IT sector adds fewer hands; BigBasket's muted financials
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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:
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Foot in the door:
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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.
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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
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