Latest news with #PuneetGupta
Mint
29-07-2025
- Business
- Mint
Astrotalk to create subsidiary to focus on devotion as a business
Faith-tech startup Astrotalk is looking at launching a new line of businesses that will focus on devotion, its founder said, amid rising demand for online and home-based religious rituals. 'We are looking to invest ₹50-100 crore behind this new subsidiary that is focusing on helping people do pooja online or at their home," founder Puneet Gupta said in an interview. Astrotalk, which offers online astrology advise, is gearing up for an initial public offering (IPO) in calendar year 2027. The company already claims to earn ₹6 crore in monthly revenue from online poojas, driven by word-of-mouth recommendations by its partner astrologer – chiefly pundits in temples. Customers will be given the choice to perform an online ritual - a puja for instance - at home or in a temple. The decision to create a subsidiary for devotion is based on differentiation for the Indian customer. 'We've not seen success in Indian businesses that do 10 different things. Indians need a different brand name, but we'll make sure that it says 'Powered by Astrotalk,' so it gives users the trust that they associate with our brand," Gupta said. Astrotalk has no fixed timeline on when the devotion business will go live, but has begun the hiring process for the leadership team. While one person is being moved internally, two others have been offered roles for the devotion business. The company expects the team to be finalized by September. 'Leadership is first, product is second because once we start talking to people we'll realise what they want. I can say 10 things now, but it could make no sense if the customer isn't sure," Gupta said. 'We already have ₹700 crore in the bank and we're currently fundraising $50 million (around ₹434 crore). The company will have enough money down the line to take these calls." The main focus for the new business is to tie up with large well-known temples and offer customers the chance to offer prayers to deities there, instead of the ones at their homes or those provided by their astrologers. 'We want to be able to have different temples which specialize in different things so customers have options," said Gupta. Astrotalk wants to market places of worship as well, directing people to certain temples based on where they'd like to make donations or offer prayers. 'We will create the entire ecosystem for a temple in that whatever is associated with it, we will do that for the consumer," said Gupta. 'We're looking to on-board as many temples as we can." Eventually, the company hopes that it will also be able to set up live streams within temples to allow consumers to interact without having to be there in-person. Astrotalk's revenue more than doubled to ₹651 crore in FY24 from ₹283 crore in FY23. Profits too increased, over 12 times to hit ₹100 crore in FY24, up from ₹8 crore in FY23, according to data from Tofler. While the company's FY25 number's haven't been disclosed yet, Gupta said that Astrotalk's annual revenue currently stands at ₹1,650 crore. It is targeting an ARR of ₹2,000 crorebythe end of FY26. Astrotalk's pitch is ambitious, given that there are thousands of temples across India attracting millions of devotees. In 2024 alone, over three million people visited the Badrinath and Kedarnath Dhams, according to an official statement from the Shri Badrinath-Kedarnath Temple Committee. Earlier this year, the Maha Kumbh Mela in Uttar Pradesh's Prayagraj was estimated to have spawned $30 billion of financial transactions, according to Sprout Research. The first day alone dwarfed the number of people visiting the Badrinath and Kedarnath Dhams, coming in at six million. Fundraising to set benchmarks Currently, the company is in the process of raising $50 million at a unicorn valuation, where a startup is valued at over $1 billion. 'We're bringing in public market investors in this round who would be able to help anchor an IPO," said Gupta, clarifying that the company isn't calling the latest fundraise a pre-IPO round. Astrotalk plans to file for an IPO early in the calendar year 2027. Should the company list successfully, it'll be the first in the faith-tech space to do so. Faith-tech startups are gaining momentum in India, with funding into these digital platforms surging from $4.3 million in 2023 to $50.7 million in 2024, according to market intelligence platform Tracxn. The company's closest competitor is AppsForBharat, which has raised $20 million in a Series C round led by Susquehanna Asia Venture Capital with participation from Nandan Nilekani's Fundamentum, Elevation Capital, and Peak XV Partners. AppsForBharat is currently valued at $175 million. The ongoing fund-raise is a mix of primary and secondary rounds, with new investors joining the cap table. However, Astrotalk declined to name the new investors. In fact, the company said that its early investors aren't willing to dilute too much of their equity in the new round. 'No one wants to fully exit and I've made it clear that I won't be diluting my shares alone, everyone will have to do a little bit," Gupta said. Astrotalk is currently backed by Elev8 Venture Partners, New York-based Left Lane Capital and QED Innovation Labs. Overall, the company has raised a total of $30 million so far, and its last funding round in 2024 took its valuation to $300 million. The latest fundraise will take its valuation to over 3x of its current value. 'We don't really need the money right now, we're doing it to benchmark the valuation and bring good people on board," according to Gupta.
Time of India
24-07-2025
- Business
- Time of India
IT companies' export potential to see 15-20% annual growth
The India-UK deal is expected to boost India's software firms export potential by 15-20% annually from $32 billion in 2024-25, according to official estimates. UK's exemption from social security contributions for Indian workers is also expected to benefit around 60,000 employees in the IT sector, saving them approximately 20% of their salary. Indian companies will also benefit from a three-year exemption from the UK's Jobs Tax, leading to benefits exceeding ₹4,000 crore, some estimates suggest. Explore courses from Top Institutes in Please select course: Select a Course Category Others Management Leadership Finance Product Management Healthcare Design Thinking PGDM Project Management Artificial Intelligence MCA CXO Cybersecurity Data Science Data Analytics Digital Marketing healthcare Data Science MBA Degree others Operations Management Public Policy Technology Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details "The UK-India Double Contributions Convention is a game-changer for Indian IT companies deploying talent to the UK," said Puneet Gupta, Partner, People Advisory services- Tax , EY India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo "With short-term assignments being central to project delivery, the removal of dual social security contributions for up to 36 months brings welcome relief. It significantly reduces assignment costs while ensuring continuity of social security coverage in India," he added. Live Events As per India's software industry body Nasscom , Indian workers have lost $1 billion of income to social security taxes globally. The Indian government has conducted several dialogues - including with the US - to address this long-standing need. As for UK, Commerce Minister Piyush Goyal said that India's talent in IT, services, and education will gain from easier access to the UK's high-value markets. "The #IndiaUKFTA will open doors to UK customers, investors, and innovation hubs for our startups, helping them expand their global footprint," he posted on X. This comes at a time when Europe is emerging as a strong cushion for Indian IT's growth at a time when US clients are delaying deal closures due to macro uncertainties.
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Business Standard
24-07-2025
- Business
- Business Standard
Double contribution convention to help Indian workers and firms in UK: Govt
India and the UK have secured an agreement on the Double Contribution Convention alongside the free trade agreement, which many believe will help smooth the operations of Indian IT services companies. 'It will exempt Indian workers and their employers from social security contributions in the UK for up to three years, significantly improving take-home pay and reducing costs for Indian companies,' the government said on Thursday. Commerce Minister Piyush Goyal said in a post: "The three-year exemption from social security contributions in the UK as part of the Double Contribution Convention is a significant breakthrough for Indian workers and their employers." The Indian IT services industry has a huge presence in the UK. The region is the second-largest in terms of revenue, alongside Europe. Indian IT services players also send thousands of skilled Indian employees on projects to the UK. Tata Consultancy Services (TCS), India's largest IT services player, has roughly about 24,000 employees in the UK. However, it could not be ascertained how many of these are from India and on temporary work. According to industry experts, about 11,000 could be Indian employees sent onsite. Infosys has a headcount of around 6,000 in the UK, and Europe's contribution to the company's revenue was 31.2 per cent in the fourth quarter of FY25. HCLTech, the country's third-largest IT services player, has about 4,000 employees in the UK. According to the firm's website, it has over 12 delivery centres in the UK and 14 innovation labs. "The DCC, once finalised, will allow such employees to contribute only in their home country for up to 36 months, reducing costs and compliance burdens. This is particularly relevant for sectors like IT, manufacturing, and consulting, where short-term international mobility is critical. The Side Letters are a strong signal of intent and pave the way for a more predictable and efficient framework for cross-border workforce deployment," Puneet Gupta, partner, People Advisory Services - Tax, EY India, said. Bengaluru-based Wipro has around 4,200 employees across the UK, Ireland, and Scotland. In terms of revenue mix, Europe, which also includes the UK, contributed 26.1 per cent for Q4 FY25.
Time of India
17-07-2025
- Automotive
- Time of India
Maruti engine sputters on small car woes
Production at Maruti Suzuki India Ltd , India's largest carmaker, fell to a five-year low in June as demand for its bread-and-butter small cars and compact sedans continued to weaken. An email sent to Maruti remained unanswered. June is typically when Maruti undertakes its bi-annual plant maintenance shutdown, but this year's figure is the lowest for the month since 2020. Output has fallen 23per cent to 125,392 from 163,037 in June 2021, according to the company's monthly production filing. The slide is reflective of broader fatigue in the small car segment, once Maruti's mainstay, amid a shift in consumer preferences toward sport utility vehicles (SUVs) and premium models. SUVs now account for 66per cent of the total sales mix, according to the Society of Indian Automobile Manufacturers (SIAM). Besides this, Maruti lacks electric vehicles in its model range. Rivals Tata Motors and Mahindra & Mahindra have a head start in that segment. Dealers say inventory levels have been gradually building up at outlets, particularly for models such as the Alto, S-Presso, Dzire and Celerio, forcing the automaker to regulate output to avoid overstocking. 'Despite attractive consumer offers, demand in the entry-level segment has remained tepid for several quarters,' said a senior executive at a leading Maruti dealership. Changing Buyer Preferences 'Rising ownership costs, changing consumer aspirations, and urban market saturation are all playing a role.' According to a July 1 report by Kotak Institutional Equities, Maruti's domestic sales declined 4.5per cent year-on-year in the June quarter, pulled down by a steep 36per cent drop in the sales of its smallest models. The broader market hasn't fared much better. Passenger vehicle sales in India fell 1.4per cent to 1 million units in the April-June period from the year earlier, snapping a four-year growth streak, according to data released by SIAM on Tuesday. Analysts said the outlook for small cars remains weak in the near term, and manufacturers may need to re-strategize product portfolios to align with evolving buyer preferences. 'Apart from the structural changes in the car market, lack of a completely new model introduction in the small car segment has made it unattractive for the buyers,' said Puneet Gupta, director at S&P Global Mobility. Companies are no longer looking at investing in new small car models as tighter regulations on emissions and safety have made it unviable for manufacturers to sell cars at competitive prices, he noted. Brokerage Nomura Research has maintained its FY26 growth forecast for passenger vehicles and two-wheelers at 5per cent and 7 per cent, respectively. 'We expect demand to improve in the second half, led by lower income tax and reduced interest rates,' Kapil Singh of Nomura Research said in a note. Expectations that the upcoming festive season—along with lower income taxes and interest rates—may revive demand need to be balanced by Chinese curbs on the export of rare earth magnets, a critical component of EVs and ICE engines.
Time of India
16-07-2025
- Automotive
- Time of India
Maruti engine sputters on small car woes
Production at Maruti Suzuki India Ltd , India's largest carmaker, fell to a five-year low in June as demand for its bread-and-butter small cars and compact sedans continued to weaken. An email sent to Maruti remained unanswered. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Design Thinking others healthcare MBA Public Policy Management Digital Marketing Data Analytics MCA CXO Others Product Management Finance Leadership Healthcare Data Science Technology Operations Management PGDM Cybersecurity Degree Project Management Data Science Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details June is typically when Maruti undertakes its bi-annual plant maintenance shutdown, but this year's figure is the lowest for the month since 2020. Output has fallen 23% to 125,392 from 163,037 in June 2021, according to the company's monthly production filing. The slide is reflective of broader fatigue in the small car segment, once Maruti's mainstay, amid a shift in consumer preferences toward sport utility vehicles (SUVs) and premium models. SUVs now account for 66% of the total sales mix, according to the Society of Indian Automobile Manufacturers (SIAM). Besides this, Maruti lacks electric vehicles in its model range. Rivals Tata Motors and Mahindra & Mahindra have a head start in that segment. Live Events Dealers say inventory levels have been gradually building up at outlets, particularly for models such as the Alto, S-Presso, Dzire and Celerio, forcing the automaker to regulate output to avoid overstocking. 'Despite attractive consumer offers, demand in the entry-level segment has remained tepid for several quarters,' said a senior executive at a leading Maruti dealership. Changing Buyer Preferences 'Rising ownership costs, changing consumer aspirations, and urban market saturation are all playing a role.' According to a July 1 report by Kotak Institutional Equities, Maruti's domestic sales declined 4.5% year-on-year in the June quarter, pulled down by a steep 36% drop in the sales of its smallest models. The broader market hasn't fared much better. Passenger vehicle sales in India fell 1.4% to 1 million units in the April-June period from the year earlier, snapping a four-year growth streak, according to data released by SIAM on Tuesday. Analysts said the outlook for small cars remains weak in the near term, and manufacturers may need to re-strategize product portfolios to align with evolving buyer preferences. 'Apart from the structural changes in the car market, lack of a completely new model introduction in the small car segment has made it unattractive for the buyers,' said Puneet Gupta, director at S&P Global Mobility. Companies are no longer looking at investing in new small car models as tighter regulations on emissions and safety have made it unviable for manufacturers to sell cars at competitive prices, he noted. Brokerage Nomura Research has maintained its FY26 growth forecast for passenger vehicles and two-wheelers at 5% and 7%, respectively. 'We expect demand to improve in the second half, led by lower income tax and reduced interest rates,' Kapil Singh of Nomura Research said in a note. Expectations that the upcoming festive season—along with lower income taxes and interest rates—may revive demand need to be balanced by Chinese curbs on the export of rare earth magnets, a critical component of EVs and ICE engines.
