BUSINESS
TCS sacked six employees, banned six staffing firms in recruitment bribe case: N Chandrasekaran
Speaking at the TCS AGM, chairman N Chandrasekaran detailed the entire investigation process adding that three more employees are still being investigated and the company is currently auditing its entire recruitment supply chain.
BUSINESS
Salesforce grew in double digits in India, says CEO Arundhati Bhattacharya
The company's India workforce has expanded from 2,200, when she joined in 2020, to around 9,000, Bhattacharya says
BUSINESS
Apptio founder Sunny Gupta sells his startup to IBM for $4.6 billion
A serial entrepreneur from Silicon Valley with four startups under his belt, Gupta has just sold his latest SaaS company, Apptio, to IBM. Life has come full circle for Gupta, given that Big Blue was where he began his career three decades ago.
BUSINESS
UK insurer Phoenix Group subsidiary picks TCS for operating model recast
The new project comes four months after the IT services major won a $723-million deal from the Phoenix Group, which is the UK's largest long-term savings and retirements provider
BUSINESS
TCS takes action against staffing firms, expects no financial impact
Later, TCS clarified in a statement that the overall recruitment activities in the company are not handled by the Resource Management Group (RMG), senior executives of which were accused of taking bribes. RMG looks into hiring sub-contractors and temporary staff.
BUSINESS
India Web3 funding plunges 97% year-to-date; VCs say now best time to invest
With global artificial intelligence startups catching the fancy of investors lately, Web3 has struggled to gain traction and the impact was more pronounced in India.
BUSINESS
TCS bags $1.1 billion deal from UK's National Employment Savings Trust
The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be £1.5 billion (around $1.9 billion). This is TCS’ fourth large deal from the region in 2023, following the $723-million deal from Phoenix Group, the Marks & Spencer deal and a 10-year contract with the Teacher’s Pension Scheme, amid a challenging macro environment.
BUSINESS
Fractal AI says this new generative AI tool will make online shopping more targeted
This generative AI tool is expected to increase sales for businesses, cut customer acquisition costs, and also reduce product research time for the customers through its generative AI advisory.
BUSINESS
Former TCS CEO Rajesh Gopinathan earned Rs 29.16 cr in FY23, up by over 13% YoY
The new CEO K Krithivasan will earn a basic salary of Rs 10 lakh each month, but the biggest part of his salary will be the commission that is payable to him based on company performance.
BUSINESS
Why Microsoft is deploying Builder.AI’s Natasha on Teams, despite launching Copilot
Natasha can listen in on conversations across teams in a company and suggest solutions that can be deployed quickly. Whereas Copilot is more of a productivity enhancement tool used for tasks like taking notes, etc.
BUSINESS
Impact of valuation markdown will only be clear in next funding round: Eruditus’ Ashwin Damera
The edtech unicorn said that the valuation mark down came from a limited partner of one of its investors, and not the investing firm itself.
BUSINESS
Higher employee costs of Mumbai is better than high attrition rate of Bengaluru: Startup founders
According to UpGrad MD Mayank Kumar, paying 5-10% higher costs in Mumbai than in cities like Gurugram is still justified by the quality talent and lower attrition rates found in the financial capital.
BUSINESS
3 of India's top 5 IT firms saw revenue per employee decline in last five years
HCLTech reported the sharpest fall of 11% in 5-year CAGR. However, at $55,704 aggregate revenue per employee, it’s still the highest among the top five
BUSINESS
TCS CEO Krithivasan lays out vision for future with focus on AI, cloud, cybersecurity
In the internal note seen by Moneycontrol, Krithivasan reminisced about his early days, calling it a period of "continuous learning"
BUSINESS
Affable, execution-focussed, empathetic: Meet K Krithivasan, who takes charge of TCS today
As he settles into his new role at the corner office, the new TCS chief executive will have to focus on ensuring growth in key markets such as the US and Europe, and striking the right balance between growth-focused large deal wins and small/ mid-sized deals, say analysts.
BUSINESS
India will be a big investment theme for $925 mn fund: QED Investors’ Asia Head
Global fintech VC firm QED Investors, which backs Jupiter and OneCard, said that it is betting big on the India consumer story for the long term. India, according to Sandeep Patil, is a growth hotspot, given the headline GDP growth rate, and it’s the fastest-growing large economy in the world.
BUSINESS
Digital India Bill | Govt considers not intervening between intermediary platforms and users: Rajeev Chandrasekhar
Rajeev Chandrasekhar also said that the draft bill for the Digital India Act is considering "doing away" with Section 79 of the IT Act, 2000 entirely.
BUSINESS
Draft bill for Digital India Act will be open for consultation starting June 7: Rajeev Chandrasekhar
Referring to the EU's imposition of a record fine of $1.3 billion on Meta for violating GDPR's regulations on cross-border data transfers, Chandrasekhar highlighted that the Digital Personal Data Protection Bill, 2022 has similar measures.
BUSINESS
TCS bags Rs 15,000-crore BSNL deal to deploy 4G network across India
The TCS-led consortium which bagged the deal also include Tata Group's telecom gear maker Tejas Networks.
BUSINESS
We’ll cut down the noise around AI and create simple, reliable tools: AWS India President
He added that the company is excited about India because it is the third largest start-up ecosystem, the second largest software vendor ecosystem, has 75 million SMBs, and offers an incredible runway for growth.
BUSINESS
We are investing in India for the next decades: AWS country president Puneet Chandok
"We want to cut through all the noise around generative AI... We are making generative AI easy to use, practical and cost effective for our customers," Chandok speaks on generative AI.
BUSINESS
WazirX NFT platform was non-custodial, users had control of assets: WazirX’s Nischal Shetty
Shetty clarified that there had been “some confusion” around listing NFTs from the WazirX marketplace on other platforms like OpenSea, but that has been resolved.
BUSINESS
KreditBee eyes offline expansion to reduce loan disbursement timelines
The offline stores are expected to come up in various towns and cities in Karnataka by the end of FY24. KreditBee will also hire industry leaders with expertise in offline lending to lead this business vertical.
BUSINESS
Google Cloud introduces AI security features for enterprises, shares road map
With security being at the forefront, talent is a concern for Google. While looking to elevate its in-house security experts, the search giant is also helping other companies nurture and build their security talent pool capabilities.
