Latest news with #Bengaluru
CTV News
an hour ago
- Business
- CTV News
Etsy beats quarterly revenue estimates on strong demand
An interactive wallpaper design by Sian Zeng. (Veerle Evens / Etsy via AP) Etsy beat Wall Street expectations for second-quarter revenue on Wednesday, helped by strong demand for handcrafted goods and personalized gifts sold at the online marketplace, sending the company's shares up about three per cent in premarket trading. Concerns about inflation, triggered by U.S. President Donald Trump's tariff policies, have pressured consumer spending, but Etsy was able to draw in more shoppers as it offers products at a cheaper price, due to the low listing fees it charges sellers. Etsy also remains largely insulated from direct tariff pressures as 90 per cent of the sellers in the company's marketplace source supplies domestically. The company posted revenue of US$672.7 million for the quarter ended June 30, compared with analysts' average expectation of US$647.2 million, according to data compiled by LSEG. However, Etsy missed quarterly profit estimates due to a non-cash foreign exchange-related loss. It reported 25 cents per share profit, compared with analysts' estimate of 48 cents. Its consolidated gross merchandise sales (GMS) — a key metric to measure sales — came in at US$2.8 billion, down 4.8 per cent from a year earlier. In the previous quarter, GMS was down 6.5 per cent. --- Reporting by Anshi Sancheti and Neil J Kanatt in Bengaluru; Editing by Shinjini Ganguli
Zawya
3 hours ago
- Business
- Zawya
Fintech Ramp secures $22.5bln valuation in late-stage funding round
Fintech Ramp said on Wednesday it had raised $500 million at a valuation of $22.5 billion in a late-stage funding round led by investment firm ICONIQ. Ramp offers corporate cards, payment services and expense management applications. The move comes just over a month after the company secured a $16 billion valuation in a Series E funding round. The latest round brings Ramp's total equity financing to $1.9 billion. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
Times of Oman
11 hours ago
- Business
- Times of Oman
GCCs to contribute 2% to India's GDP and create 2.8 mn jobs by 2030: Report
New Delhi: Global Capability Centres (GCCs) are set to contribute 2 per cent of India's GDP and generate 2.8 million jobs by 2030, and are emerging as a key growth and employment generator, according to a report by ACCA (the Association of Chartered Certified Accountants). GCCs, also known as Global In-house Centers (GICs) or Captive Centers, are fully owned and integrated hubs established by multinational corporations in talent-rich locations to build value and intellectual property. They leverage global talent pools and technological advancements to enhance organizational capabilities and drive business transformation. With over 1700 GCCs in 2023-24, which is expected to rise to over 2200 by 2030, India has become the prominent destination for the MNCs to set up their centres. Highlighting the favourable factors, the report said that a skilled workforce, favourable government policies, and improving infrastructure fuel the growth of GCCs in India. In Financial Year 2024, GCCs generated approximately USD 64.6 billion in export revenue: a 40 per cent increase from USD 46 billion in FY23. The report added that about 20,000 global leadership roles are projected to be based in India by 2030. The growth of GCCs in India is most prominent in Tier-1 cities, with Bengaluru leading the pack with 487 centers (29 per cent of India's total). Hyderabad follows closely with 273 GCCs (16 per cent), while the NCR region hosts 272 centers. Mumbai, Pune, and Chennai also contribute significantly, accounting for 12 per cent, 11 per cent, and 10 per cent of the national total, respectively. This is a reflection of India's effort to establish itself as the world leader in housing Global Capability Centers (GCCs), with currently nearly 1,700 centers, over 53 per cent of the total 3,200 globally. GCCs have evolved from cost-saving units to strategic hubs driving innovation, operational efficiency, and business growth. GCCs are strategically located in countries like India, offering access to diverse talent pools, robust ecosystems, and favorable business environments. The report highlights that the finance roles in GCCs have shifted from doing basic transaction-focused accounting to creating value for the organisation through process improvement and cost transformation initiatives. Opportunities abound in business partnering, procurement, reporting, planning, and analysis. While entry-level roles focus on data analytics, financial planning and analysis (FP&A), and compliance management, mid-level roles are shifting to process improvements and driving transformation, the report added.
Reuters
2 days ago
- Business
- Reuters
India's Arvind Fashions posts earnings rise as affluent consumers splurge on clothing
July 28 (Reuters) - Arvind Fashions ( opens new tab, which retails the Calvin Klein and Tommy Hilfiger brands in India, reported a 20% rise in quarterly core earnings on Monday, benefiting from new store openings and a focus on higher-priced apparel. The retail chain, which also houses brands such as Arrow and Flying Machine, said its core earnings climbed to 1.48 billion rupees ($17.08 million) during the first quarter from 1.23 billion rupees a year ago. Its revenue increased 16% to 11.07 billion rupees in the three months ended June 30. Affluent Indians have been splurging on everything from Lamborghini cars to $18,500 smart toilets, helping premium brands stay resilient amid a broader slowdown in consumer spending caused by sluggish wage growth. Arvind Fashions, which already targets the more affluent consumers with prices well above brands such as Vero Moda and H&M, is making a push into higher-priced apparel and accessories, helping it defy the broader retail slowdown. The retailer, which posted an 8.5% revenue growth a year ago, is targeting a 12%-15% increase in fiscal 2026, helped by new store openings, higher marketing spends and broader reach through its online platforms. PEER COMPARISON * The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT APRIL TO JUNE STOCK PERFORMANCE -- All data from LSEG IBES -- $1 = 86.6620 Indian rupees
Entrepreneur
2 days ago
- Business
- Entrepreneur
HealthPlix in Expansion Mode, to Enter the US, UAE Markets
HealthPlix is a Series C-funded startup focussing on digitization of healthcare through its AI-powered EMR (Electronic Medical Records) platform for doctors in India. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Bengaluru-based healthtech startup HealthPlix is in expansion mode as it plans to enter the US and UAE markets given the significant opportunity and potential across these markets. "We will probably start with the US as it tends to be a little bit ahead in terms of adoption than Dubai. But at the same time, while EMR adoption in the US is upwards of 90 per cent because they have a mandate for doctors to digitize, they are often not easy to use. So, this is an opportunity for us," Chaitanya Raju, Executive Director and Chief Product Officer, HealthPlix, told Entrepreneur India. HealthPlix is a pioneer in digitization of healthcare through its AI-powered EMR (Electronic Medical Records) platform for doctors in India. The startup currently assists over 12,000 doctors to drive better health outcomes for their patients by providing clinical decision support at the point of care. More than 22 million patients have been treated using the HealthPlix EMR platform by doctors practicing across 16 specialities. About 60-70 per cent of the doctors in HealthPlix's network are in tier-II and tier-III cities, as it provides support in regional languages. "This means the doctor can write a prescription in English, but the patient can get the prescription in Kannada or Telugu or Tamil, whatever the local language is," said Raju. HealthPlix has used Open AI to build its technology stack and now also collaborating with various players within India to start using Indian models. "We are in talks with various players to sort of see if Indian models can be used. There are a lot of companies working on this," said Raju. Unlike some of its competitors, HealthPlix claims to take a 'Doctor-first approach,' empowering doctors with quick prescription writing, user-friendly design, localization in 14 languages, clinical decision assistance, and holistic digitization for doctors' practices. HealthPlix doctor base and network spans across 370 cities in India making it the trusted EMR platform for doctors in the country. Founded in 2014, the startup is backed by marquee Indian and Global investors such as Lightspeed Venture Partners, JSW Ventures, Kalaari Capital, Chiratae Ventures, Avataar Venture Partners, SIG Venture Capital and Blacksoil Ventures. In its latest round, HealthPlix Technologies raised USD 22 million in a Series C round, led by Avataar Venture Partners. Other participating investors included SIG Venture Capital and returning investors such as Lightspeed Venture Partners, JSW Ventures, Kalaari Capital and Chiratae Ventures.
