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Time of India
29-07-2025
- Business
- Time of India
Troubles deepen at TCS; Honasa's beauty-tech plan
Troubles deepen at TCS; Honasa's beauty-tech plan Want this newsletter delivered to your inbox? Also in the letter: CS to freeze senior hiring, pause annual salary hikes Details: Onboarding of senior hires has been delayed by over 65 days. At the same time, the company has started phasing out hundreds of bench employees across multiple cities as part of a tighter utilisation push. More to come: Also Read: Past tense: Quote, unquote: Also Read: TCS layoffs draw government attention What's next: Union heat: Also Read: Honasa looks beyond beauty and skincare to new growth categories Driving the news: Growth channels: The numbers: 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: Go Digit's first quarter profit climbs 37% to Rs 138 crore Details: Net profit of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. Total income rose 4% to Rs 2,179.4 crore. rose 4% to Rs 2,179.4 crore. Expenses increased 3% to Rs 2,058.5 crore. increased 3% to Rs 2,058.5 crore. Gross written premium , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. Net premium earned at Rs 1,865 crore. Agritech startup DeHaat posts profit in Q1, says founder Revenue in FY25 was at Rs 3,000 crore, up 11% year-on-year CEO Shashank Kumar said DeHaat's annual revenue run rate was at Rs 4,000 crore. He did not provide the profit and revenue figures for the first quarter. Keeping Count Other Top Stories By Our Reporters Wipro plans to open PCB unit facility: Navi Technologies raises Rs 170 crore via debt round: Mobile testing platform Drizz raises $2.7 million: Global Picks We Are Reading Happy Tuesday! After announcing over 12,000 layoffs, TCS now plans to pause senior hiring and annual appraisals. This and more in today's ETtech Morning Dispatch.■ Go Digit's Q1 report■ Wipro's PCB unit facility■ Navi debt raiseK Krithivasan, CEO, TCSDays after announcing plans to lay off 12,000 employees —roughly 2% of its global headcount—Tata Consultancy Services (TCS) is hitting pause on senior-level hiring and freezing annual salary hikes worldwide, according to people familiar with the slowdown is already say TCS's move could trigger a broader industry reset , with other IT majors likely to mirror the cost-control playbook, as they grapple with soft demand and margin far, no peer has announced layoffs at this scale, but the slowdown is real. TCS added just 5,000 employees in Q1 FY26, while rivals like Infosys have eased off 2017, Infosys, Wipro, and Cognizant collectively laid off thousands of employees due to automation concerns and stricter US visas. Later, between 2020 and 2022, companies carried out silent layoffs by extending bench periods and reducing new firm Jefferies said this may be a 'canary in the coal mine' moment for IT services. 'TCS's 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,' the report IT Ministry is closely monitoring TCS's decision to cut 12,261 jobs – roughly 2% of its global workforce – as alarm grows over job losses at India's largest tech firm. Government officials are in touch with TCS, seeking clarity on the rationale behind the ministry may push for more aggressive skilling interventions and wants clearer insight into existing talent gaps. TCS, for its part, said it will offer severance packages, counselling support, and outplacement services to affected union Nascent IT Employees Senate (NITES) has urged labour minister Mansukh Mandaviya to halt TCS's plan to axe over 12,000 jobs , calling the move 'illegal' and demanding the reinstatement of affected its letter, NITES accused the IT giant of sidelining over 600 lateral hires and questioned the fairness of the layoffs, pointing to hefty executive pay packets. The union also called on the government to hold senior leadership Alagh and Ghazal Alagh, founders, Honasa ConsumerHonasa Consumer, the parent company of Mamaearth, is looking to expand into new product lines as its once-flagship brand loses company is exploring a range of beauty tech products, including laser masks, LED light therapy devices, facial rollers, and face massagers, sources told us. These high-margin categories, often associated with Korean skincare and haircare routines, are drawing growing interest from both Indian and global is also doubling down on its newer labels, notably The Derma Co. and Dr Sheth's, which are showing strong momentum. On its Q4 FY25 earnings call, CEO Varun Alagh said these younger grands grew over 30% posted operating revenue of Rs 2,067 crore in FY25, though net profit dipped to Rs 73 crore from Rs 111 crore the previous year. With Mamaearth plateauing, the company is not bettting on premiumisation and innovation to drive its next 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 Goyal, founder, Go DigitGo Digit General Insurance on Monday reported a nearly 37% rise in net profit for the first quarter on the back of growth in gross written agritech startup DeHaat posted a net profit for the first quarter of fiscal 2026 due to high-margin private label sales and exclusive agri-input distribution, along with increased focus on exports, storage and food Infrastructure Engineering (WIN) announced a new business division , Wipro Electronic Materials, on Monday, focusing on the manufacturing of high-performance materials for Printed Circuit Boards (PCBs).Flipkart cofounder Sachin Bansal's fintech venture Navi Technologies has raised Rs 170 crore through a debt funding round led by PhillipCapital, with NDX Financial Services, Arpee Commercial Company, Ambit Finvest, and Grey Grass India, among others, taking AI mobile app testing platform Drizz has secured $2.7 million in its maiden funding round , led by early-stage venture capital firm Stellaris Venture Partners. The funds will be used to advance the company's vision AI engine, expand its engineering team and strengthen research capabilities.■ From cheating exposés to dating background checks, TikTok detectives are thriving ( Wired ■ The truly worrying thing about the Coldplay concert scandal ( FT ■ BYD distracted the world while Chinese EV peers staged a coup ( Rest of World
Time of India
29-07-2025
- Business
- Time of India
Agritech DeHaat's FY25 revenue up 11% to Rs 3,000 crore
Synopsis Temasek-backed DeHaat clocked revenue of Rs 3,000 crore in FY25, an 11% increase from the prior year, and is currently operating at an annual revenue run rate of Rs 4,000 crore, said Shashank Kumar, who is also its chief executive. He did not provide the profit and revenue figures for the first quarter, or the bottom line for the last fiscal year. The company has yet to file the financial statements for FY25 with the Registrar of Companies.
India.com
23-07-2025
- Business
- India.com
Hurun Global Rich List 2025: Who are India's youngest billionaires? their net worth will surprise you, names are...
India has produced several world's wealthiest billionaires. But have you ever wondered who the youngest billionaires in India are in 2025? Well, the co-founders of Razorpay, Shashank Kumar and Harshil Mathur, are India's youngest billionaires. Who are India's youngest billionaires? According to the Hurun Global Rich List 2025, both Shashank Kumar and Harshil Mathur have a net worth of Rs 8643 crore each. Shashank and Harshil's journey started at IIT Roorkee, where they initially met as students. They were driven by their love for technology and problem-solving, and, in 2014, they founded Razorpay with a vision to make digital payments easier and accessible across India. Prior to pursuing entrepreneurship, Shashank Kumar and Harshil Mathur had very promising corporate careers. Kumar was a software development engineer at Microsoft, and Mathur was a wireline field engineer at Schlumberger. However, both of them got frustrated due to the poor state of online payments in India. In his LinkedIn profile, Mathur once wrote, 'We started Razorpay after discovering the dismal state of online payments in India.' Razorpay is the only payments solution in India that allows businesses to accept, process and disburse payments with its product suite. It gives you access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp. 'Founded by IIT Roorkee alumni, Razorpay aims to revolutionize money management for online businesses by providing clean, developer-friendly APIs and hassle-free integration. We offer a fast, affordable and secure way for merchants, schools, ecommerce and other companies to accept and disburse payments online, own a fully-functional current account and avail working capital loans,' reads the official website of Razorpay.
Economic Times
17-06-2025
- Business
- Economic Times
Razorpay invests $30 million into consumer payments startup Pop
ETtech (L-R) Harshil Mathur, Shashank Kumar, cofounders, Razorpay Pop, a consumer payment platform, has raised $30 million from payments solutions company Razorpay. This investment will go towards solving two of India's most pressing challenges in digital commerce: rising customer acquisition costs (CAC) for merchants and the lack of meaningful rewards for company operates a rewards-first UPI payments app that merges payments, commerce, and credit into one experience. It has previously raised funding from several marquee investors, including India Quotient, Unilever Ventures, Incubate Fund, and Nuventures."India doesn't need another cashback-only rewards app. What we need is a new rewards economy built on a long-term purpose. Popcoins are designed to build habits, increase retention, and reduce CAC for merchants — all while making payments more rewarding for the end user,' said Bhargav Errangi, Founder of Pop. 'With Razorpay's support, we will double down on our mission to bring a loyalty-first payments ecosystem that will help businesses scale with purpose, speed, and impact.'Pop will use the funding to strengthen product innovation, enhance the value proposition for consumers via Popcoins-led rewards, and build deeper merchant partnerships across D2C and lifestyle categories. Since launching its UPI platform last June, Pop has scaled to over six lakh daily UPI transactions, crossed one million unique monthly active transactors, fulfilled two lakh monthly commerce shipments and issued 40,000 RuPay credit cards in a co-branded partnership with Yes Bank. The investment expands Razorpay's footprint beyond payments into the broader ecosystem of loyalty, engagement, and commerce enablement. The company believes that while checkout journeys have been digitized, most merchants still lack easy-to-use tools that incentivize repeat purchases, drive real-time engagement, and convert casual visitors into loyal customers. Pop solves this by building a multi-brand rewards currency in the form of Pop Coins, in the company's view. 'Our investment in Pop is driven by a clear purpose and that is to serve D2C merchants better. In today's crowded D2C space, brands need more than just payment solutions; they need tools to earn trust, drive repeat purchases, and build real loyalty,' said Harshil Mathur, co-founder and CEO of Razorpay. 'Pop bridges that gap by combining instant rewards, seamless payments, and brand discovery in one platform. It's a powerful way for businesses to turn everyday transactions into lasting customer relationships."This investment in Pop complements Razorpay's earlier acquisition of PoshVine, a loyalty and rewards management platform, which laid the foundation for Razorpay Engage, touted as India's 'first full-stack intelligent marketing growth suite'.According to a recent Consumer Spending Report by Upside, over 90% of digital consumers consider rewards and loyalty while making purchase decisions. With India's D2C market expected to surpass $100 billion by 2026, the pressure on brands to create sticky, rewarding customer experiences has never been greater.
New Indian Express
29-05-2025
- Business
- New Indian Express
Razorpay shifts domicile to India from US, will pay Rs 1,275 crore in taxes
BENGALURU: Fintech unicorn Razorpay has shifted its domicile from the US to India. Sources confirmed that the company will pay about $150 million (Rs 1,275 crore) in taxes and that it is aiming to go public before the end of CY2026. Earlier, it was reported that the company might make a tax payout of around $200 million to US authorities. On Thursday, the company confirmed the reverse flip to India. Razorpay's co-founder & MD Shashank Kumar said, "Yes, we've officially completed our reverse flip, and we couldn't be more proud. This move marks a pivotal milestone in Razorpay's journey. It is more than a structural move; it's a powerful signal of belief."
