Latest news with #SaiIshwarbharathB
Yahoo
4 days ago
- Business
- Yahoo
BigBasket to launch 10-minute food delivery across India by March 2026, executive says
By Sai Ishwarbharath B and Praveen Paramasivam BENGALURU (Reuters) -India's BigBasket plans to roll out 10-minute food delivery services nationwide by the end of fiscal 2026 as competition intensifies in the $7.1 billion quick-commerce space, its executive told Reuters on Tuesday. The Tata-backed grocery giant will take on established players such as Swiggy's Snacc, Blinkit's Bistro and Zepto Cafe, which already deliver coffee and ready-to-eat snacks in less than 15 minutes. BigBasket is targeting customers of the existing food delivery firms such as Zomato and Swiggy while also unlocking a new pool of customers, co-founder Vipul Parekh told Reuters. It plans to use dark stores to fuel the service, Parekh added, extending its foothold in India's booming quick-commerce market, which Blume Venture's Indus Valley report calls the "fastest-growing industry segment ever." Dark stores are small warehouses in densely populated neighbourhood buildings, where delivery partners, typically two-wheeler riders, pick up groceries or food for delivery. BigBasket, which brought online grocery delivery service to India in 2011, aims to increase its dark store count from about 700 currently to 1,000-1,200 by the end of 2025. Following a pilot run that began a month ago in the southern city of Bengaluru, the food delivery service will now be expanded to 40 dark stores by July-end, Parekh said. Currently, about 5%-10% of BigBasket's customers who are offered the service are clubbing quick-food items with their normal online orders, but this is expected to grow further, he added. The menu will comprise items from coffee chain Starbucks and Indian Hotels' food arm Qmin, both part of the Tata group in India. No external restaurants will be partnered with, the firm said. Meanwhile, Parekh dismissed media reports of BigBasket seeking external investors for fundraising and reiterated the company's plan to go public within the next 18-24 months. "One of the advantages we have is, being a part of Tata Group, you have enough internal capital available."
Yahoo
28-05-2025
- Business
- Yahoo
US-based Guidewire Software plans to double India headcount in three years
By Sai Ishwarbharath B BENGALURU (Reuters) -Guidewire Software, a U.S.-based insurance technology provider, plans to double its India headcount to 1,000 by the end of 2028 as it expands its professional services division, a top executive told Reuters. India's transformation from a low-cost back-office destination to a high-value innovation hub has prompted many multinational firms to establish local operations and ramp up hiring — a trend expected to accelerate in the coming years. These operations, commonly known as Global Capability Centers (GCCs), support their global parent in daily operations, finance, research and development, and product development functions. Guidewire's expansion in India would focus primarily on its Bengaluru centre, Chief Product Development Officer Diego Devalle said. "I foresee that as we pass to 2028, the growth will be bigger on services than on engineering." Professional services roles at Guidewire involve client-facing work, partnering with firms such as PwC, Capgemini, and Tata Consultancy Services to deploy and implement its software solutions for insurers. The planned expansion will see India representing nearly a quarter of the company's global workforce. As of July, the NYSE-listed firm had approximately 3,500 employees worldwide and is on track to reach 500 in India by year-end, across its Bengaluru and Chennai centres. Of the India workforce, around 400 employees are part of the engineering team, focusing on research and development as well as cloud operations, while the remainder are in professional services. India's GCC sector is expanding rapidly, with major players such as JPMorgan Chase, Target and Wells Fargo already operating local centres. GCCs are projected to contribute 2% of India's GDP by 2030, as per ICICI Securities, up from less than 1% currently. Sign in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
Zoho suspends $700 million chipmaking plan in latest setback for India, sources say
By Munsif Vengattil and Sai Ishwarbharath B NEW DELHI (Reuters) -Indian software firm Zoho has suspended its year-long pursuit of a $700 million plan to foray into chip manufacturing, sources familiar with the matter said, dealing another blow to the Indian government's ambitious semiconductor plans. Zoho struggled to find the right technology partner required to advise on the complex chipmaking processes, one of the sources said. Reuters reported on Wednesday that Indian billionaire Gautam Adani's group has also paused discussions with Israel's Tower Semiconductor for its $10 billion chip project following an internal evaluation by the Indian group. Zoho, valued at around $12 billion, offers cheaper alternatives to cloud-based software tools made by the likes of Microsoft. Its billionaire co-founder Sridhar Vembu is known for his popular and unconventional approach of locating business operations in rural villages. In a bid to diversify, Zoho planned to invest $400 million in a semiconductor facility in Karnataka state in south India. Vembu has said that the technology was vital for the nation. "Zoho could not find a tech partner despite an extensive search," said one of the sources. The entire chipmaking plan, first reported by Reuters in May 2024, has for now been suspended, said the two sources, who declined to be named as the decision is not public. It was not clear if Zoho will decide to revive its plans if a partner can be found. A Zoho spokesperson declined to comment. Representatives for Karnataka state did not immediately respond to a request for comment. Zoho's retreat will be a setback to Prime Minister Narendra Modi who has for several years tried to lure companies in his pursuit to make India a global chip manufacturing hub. India does not have a single operational chipmaking facility. Zoho, established in 1996, offers software and related services on subscription to businesses in 150 countries and has over 18,000 employees and more than 120 million users. Zoho's Silectric Semiconductor Manufacturing last year made a handful of hires and a formed a board to oversee chipmaking efforts, the source who gave the reason for the failed plan said. India's Karnataka government said in December it had given a landmark approval to Zoho's planned $400 million facility in Mysuru region, which would have generated 460 jobs and been the first such project in the state. Sign in to access your portfolio
Yahoo
29-04-2025
- Business
- Yahoo
U.S. accounting firms tap India to alleviate talent crunch
By Sai Ishwarbharath B BENGALURU (Reuters) -U.S. accounting firms including RSM US, Moss Adams, Bain Capital-backed Sikich and Apax Partners-backed CohnReznick are expanding their operations in India to tackle an acute shortage of accountants at home. The surge in recruitment has started boosting enrolment in specialised commerce courses in India, and could establish Asia's No. 3 economy as a hub for accounting talent, reminiscent of the 90s outsourcing boom that revolutionised the tech industry. "This could be the breakthrough moment for public accounting firms in India," Balaji Iyer, managing partner at Moss Adams India, told Reuters. "Right now, the U.S. is facing a significant and growing shortage of certified public accountants, a trend that will only intensify in the coming years." About 1.78 million people were working as accountants in the United States in 2024, about 10 percent fewer than in 2019, according to U.S. Bureau of Labor Statistics data, as many seasoned accountants retired without a reliable pipeline of qualified replacements. The American Institute of CPAs (AICPA), the national body that conducts and grades qualifying exams and sets auditing standards for the profession, admitted a 'talent pipeline issue' as it commissioned an independent study last year. About half its members are over the age of 50. 'The accountant shortage is being acutely felt throughout the market," the National Talent Advisory Group study found, adding that several businesses such as toymaker Mattel reported a delay to annual reports and other key filings due to the shortage. Accountancy - known for long hours, lower pay than many other finance jobs, and a rule effectively requiring a fifth year in university for CPA licensing - has also become unpopular with younger people. "Fewer students are majoring in accounting, partly because the field is seen as less exciting than tech or finance, and automation has added uncertainty," said Rebecca Hann, associate dean of research at University of Maryland's Robert H. Smith School of Business. Hann published a research paper on the country's accountant shortage last year. RSM US aims to more than double its India workforce to 5,000 by 2027, the firm told Reuters. Sikich also said it was increasingly hiring in India to fill vacancies for accountants and auditors, as well as tech talent to support its automation and AI-related efforts. "Ultimately, it's less about filling roles one for one and more about transforming how we deliver services, using both highly skilled talent and advanced technology to meet evolving client demands," said Bobby Achettu, principal at Sikich and India operations lead. The firm has a 200-member team in India, accounting for around 10% of its global workforce. Larger rivals Deloitte, EY, KPMG, and PwC, the "Big Four" of accounting, had a combined headcount of between 140,000-160,000 people in their India global capability centres (GCCs) as of 2024, according to market intelligence firm UnearthInsight. The Big Four companies did not respond to emails seeking comment. TALENT PIPELINE The turn to India for accounting talent echoes similar moves in tech over the past two decades, where global companies including Walmart, Microsoft and JPMorgan Chase have set up offices in India to tap into the South Asian country's engineering talent. The U.S. Bureau of Labor has projected the number of accountant and auditor jobs will grow 6% from 2023 to 2033, outpacing the average for all occupations. Some of the mid-sized accounting firms are so desperate to solve the recruitment gap that they are hiring direct from Indian campuses and even offering to sponsor CPA courses for their younger talent. "First, it was the 'Big Four' accounting firms. Then, mid-sized firms such as EisnerAmper and BDO also started hiring from us," said Biju Toms, Director, Department of Professional Studies at Christ University in Bengaluru. That has boosted demand for specialised courses such as the college's Bachelor of Commerce (International Finance), which got around 3,000 applications for the 120 available places. "There is always the need for trained talent with industry exposure, and cost arbitrage into play, when you operate from India," Toms said. "So, similar to outsourcing in tech, accounting is a new area that is really opening up." Sign in to access your portfolio
Yahoo
24-02-2025
- Business
- Yahoo
Indian tech sector growth seen higher in FY25, to cross $300 billion in FY26, Nasscom says
By Sai Ishwarbharath B and Haripriya Suresh MUMBAI (Reuters) - India's technology sector is expected to grow at a higher pace this fiscal year, driven by engineering research and development and the rising number of global capacity centres (GCC), or low-cost offshore hubs, industry body Nasscom said on Monday. Nasscom expects the industry's revenue will grow 5.1% to $282.6 billion in fiscal 2025, compared with the previous fiscal's 4%, with revenue crossing $300 billion in fiscal 2026. Software exports, comprising services and sale of products to clients, are expected to grow 4.6% to $224.4 billion in fiscal year 2025, the industry body said. The sector is expected to add 126,000 jobs on a net basis, taking the total workforce to 5.8 million in fiscal year 2025, it added. The industry's total headcount rose to 5.67 million in fiscal 2024 from 5.58 million a year earlier. "Enhanced artificial intelligence implementation, the rise of Agentic AI, and the growing maturity of GCCs as value hubs are reshaping industry dynamics," said Sindhu Gangadharan, Chairperson, Nasscom. Top Indian IT service providers such as Tata Consultancy Services, Infosys and HCLTech have highlighted early signs of discretionary spending picking up and an improvement in the demand environment after a tepid 2024, in which growth nearly halved as clients held back spending and delayed decision making. Agentic AI is considered the next frontier in artificial intelligence, allowing the system to operate autonomously and perform tasks on behalf of users through 'AI agents'. AI's emergence has threatened to disrupt business models for Indian IT companies that largely serve clients in the United States for operations support, providing software as a service. "The intersection of technology, geopolitics, and trade demands a bold response and enterprises must prioritise workforce tech transformation, build digital trust, and foster resilience to drive sustainable growth," Gangadharan said. (Writing by Sethuraman NR; Editing by Janane Venkatraman) Sign in to access your portfolio
