending on ads like this, it's challenging to gauge the organic retention for our brand,' a founder of a D2C shoecare brand told Shekhar Sharma, CEO, PaytmPaytm has turned in its first-ever quarterly profit , marking a milestone for its parent, One97 Communications. The company posted a net profit of Rs 122 crore in Q1 FY26, a sharp turnaround from a loss of Rs 839 crore a year ago , and Rs 540 crore in Q4 FY25. This shift followed strong revenue growth and tighter control over PaytmGrowth was driven by a surge in merchant subscriptions, better payment margins, and a doubling of revenue from financial Singh, CEO, KisshtConsumer lending startup Kissht has reported an 18% fall in net profit, while its overall revenue took a hit in the fiscal year Mumbai-based firm felt the squeeze after halting ultra short-term personal loans—once a high-margin staple for digital lenders—amid regulatory pressure. It now focuses on loans with tenures over six months and has stepped into secured in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht remains IPO-bound despite the dip. The pivot towards longer-duration and secured credit products signals a more cautious growth path, even as the lending space adjusts to a tighter credit Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Ekambaram, CEO, KreditBeeBengaluru-based fintech company Kreditbee has taken two crucial strides towards its Dalal Street debut, securing board approval to become a public company and a regulatory green light from the Reserve Bank of India (RBI).The company's board passed a special resolution to convert Kreditbee into a public entity, according to a filing reviewed by ET. This comes shortly after the startup relocated its parent company from Singapore back to India—a key move in its IPO playbook. Kreditbee now joins a growing queue of fintechs preparing for public listings, including Aye Finance, Kissht, and the RBI recently approved the merger of Kreditbee's tech arm, Fonnivation Tech Solutions, with Krazybee Services, its non-banking finance company, sources told demand for outsourcing from Europe has supported revenue growth for at least three of India's top six software services exporters during the June quarter. HCLTech, LTIMindtree, and Tech Mahindra secured new business from European clients, indicating a resurgence in business from that AI startup Composio has raised $25 million in funding led by Lightspeed Venture Partners, the company's cofounder and CEO, Soham Ganatra, told ET in an Financial Services, the parent company of stock trading platform Dhan, has appointed Amit Gupta as its group chief financial officer (CFO), according to a LinkedIn post by founder and CEO Pravin Jadhav on Tuesday.■ OpenAI's ChatGPT agent is haunting my browser ( Wired ■ The 'hallucinations' that haunt AI: Why chatbots struggle to tell the truth ( FT ■ Tesla entry into India after a decade of false starts ( Rest of World
