BUSINESS
MakeMyTrip founder Deep Kalra moves from an executive role, will be group chairman and chief mentor
Kalra has steered MakeMyTrip since its inception in 2000, to a successful listing on Nasdaq in 2010. He is also a founding member of Ashoka University and IndiaTech.org, an industry body representing digital companies.
BUSINESS
Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta pair up to raise Rs 300 crore venture capital fund
Gupta and Rau have been among India’s most active angel investors, with over 100 companies backed between them. Their portfolio includes fintech CRED, gaming firm MPL, craft beer maker Bira, neobank Open and digital ledger Khatabook.
BUSINESS
Swiggy raises $700 million at $10.7 billion valuation as rival Zomato sees intense selloff
Swiggy is now the fourth decacorn, a privately-held firm valued at over $10 billion, to emerge from India after fintech Paytm, hotel aggregator Oyo and ed-tech firm Byju's
BUSINESS
Importance of large deals coming down: L&T Infotech CEO Sanjay Jalona
Companies are altering their fundamental way of operating because customers are changing their buying behaviour. The likelihood of large deals is less because there is a need to find out what has to change, says Jalona
BUSINESS
Behind the scenes - Why BharatPe’s board decided Ashneer Grover had to take leave of absence and what it really means
While BharatPe’s troubling work culture has been spoken about for the last two years, Grover is stepping down led by the furore over his words to a Kotak Mahindra employee for not getting allocation to Nykaa’s IPO.
BUSINESS
Margins will come under control in the next 2-3 quarters: HCL Tech CEO C Vijayakumar
HCL Technologies reported one of its best results in the quarter ended December 2021. The Noida-based IT services company’s sequential revenue grew at the fastest pace in 46 quarters. However, margins were under pressure following wage hikes and increased fresher hiring.
BUSINESS
India’s startup and tech market has finally hit product market fit: Elevation Capital’s Mukul Arora
Arora, one of India's most influential internet investors, talks about new investing trends, the next big thing for startups, and why he is still betting on Vijay Shekhar Sharma
BUSINESS
Crypto is as centralised as the old world; 3-4 exchanges dominate: Nandan Nilekani
Web3 is not as decentralised as it’s made out to be – it’s just a new set of gatekeepers that’s replacing the old set. The three or four crypto exchanges that dominate the world also decide the rules of the game, says the Infosys cofounder and author of a new book called ‘The Art of Bitfulness.’
BUSINESS
Interview | Mindtree CEO Debashis Chatterjee: We are at an advantage, growth momentum will continue
“We never lost a client during the pandemic, and we stayed very close to our clients, so that when clients started the transformation work and reimagining their business models, we could help them in terms of the transformation. This is culminating in terms of where we are today,” he says.
BUSINESS
We have an active pipeline of companies in India for investments, acquisitions: Francisco D'Souza, co-founder, Recognize fund
D'Souza, the former CEO of Nasdaq-listed Cognizant said the tech services boom is here to stay and that the winners of the future are going to be the ones that can build amazing cultures and not necessarily the ones who can create demand.
BUSINESS
Former Cognizant CEO Francisco D'Souza teams up with industry veterans to launch Recognize, $1.3 Billion Growth Fund
Recognize has raised approximately $1.3 billion for its inaugural fund and has closed three platform investments with over 4,000 employees.
BUSINESS
TCS hits $25 billion in annual revenue, promotes 1.1 lakh employees
The Tata Group company plans to promote 40,000 more employees in the fourth quarter. The company added 28,238 during the third quarter, taking the total employee strength to 556,986. TCS had added 19690 employees in the previous quarter.
BUSINESS
Close to 5.8 crore returns filed as of December 31 on the new I-T portal: Infosys CEO Salil Parekh
Infosys was awarded an Rs 4,200-crore contract in 2019 to develop the portal to replace the old one to reduce the processing time from 63 days to one day. The portal was launched on June 7, 2021 amid peak tax season, and things started going downhill from the word go.
BUSINESS
Infosys to hire 55,000 graduates this fiscal
The software major reported third-quarter earnings that came ahead of consensus estimates.
BUSINESS
Curefoods raises $62 million from Iron Pillar, Chiratae, Binny Bansal, others
The cloud kitchen startup is likely valued in the range of $250-$400 million, according to industry sources.
BUSINESS
EXCLUSIVE: Ola co-founder Ankit Bhati launches new startup Amnic with former colleagues, ropes in Sequoia as investor
The newly minted startup Amnic will operate in the DevOps (software development and IT operations) toolchain space, where it will help businesses maintain a software development pipeline and make the process easier.
BUSINESS
Tata Consultancy Services renews contract for Passport Seva Programme with government
While TCS did not disclose the value of the renewed deal, the contract could be worth Rs 2,000 crore according to an industry analyst.
BUSINESS
TVS Capital Funds to lead next round in Google-backed Open at a valuation of $1 billion
The $100 million fundraise is a mix of primary and secondary funding and will also see participation from existing investors.
BUSINESS
Want to build an independent business and list in 3 years: Dunzo CEO Kabeer Biswas
Biswas believes free but slower deliveries will be the endpoint for quick commerce in India.
BUSINESS
Curefoods buys out 5 more food brands to double down on brand play
The company currently has more than 20 brands in its portfolio and is looking to have 35-40 in its stable by the end of 2022
BUSINESS
Zomato, Swiggy held talks to buy out Y Combinator-backed Zepto
Zepto was started by 19-year olds Aadit Palicha and Kaivalya Vohra, who dropped out of a computer science engineering program at Stanford University
TRENDS
Swiggy clocks a lifetime high of 9,500 orders per minute on New Year's Eve, crosses two million orders mark
Further, Swiggy Instamart recorded 63% more orders and a 74% increase in GMV (gross merchanise value) compared to the rest of the month, beating its own previous Christmas day peak.
BUSINESS
Mamaearth is the first unicorn of 2022, raises $52 million at valuation of $1.2 billion
The baby and skincare products company Mamaearth's parent Honasa Consumer is the first unicorn of the year 2022. It will use the money to expand to overseas markets and double down on its plans to become a house of brands
TRENDS
Swiggy clocks over 9,000 orders per minute, Zomato crosses 7,000 orders per minute on New Year's Eve
UPI payments platform came under pressure as online food and grocery platforms clocked record orders per minute, with many users complaining about failed transactions.
