Latest news with #ETtechTop5
Time of India
3 days ago
- Business
- Time of India
Dhan's funding nears close; BNPL gets regulated out
Dhan's funding nears close; BNPL gets regulated out Also in the letter: Dhan closes in on $200 million fundraise from Chrys Cap, Alpha Wave, MUFG Driving the news: Deal details: The fundraise includes a mix of primary capital and secondary share sales The round values Dhan at $1.1 billion, making it India's fifth unicorn of 2025. Google and Amazon may come in through a smaller follow-on round. Dhan, in numbers: Active traders: 971,000, as of March 2025 971,000, as of March 2025 Net profit: Rs 155 crore in FY24, against loss of Rs 22 crore in FY23 Rs 155 crore in FY24, against loss of Rs 22 crore in FY23 Revenue: Rs 380 crore in FY24, 600% up from Rs 54.2 crore in FY23. Zoom out: BNPL hits the brakes as fintechs pivot to EMI loans and traditional consumer credit Losing takers: PayU has migrated LazyPay into a KYC-compliant EMI checkout solution. Paytm shut down its BNPL product last year. Mobikwik has discontinued Zip Loans, according to its FY25 earnings disclosure. Simpl remains one of the few major players still active in the BNPL space. Quote, unquote: Zoom out: Also Read: Bigger story intact: What's changed is the format: 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: VCs sniff opportunity as petcare expands beyond food Funding frenzy: On Monday, Nestlé SA announced a minority investment in Drools, making it a unicorn. Supertails, backed by Fireside Ventures, is in talks to raise $24–25 million in fresh funding. Gurugram-based veterinary care startup Vetic recently raised $26 million in a round led by Bessemer Venture Partners. Industry outlook: Over the past five years, petcare startups in India have secured $198 million across 20 deals. The Indian petcare market, currently valued at $3.5 billion, is projected to double to $7–7.5 billion by 2028. Pet ownership has grown steadily, with the number of pets in Indian households rising from 26 million in 2019 to an estimated 32 million by 2024. Tell me more: Pet parents are moving beyond need-based purchases, increasingly spending on grooming products, clothing, toys, and more. While the market is currently dominated by Mars, the maker of Pedigree and Royal Canin, D2C brands are rapidly gaining ground. Quick commerce is fueling growth, enabling faster access to pet supplies and expanding consumer demand, according to industry experts. Ex-intel, AMD executives throw hat into AI semicon ring Tell me more: Four Texas Instruments executives launched C2i Semiconductors, which is building hardware designed to reduce energy consumption in chips. Bodhi Computing, founded by Intel veterans Sambit Sahu and Raghuraman Barathalwar, was acquired by Krutrim in 2023. Agrani Labs, set up in Bengaluru by four ex-Intel and AMD executives, is working on India's own AI chip designs. Zoom out: Other Top Stories By Our Reporters TCS paid CEO K Krithivasan Rs 26.5 crore in FY25: Zetwerk sharpens focus on capital goods equipment business: Karnataka to issue draft gig workers' welfare rules in two weeks: L Catterton to raise $600 million for its first India-dedicated fund: Snabbit raises $19 million to fund expansion: Global Picks We Are Reading Happy Thursday! Stock broking startup Dhan is poised to finalise its long-awaited funding round. This and more in today's ETtech Morning Dispatch.■ Petcare opportunity■ Veterans enter AI chip space■ TCS CEO pay hikePravin Jadhav, founder, DhanOnline investment platform Dhan is set to close a $190–200 million funding round , making it the latest entrant to the coveted unicorn Mumbai-based startup is finalising a new round led by ChrysCapital, with participation from Alpha Wave and Japanese financial services giant MUFG. Sunil Bharti Mittal's family office and Dream11 founder Harsh Jain, an existing investor, will also join the fundraise comes as Groww, India's largest stockbroker by active clients, gears up for an IPO . While many peers have lost ground, Dhan has grown its user base, thanks to a profitable business model and a sharp focus on sticky, high-frequency power management startups are navigating a choppy start to 2025, amid tighter regulations on F&O trading and a post-bull market cooldown. Dhan, however, is bucking the pay-later (BNPL) products are losing momentum amid regulatory tightening and growing concerns over credit quality.'Fintechs are finding that instalment financing is still viable, but only through a regulated, KYC-compliant setup. The shift is forcing many players to abandon pure-play BNPL and embrace structured EMI lending,' a senior executive at a large fintech company told us on the condition of credit tightening goes beyond fintechs. Banks and NBFCs — key partners in BNPL lending — are pulling back due to rising macroeconomic risks and growing exposure to unsecured Vysya Bank, which backs Amazon's BNPL programme, struck a cautious tone during its recent analyst call, noting it has tightened onboarding the pivot, industry insiders say the broader story of unsecured consumer credit growth remains industry is shifting away from short-term, low-ticket loans with loose underwriting towards EMI-based products with complete Know Your Customer (KYC) checks, longer tenures, and stronger risk 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 opportunities.A post-Covid surge in pet adoption, the expansion of petcare services, and the rise of quick commerce are drawing both venture capital and strategic investors to India's growing petcare a dozen senior professionals from tech giants such as Intel, AMD, and Texas Instruments, each with 15-20 years of experience, are now leading AI semiconductor startups in is rapidly emerging as a hub for chip design and development, with increasing momentum to establish comprehensive, full-stack semiconductor ecosystems. Startups beyond the AI space have also drawn investor interest in the past year, including Mindgrove Technologies, InCore, and Agnit Semiconductors.K Krithivasan , CEO, TCSTata Consultancy Services (TCS) paid its chief executive, K Krithivasan, Rs 26.5 crore in the financial year 2025 , representing a 4.6% increase from the previous fiscal year. This total includes a base salary of Rs 1.4 crore, benefits, allowances, and prerequisites worth Rs 2.13 crore, as well as Rs 23 crore in manufacturer Zetwerk has launched a dedicated division within its electronics manufacturing branch, aimed at producing equipment and capital goods Karnataka will release draft rules on charging a fee on online platforms to fund welfare programmes for gig workers in about two weeks, state labour minister Santosh Lad told us, a day after Governor Thaawarchand Gehlot approved an ordinance to this L Catterton is raising $600 million for its inaugural India-focused fund, marking the first time a global private equity firm has launched an investment vehicle specifically for the Indian home services app Snabbit has raised $19 million in a funding round led by Lightspeed. The new capital will be used to expand into new micro-markets and strengthen the team amid rising demand.■ If algorithms radicalize a mass shooter, are companies to blame? ( The Verge ■ Grand Theft Auto publisher swaps DEI for 'Diversity of Thought' in annual report ( Wired ■ Microsoft starts testing Copilot for Gaming in Xbox app for iOS and Android ( TechCrunch
Time of India
4 days ago
- Business
- Time of India
Unacademy founders exit stage; Ola Electric's freefall
Unacademy founders exit stage; Ola Electric's freefall Want this newsletter delivered to your inbox? Also in the letter: Exclusive: Unacademy founders Munjal, Saini set to exit, shift focus to AirLearn Why it matters: Backdrop: The big picture: Ola Electric slips to number three in EV two-wheeler market as rivals gain ground By the numbers: Rivals on the rise: TVS Motor and Bajaj Auto increased their market shares to 25% and 22.6%, respectively, in May, despite slight dips in absolute volumes. Ather Energy's share declined to 13.1%, from 14.9% in April. Mounting headwinds: Mismatch with targets: 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: Top AI firms pivot to profitability track leaving price wars behind Driving the news: Quote, unquote: Fresh challenges: Way ahead: Other Top Stories By Our Reporters US court asks Infosys, Cognizant to resolve case via informal deal: Oyo to meet bankers next week for third IPO attempt: Info Edge Q4 profit surges 8x to Rs 678 crore on one-time gains: Blackbuck turns in a profit of Rs 280 crore in Q4: Logistics SaaS startup Fleetx raises Rs 113 crore: Frinks AI raises $5.4 million in fresh round: Contineu raises $1.2 million: Global Picks We Are Reading Happy Wednesday! Unacademy cofounders are planning to exit the edtech firm as the company expands its offline footprint. This and more in today's ETtech Morning Dispatch.■ AI price tags■ Infosys-Cognizant legal spat■ BlackBuck turns profitableGaurav Munjal and Roman Saini, cofounders of Unacademy, are preparing to depart from the SoftBank-backed edtech firm as it doubles down on its offline coaching pivot, people in the know told us. Sumit Jain, who joined Unacademy in 2020 through the acquisition of his startup Opentalk, will take over as CEO, they leadership shake-up follows months of boardroom deliberations and coincides with the founders' growing focus on AirLearn, a standalone language learning app aiming to take on Duolingo. AirLearn has hit 70,000 daily active users (DAUs) and a $2 million revenue run rate, Munjal recently told and Saini are expected to receive a cash payout while retaining their equity in the company. Their departure follows Unacademy's scrapped $800 million deal with Allen Career Institute, as reported by us on December 4, and comes amid a wider edtech slump that has seen peers like Byju's valued at $3.4 billion, Unacademy has struggled to hold onto its pandemic-era highs. It posted Rs 840 crore in revenue for FY24 and cut net losses to Rs 631 crore. The company still has Rs 1,200 crore in the bank, according to Aggarwal, founder, Ola ElectricOla Electric, once the market leader in India's electric two-wheeler segment, fell to third position in May, ceding ground to legacy rivals TVS Motor and Bajaj Bhavish Aggarwal-led company's market share dropped to 20% during May 1–26, down from 22.1% in April, and a sharp decline from over 50% just 13 months ago. Registrations fell to 15,221 units—nearly 60% lower than the 37,388 units logged in May Electric's slump comes amid a broader sector slowdown and growing internal challenges, including regulatory scrutiny, operational inefficiencies, and concerns over after-sales service. The firm is also under investigation over discrepancies between reported and actual vehicle latest figures stand in sharp contrast to CEO Aggarwal's ambitious goal of 50,000 monthly unit sales, which is necessary to achieve breakeven. Earlier this month, Ola Electric approved raising up to Rs 1,700 crore through debt instruments—its first funding move since its initial public offering (IPO) in August 2024. The company's shares continue to trade below the Rs 76 issue price, closing at Rs 52.49 on intensifying competition and declining customer trust, Ola Electric faces an uphill task in regaining lost 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 intelligence (AI) companies are now prioritising profitability after slashing prices by 65–90% last Anthropic, Meta, and Google are releasing new AI models at roughly flat or even higher rates. The cost of intelligence may decline, albeit at a slower pace, as companies are no longer rushing to train new models. This spells trouble for startups that depend on these models.'AI companies may not have reached an optimum pricing point but to a point where reduction in pricing is appearing to slow down,' said Naga Santhosh Josyula, cofounder of vibe coding platform price pressures, however, have led to several Indian startups struggling to scale AI applications, invest in R&D, and pass on cost savings to customers, ultimately causing them to depend on external funding.'Running production-grade agents at scale isn't cheap, and it impacts pricing strategies, performance tuning, and R&D investment decisions,' said Somit Srivastava, chief technical officer (CTO) wealthtech firm Startups need to be 'smart about AI usage,' either through model routing, hybrid stacks, or targeted agents, rather than waiting for prices to fall. TableSprint's Josyula said his company is reducing costs by using smaller or optimised models.A US court has asked both Infosys and Cognizant Technology Solutions to attempt to resolve the case by oral agreement . Failing to do this, they can 'seek an informal telephone conference with the court to attempt to resolve' the conflict, the bench Stays Ltd, the parent company of hospitality startup Oyo, is set to formally review proposals from merchant bankers next week as it prepares for a fresh attempt at an initial public offering (IPO), targeting a valuation of $5–7 billion, according to multiple people familiar with the Naukri parent saw its net profit rise to Rs 678 crore in the March quarter from Rs 88 crore on reclassification of a joint venture investment as financial investments and long-term capital gains tax rate change. Operating revenue increased 14% to Rs 750 crore during the aggregator BlackBuck owner Zinka Logistics saw a 31% year-on-year (YoY) increase in operating revenue, reaching Rs 121.8 crore, up from Rs 93.2 crore a year ago. It posted a net profit of Rs 280 crore , compared to a net loss of Rs 90.7 crore in the same quarter last Gurgaon-based firm raised Rs 113 crore in a funding round led by existing investors Indiamart Intermesh and Beenext (through its Accelerate Fund).Frinks AI has raised $5.4 million in a round led by Prime Venture Partners, along with Chiratae Ventures, as well as new investors Navam Capital and Zen Technologies founder Ashok startup Contineu has secured $1.2 million in a seed funding round led by SenseAI Ventures, with participation from Piper Serica Angel Fund.■ Google CEO Sundar Pichai on the future of search, AI agents, and selling Chrome ( The Verge ■ The math tutor and the missing $533 million ( Rest of World ■ WordPress has formed an AI team ( Techcrunch
Time of India
5 days ago
- Business
- Time of India
Groww files for IPO; FirstCry, Awfis report Q4 earnings
Groww files for IPO; FirstCry, Awfis report Q4 earnings Also in the letter: Groww files draft papers for IPO, eyes $700 million to $1 billion listing The details: IPO size estimated between $700 million and $1 billion. Groww would be the first fintech to go public after redomiciling to India. An increasing number of tech firms are opting for confidential filings to seek regulatory feedback. Pre-IPO dough: On March 26, ET reported that Groww was in talks to raise $250-300 million from Singapore's sovereign fund GIC, potentially at a valuation of $6.5 billion. On May 16, GIC formally approached India's competition watchdog for approval to invest $150 million in exchange for a 2.14% stake. If approved, the deal could double Groww's $3 billion post-money valuation from 2021. Financials: FY24 operating revenue stood at Rs 3,145 crore. Net loss was Rs 805 crore, primarily due to a one-time tax expense related to its shift back to India. Operating profit came in at Rs 535 crore. Also Read: FirstCry's Q4 loss widens to Rs 111 crore; full-year Ebdita improves By the numbers: Full-year FY25 loss: Rs 265 crore vs Rs 322 crore in FY24. Rs 265 crore vs Rs 322 crore in FY24. FY25 revenue: Rs 7,660 crore, up 18% YoY. Rs 7,660 crore, up 18% YoY. Adjusted Ebdita: Rs 100 crore in Q4, up from Rs 84 crore in Q4FY24. Rs 100 crore in Q4, up from Rs 84 crore in Q4FY24. Gross profit: Rs 1,206 crore in Q4, margin at 37.5%. Segment revenue (Q4FY25): India multi-channel: Rs 1,337 crore. Rs 1,337 crore. GlobalBees: Rs 398 crore. Rs 398 crore. International: Rs 125 crore. Rs 125 crore. Others: Rs 11 crore. Nazara Technologies Q4 revenue nearly doubles; net profit rises to Rs 4 crore Financials: Operating revenue: Rs 520.2 crore, up 95% year-on-year (YoY). Rs 520.2 crore, up 95% year-on-year (YoY). Net profit: Rs 4 crore, up from Rs 0.18 crore a year ago. Rs 4 crore, up from Rs 0.18 crore a year ago. Esports revenue: up 47% YoY; Gaming division revenue: up 72% YoY. up 47% YoY; Gaming division revenue: up 72% YoY. Total expenses: Rs 527.7 crore, up 85% YoY. Rs 527.7 crore, up 85% YoY. Advertising and promotional spend: Rs 151.03 crore. Awfis net profit rises nine-fold in Q4, revenue up 46% Financials: Operating revenue: Rs 339 crore Q4. Rs 339 crore Q4. Net profit: Rs 11.3 crore, up from Rs 1.2 crore a year ago. Rs 11.3 crore, up from Rs 1.2 crore a year ago. Total expenses: Rs 347 crore, up from 239 crore YoY. Rs 347 crore, up from 239 crore YoY. FY25 revenue: Rs 1,207 crore, up 42% from Rs 849 crore in FY24. Rs 1,207 crore, up 42% from Rs 849 crore in FY24. FY25 net profit: Rs 68 crore, compared to a Rs 17 crore loss in FY24. 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: Zepto founder Aadit Palicha alleges smear campaign by rival CFO as quick commerce race heats up What's the news: Financials: Monthly gross order value rose from Rs 750 crore in May 2024 to Rs 2,400 crore in May 2025. Ebitda improved by 2,000 basis points between January and May 2025. GOV grew 20% in the same period. Cash runway stands at Rs 7,445 crore. Also Read: Cut-throat space: Eternal-owned Blinkit led the March quarter with Rs 9,421 crore in GOV. Swiggy's Instamart followed with Rs 4,670 crore, twice its figure from a year ago. Blinkit also leads in dark stores, operating 1,300+ and targeting 2,000 by the end of 2026. Zepto and Instamart crossed 1,000 this year. Space-tech companies get an opening as India seeks more eyes in the sky Current state: India currently operates about 10–11 defence satellites, mainly from the Cartosat and RISAT series. While effective, Bhatt noted that their long revisit times limit continuous surveillance. Quote, unquote: Tell me more: Private players will build 31 satellites, with ISRO handling 21. Startups and geographic information system (GIS) firms are stepping in with new satellites, better analytics tools, and upgraded ground stations to meet this rising demand. OpenAI to open office in Seoul amid growing demand for ChatGPT Driving the news: South Korea has the highest number of paying ChatGPT users after the United States, OpenAI said. The company has begun hiring locally to support partnerships in the region and plans to share further details in the coming months. OpenAI previously partnered with chat app operator Kakao to develop AI products tailored for the South Korean market. Official statement: Wealthtech platform Groww is heading for the public markets after confidentially filing its draft IPO papers. This and more in today's ETtech Top 5.■ Zepto CEO shrugs smears■ India's eyes in the skies■ OpenAI's new Asian outpost(L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, founders, GrowwOnline investment platform Groww has moved a step closer to its Dalal Street debut by confidentially filing its draft red herring prospectus (DRHP) with the market regulator, as per a public notice on March IPO is expected to be among the largest by size, joining the ranks of new-age peers such as Swiggy, Zomato and Maheshwari, CEO, FirstCryBrainbees Solutions, which operates omni-channel baby products retailer FirstCry, reported a consolidated net loss of Rs 111 crore in Q4 FY25 — widening from Rs 43 crore in the year-ago period and Rs 15 crore in the previous quarter. Operating revenue stood at Rs 1,930 crore, up 16% year-on-year but down 11% company said 38% of GMV from its top 20 cities came from cross-channel users transacting both online and Mittersain, CEO, Nazara TechnologiesOnline gaming firm Nazara Technologies posted a strong growth in operating revenue and net profit for the fourth quarter of Lakhani, CEO, AwfisOffice space solutions provider Awfis recorded a 46% rise in operating revenue for the March quarter, driven by greater contributions from enterprise clients, allied services and improved operating 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 Palicha, CEO, ZeptoZepto founder and CEO Aadit Palicha has accused a senior executive at a rival quick commerce firm of orchestrating a smear campaign, claiming the executive circulated false information to investors and a LinkedIn post, Palicha said a competitor's CFO made 'wild allegations' without empirical evidence, sharing 'false numbers and Excel sheets' with journalists via proxy sources. He also alleged that bots were unleashed to tarnish Zepto's online suggested the smear effort signals growing anxiety among rivals about 'how fast Zepto's Ebitda is improving' despite the competitor hailing from a 'high-quality company.'To back his claims, Palicha outlined Zepto's performance:Zepto remains a standalone player in a sector dominated by big-backed is ramping up its satellite-based Intelligence, Surveillance and Reconnaissance (ISR) capabilities in the wake of Operation Sindoor, Lt Gen AK Bhatt (Retd), director general of the Indian Space Association (IspA), told us.'The Space Based Surveillance (SBS-III) programme is critical, but with a 4-5 year timeline, there's pressure to fast-track it and reduce dependence on foreign or commercial satellite data after the escalations between the two countries,' said Bhatt, a former DGMO who handled the Doklam SBS-III programme will deploy 52 Indian-owned and operated satellites, offering real-time imagery from low Earth and geostationary will open its first office in Seoul and has registered a local entity in South Korea, citing growing demand for ChatGPT in the country, the company announced on Monday."Korea's full-stack AI ecosystem makes it one of the most promising markets in the world for meaningful AI impact, from silicon to software, and students to seniors," chief strategy officer Jason Kwon said in a statement.
Economic Times
6 days ago
- Business
- Economic Times
India's supplements wild west; Payments firms' SaaS play
Happy Monday! As over-the-counter health supplements are increasingly available online, concerns arise about their efficacy and regulation. This and more in the latest edition of ETtech's Morning Dispatch. Also in the letter: ■ Tepid IT job demand ■ Top Tata Electronics' hire■ Info Edge readies VC fund Pills, promotions and a dose of doubt: Influencers, VC money fuel India's booming supplements market From collagen powders and gut health liquids to magnesium tablets and hormone-balancing pills, wellness supplements have become lifestyle staples in post-pandemic India. However, as demand surges, so do questions around efficacy and oversight. Growing concern: Most supplements are sold directly to consumers via ecommerce websites and quick-commerce apps. They're available over the counter – no prescription, no pharmacist, and often, no evidence that they work. Multiple experts and industry executives told us this supplement boom is driven by post-Covid-19 health consciousness, amplified by influencer marketing, and backed by venture capital (VC). Tell me more: The sector attracted over $500 million in funding between 2020 and May 2025, according to data firm Venture Intelligence. Brands like Plix, Kapiva, Fast&Up, and The Good Bug are leaning into influencer-led marketing, with some partnering with doctors and wellness experts to add a veneer of credibility. Industry analysts say brands pay anywhere between 15-30% of their budgets on influencer marketing. What about regulation? In India, most supplements are regulated by the Food Safety and Standards Authority of India, not the drug regulator. This means weaker scrutiny and lighter penalties. Online pay aggregators focus on anti-fraud tech to up revenues Payment companies are transforming their in-house fraud detection tools into software-as-a-service (SaaS) products for banks and fintechs, unlocking a new source of recurring revenue. Tell me more: Payment aggregators (PAs) like PayU, Razorpay, and PhonePe have developed fraud detection systems to safeguard their platforms. Now, they are pitching these tools to lenders, promising improved transaction rates and enhanced customer security. Quote, unquote: 'While we already work with large banks to address their payment fraud needs, many mid- and small-sized financial institutions need strong technology solutions to fight payment fraud. We are also targeting this segment, and the opportunity is significant,' said Anirban Mukherjee, chief executive officer, PayU. Zoom out: As competition intensifies and regulatory caps squeeze margins, payment firms are eyeing SaaS as a more stable, margin-friendly revenue stream beyond their core payment business. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: 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. 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: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. IT's Q1 headcount growth likely to stay flat despite improved macro Headcount growth in the IT sector is expected to remain flat, experts say, even as a pause on US President Donald Trump's 'reciprocal' tariffs lifts some clouds of uncertainty. Driving the news: Hiring demand for new IT joinees continues to hover around 55,000, well below the brief peak of 80,000 seen earlier in 2025, according to staffing firm Xpheno. There are currently 60,000 open roles in the IT services segment. Job scenario: Roughly 88% of active demand is concentrated in the technology and engineering roles. The remaining 12% spans consulting, project management, business development, analysts, and other support functions, Xpheno added. AI-led hiring: With firms prioritising quality over volume, demand is shifting towards 'future-ready' specialised roles in artificial intelligence (AI), machine learning, cloud, and cybersecurity. These segments are reported to grow by 30-75%, depending on the area, according to another staffing firm, Teamlease. Quote, unquote: 'Although there is long-term optimism, companies remain cautious in the short term, reflecting a careful approach to hiring amid ongoing global uncertainties,' said Neeti Sharma, CEO, Teamlease Digital. Other Top Stories By Our Reporters Tatas rope in Intel veteran Tim McIntosh to steer Assam chip assembly plant: Tata Electronics has appointed Tim McIntosh as vice president and head of operations and manufacturing for Tata Semiconductor Assembly and Test (TSAT), marking the latest leadership hire of an Intel veteran at the firm. Spacetech gets an opening as India seeks more eyes in the sky: While India currently has around 10–11 defence satellites operated by ISRO, "revisit times are long" and there's an urgent need for more satellites, Lt Gen AK Bhatt (Retd), DG of the Indian Space Association (ISpA), told us. Info Edge's shareholders clear Rs 1,000 crore VC fund play: The Noida-based firm will invest up to Rs 1,000 crore in Info Edge Ventures Fund III, paving the way for increased startup investments. Byju's app taken down from Google Play Store: The Byju's app has been removed from the Google Play Store due to payment disruptions for its services, while other apps remain available on the platform. Apple's India bet reflects global confidence: Rajeev Chandrasekhar | Apple's ongoing expansion of its iPhone manufacturing operations in India indicates increasing global confidence in the country's electronics manufacturing ecosystem, said former IT minister Rajeev Chandrasekhar. Global Pick We Are Reading ■ India's richest man can't crack e-commerce, even with Shein (Rest Of World) ■ Gemini in Chrome feels like a small step toward Google's agentic era (The Verge) ■ founder plots potential deal to buy failed company (FT) Updated On May 26, 2025, 07:11 AM IST
Economic Times
22-05-2025
- Business
- Economic Times
Tesla, Taneja, and a tepid IT quarter
Happy Thursday! Tesla's finance chief Vaibhav Taneja is now one of the highest-paid executives in the tech world. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Zomato orders get costlier■ OpenAI's new acquisition■ Govt's notice to Uber The world's asking: Who is Vaibhav Taneja? Vaibhav Taneja, Tesla's relatively low-profile chief financial officer, is now among the highest-paid executives in the world—taking home $139 million in 2024, according to the electric carmaker's latest proxy filings. How it compares: Taneja's pay dwarfs that of other tech titans—Satya Nadella earned $79.1 million at Microsoft, while Sundar Pichai took home $10.73 million at Alphabet. Even by Tesla's standards, the number is eye-popping, reflecting the company's generous stock-based compensation structure. What's behind the figure: Taneja's base salary was a modest $400,000 (Rs 3.33 crore). The bulk of his package was composed of performance-linked stock options and equity grants—an approach Elon Musk has often defended as incentivising long-term execution. Quick rise: Taneja joined Tesla in 2017 after working with PricewaterhouseCoopers and SolarCity, where he handled accounting operations. He became chief accounting officer in 2019 and was elevated to CFO in 2023, overseeing Tesla's global financial operations amid its cost-cutting and EV expansion strategies. His payday marks a growing trend of CFOs wielding greater power in tech firms—especially those navigating turbulent macroeconomic environments and capital-intensive roadmaps. Indian IT companies brace for muted Q1 as deal flow slows India's top IT services companies are likely to report flat to modest revenue growth (0–3%) for the June quarter, amid sluggish deal activity and caution among enterprise clients. What's happening: Despite some relief from easing Trump-era tariffs and improved geopolitical signals, IT buyers remain conservative. Analysts flag continued project ramp-downs, delayed decision-making, and limited new deal signings. Quote, unquote: 'We are still seeing abrupt project pauses and rampdowns in pockets, as customers continue to be concerned about the stability and permanence of the trade deals that have been announced,' said Nitin Bhatt, technology sector leader at EY India. Split sentiment: While some clients are fast-tracking digital transformation projects ahead of fiscal budget freezes, others are holding back on fresh tech investments altogether. 'The IT sector is still very much in a wait-and-watch mode,' said Phil Fersht, CEO of HFS Research. AI stays hot: Despite the broader slowdown, one bright spot remains—AI investments. With margins under pressure, clients are directing a greater share of budgets to AI-led tools that deliver measurable cost reductions and automation gains. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: 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. 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: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Zomato adds 'long-distance service fee' for restaurants Zomato has introduced a new 'long-distance service fee' that restaurants must pay when food is delivered beyond a certain distance threshold—raising concerns among partners over rising commission costs. The structure: Rs 15 per order for deliveries between 4–6 km, if the order is above Rs 150 Rs 25–35 for orders over 6 km, depending on the city This charge is in addition to existing platform commissions Why it matters: The change follows Zomato's update to its app interface, which now displays restaurant ratings based on distance from the user—nudging consumers towards nearer options. Restaurant reaction: Zomato has assured that total service fees will be capped at 30% (excluding levies), but several restaurant partners told ETtech that effective commissions could now rise to 45% on longer-distance orders, especially in metro cities. Also Read: ETtech Q&A | Zomato CEO Deepinder Goyal on food delivery slowdown, quick commerce burn and more OpenAI to buy iPhone designer Jony Ive's AI design startup L-R, Jony Ive, iPhone designer, Sam Altman, CEO, OpenAI In its largest acquisition yet, Sam Altman's OpenAI will acquire iPhone designer Jony Ive's AI product designing startup, io. What's the deal: OpenAI will make the purchase worth $6.4 billion in an all-equity deal. While io will merge with OpenAI, Ive and his creative collective LoveFrom will take on "deep creative and design responsibilities across OpenAI and io," the ChatGPT maker said. Rising competition: OpenAI is acquiring io when competition ha intensified in the artificial intelligence (AI) world, bet it coding agents, agentic AI or more. The AI major is also renegotiating a mutlibillion dollar deal with Microsoft for a future listing, while protecting the software giant's access to cutting-edge AI models. Other Top Stories By Our Reporters Indian firms bolster cyber defences post Operation Sindoor: Indian companies—from large enterprises to mid-market firms—are increasing their cybersecurity preparedness following the two-week escalation between India and Pakistan and Operation Sindoor. Government notice to Uber for 'advance tip': The Central Consumer Protection Authority (CCPA) has issued a notice to Uber regarding 'advance tip', a feature that allows users to pay tips to drivers prior to booking rides. Entertainment startup Mythik raises $15 million: Mythik, founded by former CEO Jason Kothari, raised $15 million in a round led by Sakal Media Group, Venture Catalysts-backed VC Grid, actor Shah Rukh Khan's family office and Visceral Capital. Global Pick We Are Reading ■ Trump cuts are killing a tiny office that keeps measurements of the world accurate (Wired) ■ How MrBeast ended up in the new season of Love, Death, and Robots (The Verge) ■ The small robot company with big global ambitions (Rest Of World) Updated On May 22, 2025, 07:17 AM IST
