Google Pay's credit boost; Spiritual apps chant ‘AI'
Google Pay's credit boost; Spiritual apps chant 'AI'
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Fintech majors are counting on co-branded cards in returns play
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AI becomes spiritual guide for customers on devotional apps
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Ola Electric's poor Q1 show prefaces profitability push, share rally
By the numbers:
Net loss: widened 23.3% YoY to Rs 428 crore (vs Rs 347 crore)
widened 23.3% YoY to Rs 428 crore (vs Rs 347 crore) Vehicle sales: dropped to 68,192 units (vs 1.25 lakh last year)
dropped to 68,192 units (vs 1.25 lakh last year) Gross margin: improved to 25.6% (vs 18.4% YoY)
improved to 25.6% (vs 18.4% YoY) Total expenses: dropped 42.4% YoY to Rs 1,065 crore
dropped 42.4% YoY to Rs 1,065 crore
Sequentially: revenue increased 35%, while net loss narrowed 51%
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TCS rolls out 100% Q1 variable pay for 70%+ employees
Details:
Hazy on hikes:
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HCLTech's first quarter net drops 10% YoY to Rs 3,843 crore, revenue up 8%
Numbers:
Net profit : Rs 3,843 crore in Q1 FY26.
: Rs 3,843 crore in Q1 FY26. Consolidated revenue: Up 8% YoY to Rs 30,349 crore.
Up 8% YoY to Rs 30,349 crore. Revenue guidance: 3-5% for FY26, versus 2-5% earlier.
3-5% for FY26, versus 2-5% earlier.
Deal book: $1.8 billion in TCV (total contract value).
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Global Picks We Are Reading
Happy Tuesday! Google Pay is working to launch a co-branded credit card. This and more in today's ETtech Morning Dispatch.■ Ola Electric's Q1 show■ TCS rolls out Q1 variable pay■ Insurtech Plum's new forayGoogle Pay, India's second-largest payment app, is in discussions to build a co-branded credit card with Axis Bank, according to two sources familiar with the matter.Google has stuck mainly to digital payments in India, making only a cautious entry into financial services. But that's beginning to shift. After piloting personal and gold loans, the tech giant is now eyeing a broader play—lending its distribution heft to banks and non-banking financial corporations (NBFCs) looking to scale. The credit card push is the next step in that strategy.It marks a shift for Google, which has so far avoided regulated businesses in India and pulled back its fintech bets globally. While Paytm and PhonePe ventured into insurance, broking, and credit, Google stayed in the payments lane. That might be about to change.The move comes as the government has made it clear that UPI will stay free for merchants. Rival PhonePe has already launched a co-branded card. Despite tight regulations on such partnerships, the branding upside is significant for both Google and Axis Bank.Spiritual and devotional platforms like AppsForBharat, Utsav and Bhagva, along with astrology startup Vaya, are increasingly turning to artificial intelligence to sharpen their offerings. From real-time chant translation and priest matching to astrological predictions based on planetary movements and birth charts, AI is fast becoming central to their product playbook.The goal is to deepen user engagement and elevate the virtual spiritual experience. Jagriti Motwani, founder of Bhagva, said the platform now uses AI to pair devotees with pandits based on the occasion, type of puja, and specific spiritual needs.This isn't just about tech for tech's sake. While puja bookings and related ecommerce still drive core revenue, founders say AI-led content and tools are helping hook and retain users. At Utsav, cofounder Ankita De noted that nearly 50-60% of new users come in through content-led discovery.Investors are taking notice. Earlier this month, AppsForBharat raised Rs 175 crore in a round led by Susquehanna Asia Venture Capital. Bhagva brought in Rs 8.6 crore in April, while Utsav secured Rs 6.35 crore from Equanimity Investments back in January.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.Bhavish Aggarwal, CEO, Ola ElectricElectric two-wheeler manufacturer Ola Electric's operating revenue nearly halved in the June quarter to Rs 828 crore, as vehicle sales declined amid increasing competition in the EV sector. Once the clear category leader, the company is now struggling to keep up.CEO Bhavish Aggarwal said that the company is pivoting from aggressive expansion to profitability and operational stability. The industry, he added, is past its hyper-growth stage and entering a phase of consolidation.Ola Electric stock jumped 18.3% to close at Rs 47.1 on the BSE on Monday. Despite the revenue slump, investor sentiment was buoyed by operational improvements and cost efficiencies.There's a small win for TCS employees amid the broader uncertainty around pay hikes. The IT major has announced 100% variable pay for over 70% of its workforce for the April-June quarter.Employees up to the C2 grade received their full quarterly bonus, according to chief HR officer Milind Lakkad. Those above C2 were paid based on the performance of their business units.TCS's internal grade ladder starts with trainees at Y level, moves up to C1 for systems engineers, followed by C2, C3 (A&B), C4, C5, and then the CXO ranks.There's no clarity yet on annual salary hikes. CFO Samir Seksaria said post-results that wage increases remain a ' priority ', though weak macro conditions continue to weigh on growth.TCS's revenue slipped 3.1% year-on-year to Rs 63,437 crore in Q1, even as net profit rose 5.9% to Rs 12,760 crore.C Vijayakumar, CEO, HCLTechHCLTech, India's third-largest IT company, clocked a 9.7% year-on-year decline in quarterly net profit on the back of higher costs and the one-time impact of a client's bankruptcy.Keeping CountAbhishek Poddar and Saurabh Arora, cofounders, PlumInsurtech company Plum has committed Rs 200 crore towards expanding its healthcare vertical, marking a push beyond group insurance into preventive and digital healthcare services.Gibran, an AI research startup, has secured $2.6 million in seed funding from venture capital firm Together Fund, established by Freshworks founder Girish Mathrubootham and Eka Software founder Manav Garg.AI analytics firm Fractal Analytics has raised $170 million (about Rs 1,461 crore), valuing the company at $2.44 billion (Rs 20,978 crore). The public markets-bound firm made a secondary sale of 6% equity by its long-time investor Apax Partners.■ AI 'Nudify' websites are raking in millions of dollars ( Wired ■ Meta trial becomes test of board culpability over corporate scandals ( FT ■ TikTok's messy merger in Indonesia could be a preview of what's to come in the US ( Rest of World
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