Latest news with #Parekh
Time of India
an hour ago
- Business
- Time of India
Infosys allays layoff fears; Freshworks cuts losses by 91%
Infosys allays layoff fears; Freshworks cuts losses by 91% Also in the letter: Infosys to hire 20,000 grads in FY26 amid IT job loss fears Setting context: Tell me more: The company has trained 275,000 employees in AI so far. Productivity has jumped 5–15% in software development, with even higher gains in support functions. Its Finacle platform, blending AI tools with human oversight, has delivered a 20% boost. Parekh insists that people remain central to Infosys' growth, stating that human expertise is critical, especially for complex and integrated systems. What's next: Also Read: Freshworks posts strong Q2, lifts full-year forecast What's driving it: AI is central: Other highlights: Customers paying over $5,000 in ARR rose 10% year-on-year to 23,975. Total customers exceeded 74,000 across 120+ countries. Net dollar retention stood at 106%. 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: MS Dhoni backs new-age insurer Acko, joins as brand face Driving the news: The pull: Go Digit counts Virat Kohli and Anushka Sharma as both investors and brand ambassadors. With Dhoni now on Acko's roster, two former India captains are effectively facing off in the insurance market. Strategic signal: Sharpsell raises Rs 30 crore to scale AI-led sales Tell me more: MeitY flags underperformance in PLI fund utilisation Where it stands: MeitY had Rs 16,549 crore to spend but managed to use only Rs 12,847 crore. The biggest shortfall came from semiconductor and display manufacturing incentives. Fund release is tied to companies meeting strict milestones, which MeitY says is 'beyond its control.' Also Read: What's being done: Big picture: Also Read: Indian electronics firms go global to win Western clients Driving the news: What's happening: Following suit: Syrma SGS, Dixon Technologies, Kaynes, and Cyient are inking deals in the US, Austria, Germany, and South Korea. Calcom Vision has pivoted to exports, with two US firms already auditing its new lighting and ceiling fan facility. Infosys confirmed plans to hire thousands, even as the IT sector stares at a spate of layoffs. This and more in today's ETtech Top 5.■ MSD dons investor cap■ Surplus PLI sops■ Indian makers look westInfosys CEO Salil ParekhEven as India's IT sector tightens its belt, Infosys is moving in the other direction. CEO Salil Parekh says the company will hire around 20,000 college graduates in FY26, after onboarding 17,000 in the first quarter move comes against a grim backdrop. TCS recently announced it would shed more than 12,000 roles , the largest layoff by an Indian IT firm to date. Industry body Nasscom has warned of a fresh wave of 'workforce rationalisation' as automation, cloud-native delivery, and changing client demands reshape the however, is betting on a different playbook: automation paired with aggressive salary hikes for Q4 and Q1 completed, the next round of compensation will be announced 'at the right time.' For now, Infosys' mix of reskill, automate, and still hire, offers a rare note of optimism in a cautious IT Woodside, CEO, FreshworksFreshworks delivered a solid June quarter , with revenue climbing 18% year-on-year to $204.7 million. Net loss narrowed sharply to $1.7 million from $20.1 million a year ago, as the Nasdaq-listed software-as-a-service (SaaS) firm tightened costs and captured higher-value clients. The company also nudged up its full-year revenue forecast to $822.9–828.9 Chennai- and San Mateo-based firm is riding momentum in the mid-market and enterprise segments, which now contribute over 60% of annual recurring revenue (ARR). Operating expenses dipped 4% year-on-year, while non-GAAP operating income surged to $44.8 Dennis Woodwide stated that businesses are gravitating toward Freshworks for 'AI-powered customer and employee experiences.' It's Freddy suite, including Freddy Copolot and the new Agent Studio, has crossed $20 million in said its diversified customer base and minimal sector exposure help buffer risks, including potential US tariff 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 Insurance CEO Varun Dua with MS DhoniFormer Indian cricket captain MS Dhoni has invested in digital insurer Acko via his family office, Midas Deals, and will also serve as its brand ambassador. Acko described the partnership as 'strategic' but did not disclose the investment said Acko's 'tech-first, customer-centric' model reflects how a new India wants to engage with insurance: fast, digital, and frictionless. Acko currently serves over 70 million users and handles around two million claims annually across motor, health, and move comes as celebrity power reshapes the insurtech Acko, the celebrity tie-up is aimed at deepening customer trust and expanding digital distribution. The push coincides with improving regulatory clarity in insurance, as direct-to-consumer (D2C) sonumer platforms race to capture India's online-first Kamma, cofounder, Sharpsell AIAI-led sales enablement startup Sharpsell has raised Rs 30 crore , including Rs 10 crore from Equentis Angfel Fund – its largest single-company bet yet. It previously secured funding from Cornerstone Venture Partners and Mistry Venture, among provides AI-personalised sales content and updates, synthetic data-backed training for sales teams, and sector-specific solutions across BFSI, auto, consumer electronics and pharma. The platform already counts a few lakh IT ministry returned Rs 1,574 crore from its FY24 budget for production-linked incentive (PLI) and chip manufacturing schemes, blaming slow progress by participating companies . A parliamentary panel was unimpressed, calling the ministry's explanation 'not understandable' and urging it to take greater responsibility for ministry has informed the panel that it has scaled down budget estimates to match actual capacity. The committee, however, wants stronger coordination and tighter monitoring to prevent chronic episode highlights the gap between India's big-ticket tech ambitions and the execution challenges of its PLI and semiconductor push. As the country races to build a domestic electronics manufacturing ecosystem, the credibility of these incentive schemes will face sharper contract manufacturers are venturing abroad, snapping up overseas companies to tap into Western customer global supply chains shift away from China, these firms are using acquisitions and partnerships to break into high-value sectors like defence, aerospace, and industrial Group is leading the charge, spending over Rs 400 crore for a controlling stake in Israel-based Unitronics. The deal gives Amber both the certifications and direct access to Western defence clients that would otherwise take years to rush abroad comes as tariff uncertainty reshapes sourcing strategies. Yet, analysts warn that frequent reinvestment may test patience. 'Returns are being deferred,' said one expert, highlighting investor unease over slow payoffs.
Economic Times
2 hours ago
- Business
- Economic Times
Infosys sees ‘good activity' on projects; moves forward with new hiring
Infosys is seeing high levels of utilisation for its workforce, and fresh hires are being trained and deployed on projects, said the software major's chief executive, Salil Parekh.'There is good activity from clients on enterprise solutions. Those solutions where we have very strong skills, we see quite a strong demand. And [as] those continue to roll out, we see good recruitment, good utilisation,' Parekh said in an interview with CNBC-TV18 on Wednesday Coupled with clients' consolidation decisions and artificial intelligence (AI) reskilling, these factors are helping high utilisation of employees, he said. Adding 8,000 more employees during the 12 months to June 30, 2025, the information technology (IT) bellwether has improved its revenue efficiency per employee, the Infosys CEO emphasised. Infosys will shape its recruitment plans for the current fiscal year to meet the revenue guidance for the period, the Infosys CEO second-largest Indian software exporter had tightened its revenue guidance range for the fiscal year ending March 2026 to 1–3%, from 0–3% earlier, signalling more clarity on topline visibility. Its net addition to the workforce during the April-June quarter stood at 210. Parekh reiterated Infosys' target of hiring 20,000 freshers during FY26, which was set at the end of the previous fiscal year. The company onboarded 17,000 freshers and lateral hires in the June quarter itself, Parekh said. IT job cut fears Parekh's confidence contradicts the wider job security concerns in the Indian IT industry after the largest player in the space, Tata Consultancy Services (TCS), said it will cut 2% of its global workforce, or more than 12,000 employees. The massive layoffs are on account of a skills mismatch, TCS CEO K Krithivasan stated, and not due to artificial intelligence (AI) replacing employees. Brokerage firm Jefferies said job cuts at the Tata subsidiary may be a 'canary in the coal mine' moment for IT services. 'TCS' move to cut 2% of its workforce may lead to execution slippages in the near term and higher attrition in the longer run for the firm and reflects a weak demand environment for the sector,' it said in a recent report. IT industry body Nasscom also warned of some level of 'workforce rationalisation' in the near term. The cuts are due to the pivot toward product-aligned delivery models and the rising demand from global clients for greater agility, speed, and innovation, it said on Tuesday. Nasscom said that the technology sector is undergoing a structural transformation as AI and automation become central to business operations, with implications for both service delivery and workforce models. 'Traditional skill sets are being re-evaluated, and this may lead to some transitions.'
Economic Times
2 hours ago
- Business
- Economic Times
Infosys to hire 20,000 freshers amid IT job loss fears
Infosys CEO Salil Parekh has confirmed the company's plan to hire around 20,000 graduates this year, according to a report in The Times of India.'We recruited over 17,000 people (gross hiring) in the first quarter and plan to bring in about 20,000 college graduates this year,' he told TOI. Parekh said the company has been able to stay slightly ahead by investing strategically in artificial intelligence (AI) and reskilling. So far, the IT major has trained around 275,000 employees at various levels. The Infosys CEO's comments come close on the heels of the company's rival Tata Consultancy Services (TCS) announcing layoffs of over 12,000 people, the largest-ever in the country's IT sector. So far this fiscal year, no other Indian IT company has announced layoffs on this scale. Also Read: TCS is slashing 12,000 jobs in India's biggest IT layoff; will others follow? However, Nasscom, on Tuesday, said it anticipates some level of 'workforce rationalisation' in the near term for the sector. It said that the cuts will be due to the pivot toward product-aligned delivery models and the rising demand from global clients for greater agility, speed, and innovation, AI impact Speaking about AI's impact, Parekh said, 'AI allows for deeper automation and insights,' but also 'demands higher-level skills and more effort.' He added that Infosys continues to expand its workforce, reflecting its long-term commitment to both people and technology. Automation gains When asked about AI-driven automation in coding, Parekh noted that software development is seeing 5% to 15% productivity gains and even more in customer service and knowledge he stressed the importance of human expertise, especially for complex and integrated systems. 'Infosys Finacle, our banking platform, delivers around 20% productivity improvement by blending automation with human oversight.' On wage hikes Parekh said that the company has already concluded the compensation increases for Q4 and Q1 of the last fiscal year. 'Now that this cycle is complete, we are beginning to evaluate the timing for the next round—as we do after every cycle….We will stick with our existing process and announce the next cycle at the right time.
India.com
3 hours ago
- Business
- India.com
Days after Ratan Tata's TCS decides to sack 12000 employees, Narayana Murthy's Infosys makes big statement, set to affect 20000 people due to...
Narayana Murthy-led Infosys plans to hire about 20,000 freshers in 2025. (File) Infosys jobs: Amidst the stunning announcement by Tata Consultancy Services (TCS) to sack as many as 12,000 employees in its fresh round of layoffs, rival IT major, Infosys has announced plans to hire about 20,000 freshers in 2025. A media report quoting Infosys CEO Salil Parekh said the new hirings by the Narayana Murthy-led company will be focused on building artificial intelligence (AI) skills. Why Infosys is hiring freshers? Parekh revealed that Infosys has already recruited more than 17,000 new workers in in the first quarter of the current fiscal year, and has imparted AI training to around 2.75 lakh of its employees at various levels, The Times of India (TOI) reported. As per the report, the Narayana Murthy-led IT giant is heavily focused on building AI skills, and the new hiring push is part of the company's broader strategy to stay ahead of its competitors amid a rapidly evolving tech space. 'AI allows for deeper automation and insights. But it also demands higher-level skills and more effort,' the Infosys CEO said, adding that the long-term goal of the company's workforce expansion is to upscale its technological capabilities. What Infosys CEO said about company's AI push? Talking about the growing role AI, the CEO said that Infosys has already reaping the benefits of using AI tools as software development has witnessed 5% to 15% productivity gains, while improvements were also visible in customer service and knowledge-based work. However, Parekh stressed the critical need for human skills, noting that expert oversight is still required for complex systems such as Infosys Finacle, the company's core banking platform, which he said employs a mix of automation and human control, resulting in a 20% productivity growth. TCS layoffs Meanwhile, the announcement comes amidst the backdrop of Tata Group-owned TCS, Infosys' main rival, announcing plans to cut two percent of its global workforce, which would result in over 12,000 TCS workers losing their jobs in the current financial year. TCS layoffs, the largest in the history of India's IT industry, will affect workers from all countries and domains where the company is operational. The TCS layoffs are likely to be conducted between April 2025 and March 2026, Moneycontrol reported.
Hindustan Times
3 hours ago
- Business
- Hindustan Times
Infosys to hire 20,000 graduates this year amid AI push
Infosys chief executive Salil Parekh has confirmed that the company plans to hire around 20,000 college graduates this year. CEO Salil Parekh confirms that Infosys plans to bring in about 20,000 college graduates this year.(ANI) 'We recruited over 17,000 people (gross hiring) in the first quarter and plan to bring in about 20,000 college graduates this year,' The Times of India quoted Parekh. Parekh said the company is focusing on artificial intelligence and workforce development to stay ahead. Infosys has so far trained nearly 2.75 lakh employees in AI and digital technologies at different levels. Talking about the role of AI in operations, Parekh said, 'AI allows for deeper automation and insights,' but added that it also demands 'higher-level skills and more effort.' He said Infosys remains focused on growing its workforce and building long-term strength in both talent and technology. Also Read: Over 100 sacked Infosys employees petition PMO, IT giant rejects charges: Report Infosys is 'deeply focused on AI transformation' He said, 'We've been deeply focused on AI transformation — whether it's building AI agents or developing smaller language models internally.' Parekh added that software development productivity has improved by 5 to 15 percent with AI. He said larger improvements have been seen in areas like customer service and knowledge work. At the same time, he stressed that human involvement is still essential for complex systems. 'Infosys Finacle, our banking platform, delivers around 20% productivity improvement by blending automation with human oversight,' he said. On salaries, Parekh said Infosys had completed its appraisal cycles for the fourth quarter and the first quarter of the last financial year. 'Now that this cycle is complete, we are beginning to evaluate the timing for the next round—as we do after every cycle. We will stick with our existing process and announce the next cycle at the right time,' he added. Also Read: 'No longer with company': What Infosys said on employee held for filming woman in washroom The hiring update comes just days after rival company Tata Consultancy Services (TCS) announced it would cut more than 12,000 jobs. This is the biggest layoff seen in the Indian IT sector so far. No other major IT firm in India has reported job cuts on this scale in the current financial year.
