Latest news with #India-focused
The South African
3 days ago
- Business
- The South African
Home Affairs' new TTOS sees over 11 000 tourists processed
South Africa's Trusted Tour Operator Scheme (TTOS) has already seen a number of China and India-focused tour operators reaping significant rewards from the new programme. According to Tourism Update , the Department of Home Affairs (DHA) recently revealed that a total of 11 144 tourists have been processed through the platform since it was established in February this year. Home Affairs Minister Leon Schreiber also reported that the volume of daily TTOS applications had grown from an average of 50 in March 2025 to 210 in May 2025. The DHA said that the TTOS currently grants 65 approved tour operators access to a digital platform where they are allowed to submit and receive visa outcomes for tour groups from both China and India. Johan Groenewald, one of these approved tour operators for India, highlighted a 'vast improvement' in visa processing through the TTOS. 'It is efficient and fast and the DHA is keeping to its commitment to process within a maximum five working days,' Groenewald said as per Tourism Update . Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Time of India
4 days ago
- Business
- Time of India
L Catterton to raise $600 million India focused fund
Representative image (AI) MUMBAI: Private equity (PE) firm L Catterton backed by French luxury brand LVMH is raising a $600 million India-focused fund as it looks to tap into opportunities in a growing market where a spate of new-age firms are building consumer focused brands and services. International Finance Corporation (IFC), a World Bank affiliate has proposed to invest up to $30 million in the fund alongside an additional co-investment of up to $30 million, it said in a recent disclosure. L Catterton did not respond to queries. L Catterton will invest in seven to nine companies through the fund, largely mid-sized and operating in the consumer space with cheque sizes ranging from $25-$150 million. The fund will back companies building in the food and beverages, retail and restaurants, consumer services (including healthcare) spaces besides funding up and coming consumer brands. The PE firm has traditionally been consumer focused and has made more than 275 investments globally. Its India portfolio includes a mix of startups such as Sugar Cosmetics, Drools and bigger players such as Jio Platforms. L Catterton which had been routing its investments in India through Asia fund last year roped in former Hindustan Unilever (HUL) chief executive officer Sanjiv Mehta to build a new investment vehicle for the India market. The PE firm's Asia platform formed a new joint venture partnership with Mehta for the same. Several PE and VC (venture capital) investors have been raising funds for the India market even as deployment of large cheques have so far been tepid amid evolving global macro developments. Last month, homegrown investment firm A91 Partners closed a $665 million fund while disclosure made by VC firm Accel earlier this year showed that it raised a $650 million fund focused on the region. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
TCS CEO's pay hike; L Catterton's India fund
TCS CEO's pay hike; L Catterton's India fund Also in the letter: TCS paid CEO K Krithivasan Rs 26.5 crore in FY25 Breakdown: Base salary: Rs 1.4 crore Rs 1.4 crore Benefits, allowance and prerequisites: Rs 2.13 crore. Rs 2.13 crore. Commissions: Rs 23 crore. Rs 23 crore. Pay ratio to the median employee remuneration: 329.8. For employees: TCS awarded annual increments ranging from 4.5% to 7% for its workforce of six lakh employees. Top performers received double-digit increases. Factoring in promotions and other event-based compensation, total pay hikes varied between 5.5% and 7.5%. Employees based outside India received wage hikes between 1.5% and 6%. Also Read: AI ahead: Headcount Also Read: L Catterton to raise $600 million for its first India-dedicated fund Driving the news: More details: IFC will invest $30 million in L Catterton India Fund-I, with an additional $30 million allocated for co-investment. Last March, former Hindustan Unilever chief executive Sanjiv Mehta partnered with L Catterton to establish this India-focused fund. In July, ET reported that L Catterton had applied to the Securities and Exchange Board (Sebi) of India to register the India-focused fund as a Category II alternative investment fund (AIF). Tell me more: L Catterton aims to make seven to nine investments from the India-focused fund, with cheque sizes ranging from $25 million to $150 million. The fund will primarily focus on companies in the food and beverages, consumer services (including healthcare, retail, and restaurants), and consumer brands sectors, according to IFC. Future outlook: Also Read: Unacademy founders' shift to AirLearn, Jain's offline role are strategic: Gaurav Munjal to employees Driving the news: No worries: Tell me more: Reality check: Also Read: Myntra secures Rs 1,063 crore funding from Singapore-based parent entity Driving the news: Yes, and: Expansion play: On May 19, Myntra launched Myntra Global, offering local brands to the Indian diaspora in Singapore as part of its international expansion. Partner brands will export products from their inventory in India, with shipping times ranging from four to seven days. Additionally, the company is racing to enter the evolving quick delivery space in India, with M-Now. It is expanding beyond apparel to include accessories, home furnishings, and makeup. Google paid Neal Mohan $100 million to stop him from joining Twitter What's the news: Money matters: Trying their luck: IT major TCS paid Rs 26.5 crore in remuneration to CEO and MD K Krithivasan in FY25. This and more in today's ETtech Top 5.■ Unacademy founders' 'strategic' shift■ Myntra gets expansion capital■ Google's $100m offer to Neal MohanK Krithivasan, CEO, TCSTata Consultancy Services (TCS) paid its chief executive, K Krithivasan, Rs 26.5 crore in the financial year 2025 , marking a 4.6% increase from FY24, according to the company's latest annual total compensation rose from Rs 25.45 crore in the previous year, following his appointment as CEO and MD in N Chandrasekaran stated in the report that TCS aims to expand its workforce with a substantial number of AI agents alongside human employees.'IT and business services are moving toward autonomous operations. The rise of autonomous robots and AI agents promises a future of 'dark factories' and AI-assisted enterprise functions,' he said in a letter to shareholders in TCS' annual report.: The report added that TCS's headcount reached 607,979 in FY25, reflecting an increase of 6,433 individuals compared to FY24, following consecutive fiscal periods of workforce Mehta, executive chairman, L Catterton IndiaL Catterton, the LVMH-backed private equity firm, is raising $600 million for its inaugural India-focused fund, according to a disclosure by the International Finance Corporation (IFC).The move could mark the first instance of a global private equity firm launching an investment vehicle specifically for the Indian market.L Catterton will enter a market already populated by consumer-focused investors, such as A91 Partners, alongside early-stage firms like Fireside Ventures and DSG Consumer Munjal and Roman Sain, founders, UnacademyUnacademy cofounder Gaurav Munjal wrote to employees on Wednesday clarifying that his increased involvement in the company's new platform, AirLearn, alongside cofounder Roman Saini, and incoming CEO Sumit Jain's focus on the offline business, are "strategic moves."The memo followed ET's Wednesday newsbreak that Munjal and Saini plan to step back from their executive roles to focus on the internal email, Munjal stated that he and Saini are now devoting 'substantial time and resources' to the language learning portal AirLearn, while Jain is 'channelling efforts' to strengthen the offline business.'I want to be clear – there's no cause for concern. Unacademy is performing exceptionally well. We've successfully completed appraisals across the board, and our burn rate is significantly reduced. Our balance sheet remains robust and healthy,' Munjal wrote, looking to quell layoff concerns triggered by which competes with Duolingo in the consumer-facing language learning space, has entered talks with potential investors. Some of Unacademy's existing shareholders may participate. However, this development has rankled certain board members, who believe the company should focus more aggressively on addressing core business challenges. Once valued at $3.4 billion , Unacademy has come down from its pandemic-era highs. In FY24, it reported revenue of Rs 840 crore while trimming its losses to Rs 631 crore Nandita Sinha, CEO, MyntraOnline fashion retailer Myntra has secured a fresh capital infusion of Rs 1,063 crore from its parent entity, FK Myntra Holdings, amid its expansion into to regulatory filings, Myntra Designs has allotted 19,43,753 equity shares to its Singapore-based parent at an issue price of Rs 5,465.23 each on a rights basis to raise this total Myntra, Flipkart's parent company, invested $81 million in November 2024 and $338 million in March 2024 into the fashion faces fierce competition in the crowded online fashion space from rivals like Amazon and the Chinese company Shein, which has returned to the Indian market after a five-year Mohan, CEO, YouTubeYouTube chief executive Neal Mohan's recent appearance on Nikhil Kamath's podcast has revived discussion around long-standing rumours that Google paid him $100 million a decade ago to prevent him from joining Twitter (now X).During the podcast, Kamath said, 'I remember reading this thing about Google offering you $100 million not to quit. Not today, but 15 years ago, which was a lot of money.' Mohan did not deny the played a pivotal role in Google's advertising and YouTube's product teams in 2011. Reports indicated that he was offered $100 million in restricted stock units, set to vest over several offer was made when Twitter was attempting to recruit him as chief product officer, led by David Rosenblatt, a board member of the microblogging site now known as X. He was Mohan's former was reported that Twitter also attempted to poach Sundar Pichai, who was then leading Chrome and Chrome OS at Google. The search giant retained him with a $50 million stock grant.
India Today
4 days ago
- Business
- India Today
Apple exported 11.5 million iPhones from India to US in first 4 months of this year, export from China down
Apple exported a total of 13.2 million iPhones from China to the US between January and April 2025. In the same period, India shipped 11.5 million iPhones to the US, according to estimates. At first glance, China still appears to be leading, but a closer look reveals a different story. India has been catching up steadily month after month, and in April, it actually overtook China for the first time, exporting 3.3 million iPhones compared to China's 900,000 units. advertisementAccording to market analysis research by Omdia (formerly Canalys), via CNBC, in April alone, iPhone shipments from India to the US rose 76 per cent year-on-year to reach approximately 3 million units. This sharp rise coincided with a 76 per cent drop in shipments from China during the same month. 'This latest trade war with China, is the type of disturbance that Apple has long been trying to prepare itself for,' said Le Xuan Chiew, research manager at Omdia. The research combines customs records and channel data from Apple's started investing heavily in India's supply chain during the COVID-19 pandemic, and those efforts appear to be paying off. Chiew added that the unusually high export numbers in March — 4.4 million from India — may have been due to the company stockpiling ahead of former US President Donald Trump's 'reciprocal tariffs' on April Despite Trump's decision to exempt iPhones from these tariffs on April 11, Apple's India-focused production strategy remains unchanged. CEO Tim Cook, in early May, reaffirmed that most iPhones sold in the US would be manufactured in India moving iPhones imported from China face an additional 30 per cent duty under Trump-era tariffs, while the base tariff for countries like India is 10 per cent. However, analysts believe India still has a long way to go. 'India's manufacturing capacity isn't expected to grow fast enough to take the entirety of US demand. It's still too early,' Chiew said. He added that Apple had only recently started shipping the top-end iPhone 16 Pro models from India. Estimates suggest US iPhone demand sits around 20 million units per quarter, and India is not expected to meet that demand fully until at least Newman, CEO of research firm Futurum Group, pointed out that while the final assembly of iPhones is moving to India, a large part of the supply chain remains in China. 'It was actually a very low lift for them to migrate more and more of the final assembly from China to India,' he shift, however, hasn't gone unnoticed by the governments involved. Trump recently threatened to impose a 25 per cent tariff on all iPhone imports, stating that they should be made in the US, 'not India, or any place else.' Meanwhile, China is reportedly trying to slow India's rise by limiting access to high-tech equipment and skilled labour needed for iPhone experts believe Apple will stay on its India path despite the challenges. 'Producing iPhones in the US is a fairy tale in our view, and Apple will continue to plough ahead on the India path. Cook will look to negotiate with Trump, but India is the focus and not changing,' said Dan Ives, global head of tech research at Wedbush In
Time of India
4 days ago
- Business
- Time of India
Private equity firm L Catterton to raise $600 million for its first India-dedicated fund
L Catterton , a private equity firm backed by LVMH, the world's largest luxury goods conglomerate, is raising $600 million for its debut India-focused fund , according to a disclosure by the International Finance Corporation (IFC), the World Bank Group's private sector investment arm. This may mark the first time a global private equity firm is launching an investment vehicle dedicated to India. As per the disclosure, IFC will invest $30 million in the L Catterton India Fund-I with an additional co-investment amount of $30 million. In March last year, former Hindustan Unilever (HUL) chief executive Sanjiv Mehta teamed up with L Catterton to launch an India-focused investment vehicle, according to an official statement made at the time. Mehta, who headed HUL, India's largest FMCG company, for ten years until 2023, formed an India consumer sector-focused joint venture with L Catterton to develop a new investment vehicle. ET had reported last July that L Catterton had submitted an application with the Securities and Exchange Board of India (Sebi) to register the India-focused vehicle as a Category II AIF ( alternative investment fund ). The vehicle will be led by Mehta, the firm's executive chairman for India, along with Anjana Sasidharan, partner and head of India investments, and the existing L Catterton Asia leadership team headed by managing partner Scott Chen, who has been in the role since 2019. L Catterton plans to make seven to nine investments from this India-dedicated fund, with cheque sizes ranging from $25 million to $150 million. According to IFC, the fund will primarily back companies across segments such as food and beverages, consumer services (including healthcare, retail and restaurants), and consumer brands. So far, L Catterton has invested in Indian companies through its Asia fund. The firm's portfolio includes beauty brand Sugar Cosmetics, healthy snacking startup Farmley (where it led a $40 million round last month), petcare brand Drools, which became a unicorn following a minority investment from Nestle SA, and Impresario, the parent company of restaurant chain Social, founded by Riyaaz Amlani. L Catterton has also invested in Jio Platforms, owned by Reliance Industries . The development was first reported by online news publication The Arc. With its India-focused fund, L Catterton will step into a market already home to consumer-focused investment firms like A91 Partners, as well as early-stage backers such as Fireside Ventures, DSG Consumer Partners, and others. This fund raise trend also reflects the broader dynamics in the Indian investment ecosystem. In 2024, Bluestone investor IvyCap Ventures, former KKR India CEO Sanjay Nayar's Sorin Investments, and climate-focused Avaana Capital also announced sizable fund closures. More recently, A91 Partners closed its largest-ever fund with a $665 million corpus, while venture capital fund Accel India, an early backer of Flipkart and Swiggy, also closed a $650 million fund. ET had reported on April 25 that Peak XV Partners is set to raise its first independent fund after its split from Silicon Valley firm Sequoia Capital with a target corpus of $1.2-1.4 billion.
