BUSINESS
AWS, Azure, Google Cloud report single digit YoY growth by annual contract value in Q4CY22
Industry experts call emerging markets like India and Asian countries a saving grace as tech spending continues to go down in the US and Europe – key markets for hyperscalers.
BUSINESS
GoMechanic crisis: Startup funding due diligence to get stricter and longer
As the final verdict on GoMechanic awaits, the VC ecosystem is rethinking its ways. Founders will find their funding getting delayed and there will be more questioning. Even early-stage investments may take longer time now, investors said.
BUSINESS
Ahead of its global expansion, Chingari gets equity investment from a16z-backed Aptos Labs
Aptos Labs which operates Aptos Network and blockchain will host Chingari’s upgraded application to be launched in the second quarter of 2023.
BUSINESS
WazirX calls out Binance’s allegations, says user assets are safe
Binance accused WazirX of driving false narrative about it based on its use of Binance’s wallet services
BUSINESS
Loan apps ban: Industry insiders call it a good move to remove bad actors
Fintech startup founders weigh in possibilities of illegal cross border data sharing and cybersecurity threats
BUSINESS
Up to 42% of new customers till date come at zero acquisition costs: Jupiter’s Jitendra Gupta
The neobank founder says for businesses such as neobanks and lending platforms to succeed and grow, apart from traditional core business fundamentals, customer acquisition costs needs to be capped and strategised better
BUSINESS
CBDCs will bring a lot of opportunities for fintech community: RBI official
The Reserve Bank of India is encouraging fintech companies to create innovative solutions for Central Bank Digital Currencies (CBDCs) that can be accessible to citizens without internet access.
BUSINESS
Binance to stop wallet services to Zanmai Labs-owned WazirX
In its latest blog, Binance said, “It is in the interests of Binance and the public that Zanmai is not permitted to perpetuate false narratives on the basis of their use of Binance’s wallet services. We view such false claims as an attempt to shift the responsibility over WazirX’s operations to Binance.”
BUSINESS
Tech Mahindra sees growth opportunities in metaverse; has over 70-80 active deals
The metaverse, Web3 and AI will be prominent 5G end-use cases, chief strategy officer Jagdish Mitra has said
BUSINESS
Budget 2023: Non-payment of Crypto TDS will be penalised; industry upset over no mention in Budget speech
Union Budget 2023: Crypto industry players were expecting updates on the possible reduction in 1 percent TDS and regulations; now hopeful that India’s G20 presidency will lead to a solution.
BUSINESS
Budget 2023: Govt to set up three centres of excellence for Artificial Intelligence R&D
The centres, to be established at leading education institutions; will boost AI-related R&D in the areas of agriculture, health and sustainable cities
BUSINESS
We see slowdown in growth, average order size has come down: Zoho’s Sridhar Vembu
Not just Zoho Corp but publicly listed IT services behemoths like Tata Consultancy Services, Infosys, Wipro, HCLTech and others are also expecting longer timelines to close deals as clients are approaching tech spending cautiously
BUSINESS
Zoho Corp’s arm ManageEngine eyes $1 billion in revenue in 2-3 years
ManageEngine India grew by over 50% YoY in 2022; India will become its second largest global market in three years, top company executives said.
BUSINESS
Economic Survey 2023: CBDC will boost digital financial services
Economic Survey 2023: RBI’s Digital Rupee will also boost efficiency and encourage innovation in cross-border payments
BUSINESS
Economic Survey 2023: IT-BPM revenue grows 15.5% in FY22 on digital transformation
Between 2015-2021, patent filing from India has gone up significantly reaching over 138,000. Of this, 85,000 were filed in emerging technologies.
BUSINESS
Tech Mahindra's budgeting, hiring and operational metrics to be reviewed monthly: CEO CP Gurnani
Tech Mahindra reported deal wins worth $795 million in Q3. For the first time, its enterprise vertical clocked $1 billion in quarterly revenue.
BUSINESS
Tech Mahindra’s total headcount down by 6,844 in Q3
The IT services consultancy firm reported a decline in QoQ attrition rate, too, which cropped to 17 percent
BUSINESS
Bulk of integration to be completed within this fiscal year, that’s a tall order: LTIMindtree CEO
The company intends to focus on its top five accounts, which make up around 25 percent of its overall revenue, says CEO Debashis Chatterjee.
BUSINESS
GoMechanic taps Cars24, Spinny for a distress sale
GoMechanic's latest funding round was called off last week following alleged misreporting of financials during due diligence, which the founders later admitted to.
BUSINESS
India is becoming an innovation economy: B Capital’s Raj Ganguly
The Co-Founder and Managing Partner of B Capital will be betting big on cross-border SaaS, financial inclusion, and the India consumer story with its $2.1-billion growth fund.
BUSINESS
Facebook Co-founder Eduardo Saverin’s B Capital raises $2.1 billion in Growth Fund III
The fund will be used to invest in start-ups between Series B to Pre-IPO rounds, co-founder and managing partner Raj Ganguly said.
BUSINESS
GoMechanic fraud: How chasing growth at all costs brought down a rising startup
GoMechanic had all the right mix to be a pioneer in the garage services business. It had the first-mover advantage, IIM A-graduate founders, big names of the VC world either invested or interested, a strong customer base, and a network of nearly 1,000 garages across 40 cities in place. Yet things went downhill.
BUSINESS
Lighthouse Canton to raise Rs 550 crore in maiden India-focused venture debt fund
The Singapore-headquartered investment firm announces the first close of Rs 155.4 crore, The target fund corpus is about Rs, 550 crore, with a greenshoe option for an additional Rs 550 crore
BUSINESS
HCLTech’s order book grew 10% YoY in Q3 to $2.35 billion
The IT services major’s CEO C Vijayakumar remains bullish on demand environment, bets on vendor consolidation, cost optimisation and integrated opportunities in the near- to mid-term
