TRENDS
Confident he will do his best for UK: Infosys founder Narayana Murthy reacts to son-in-law Rishi Sunak becoming UK PM
“Congratulations to Rishi. We are proud of him and we wish him success. We are confident he will do his best for the people of the United Kingdom," Murthy said in an email statement to Moneycontrol.
BUSINESS
Unacademy’s losses nearly double to Rs 2,848 crore in FY22 on higher ESOP costs
Unacademy, however, reported an over 80 percent rise in operating revenue to Rs 719 crore from Rs 398 crore a year earlier. Its total income surged to Rs 845 crore in FY22 from Rs 464 crore a year earlier, thanks to a 2X rise in its other income to Rs 125 crore
BUSINESS
CCI order against Google a win for Indian app developers, battle still goes on: Indus OS' Rakesh Deshmukh
"The CCI order gives a window of opportunity for Indian app developers. But Google has still not provided a level playing field to players like us. We will continue fighting this battle," says Deshmukh.
BUSINESS
Walmart-backed PhonePe taps General Atlantic for funding at a valuation of $12 billion
If PhonePe’s massive round goes through, it will make the startup India’s most valued fintech, amid a rout in startup funding
BUSINESS
Infosys allows employees to take up external gigs with prior consent of manager
The email nowhere mentions the term 'moonlighting', as the term technically implies dual employment, which continues to be prohibited
BUSINESS
LTI-Mindtree merger plan ready, hope to complete integration in one or two quarters: Mindtree CEO Debashis Chatterjee
Mindtree’s results for the second quarter may be the last time the company reports earnings as a standalone entity.
BUSINESS
Bitter battle ahead? BillDesk shareholders prepare to sue Prosus for walking away from $4.7 billion deal
Prosus announced the termination of the deal yesterday. The news came after the acquisition received a go-ahead from the Competition Commission of India on September 5.
BUSINESS
CRED launches UPI scan and pay, move may help increase in-app transaction volumes
CRED said that users will be allowed to create an alias UPI ID, helping them mask personal details like mobile numbers, ensuring enhanced privacy during payments. It is also offering 2x rewards for payments made to partner merchants.
BUSINESS
Indian startups stare at two years of funding winter even as investors sit on a $9 billion dry powder
Rising inflation, geopolitical situation and looming recession in the US and Europe deter investors. However, early-stage deals would rebound faster and niche and emerging sectors would gain prominence over the next 12-18 months.
BUSINESS
SoftBank-backed Unacademy cuts monthly burn down to a fourth, eyes breakeven by January
Unacademy has slashed its monthly burn to Rs 50-60 crore from more than Rs 200 crore previously, sources said requesting anonymity. This has come on the back of various measures that it undertook as funding slowed down and investors turned cautious.
BUSINESS
‘If this didn’t break us, nothing will’: Byju Raveendran opens up about troubles of last six months
Byju’s has been embroiled in controversies regarding delays in filing financials, sales practices, layoffs and funding troubles. The founder and CEO of the edtech firm talks about it all in an interview with Moneycontrol
BUSINESS
EXCLUSIVE | Ola Electric rejigs roles to unify operations across roles; YS Kim gets larger role
Industry veteran YS Kim will now take on an expanded role of leading sales, D2C and charging network charter for Ola Electric; Vinay Bhopatkar moves on from the company
BUSINESS
MC Exclusive | A new SaaS war: Accel-backed BrowserStack Vs Sequoia-backed LambdaTest face off
In the heat and dust of competition, LambdaTest faces charges of trying to gain unethical access to BrowserStack’s IPR and sensitive client data
BUSINESS
Inflated salaries, falling margins, slowing demand: Why Indian IT companies are cutting variable pay
High levels of attrition, increasing travel costs, and fears of a recession that’s affecting demand for IT services are putting pressure on margins of tech companies.
BUSINESS
Financial services are a basic need like roti, kapda, makaan, says Groww founder Lalit Keshre
In an episode of Bits to Billions, Keshre revealed that his beginnings were humble and that he hails from Lepa, a small village in Madhya Pradesh’s Khargone district.
BUSINESS
Edtech unicorn PhysicsWallah sees FY23 revenue to top Rs 1,200 cr; to launch new offerings
PhysicsWallah’s comments on profitability and the company’s expansion plans come at a time when edtech companies in India have struggled with softening demand post the pandemic amid reopening of schools, colleges and physical tuition centers.
BUSINESS
SoftBank India head Sumer Juneja elevated to global role, will oversee EMEA bets
Juneja was hired by SoftBank in December 2018 to set up a local presence in India.
BUSINESS
India is in a very good position right now, global geopolitics is in our favour: Nandan Nilekani
MC Exclusive Interview | In a wide-ranging conversation with Moneycontrol, Nilekani opened up on his vision for India, how long he plans to stay at Infosys, why Aadhaar is irreversible and what startups can do to defend themselves against the funding winter
BUSINESS
SoftBank-backed OfBusiness defers IPO plans by 3 months on weak market cues
CEO Asish Mohapatra also said the last round that OfBusiness raised in December 2021 was the company’s last private market fundraise
BUSINESS
Cognizant board has to exercise its fiduciary duty, assess what is going on: Moshe Katri
In an interview with Moneycontrol, leading IT analyst Moshe Katri drew parallels between Cognizant and its Indian rivals such as Infosys and Wipro, where founders tweaked leadership till they found the right candidate for the top job.
BUSINESS
Swiggy, Unacademy, Meesho founders meet top public market investors in Bengaluru
The meeting comes at a time when many unicorns, over the last two years, had openly talked about getting publicly listed in the medium term
BUSINESS
IPO market for India tech startups still nascent: Lightspeed’s Bejul Somaia
Somaia talks about plans for the new $500-million fund, exit opportunities, and the 70% cash-burn reduction at portfolio company Udaan, among other things
BUSINESS
Zomato moving to multiple-CEO structure, will call organisation Eternal: founder Deepinder Goyal
To be sure, sources said this was one of the many ideas that Goyal has been floating on the company's Slack channel and one cannot be sure if it will be implemented. But the messaging gives a peek into Goyal's thinking as Zomato increasingly wants to model itself after Info Edge
BUSINESS
Exclusive | WestBridge Capital raises $1.5 billion in largest-ever commitment for Indian companies
Westbridge Capital joins a growing list of PE and venture capital (VC) firms to raise large funds for India-focused companies
