One important thing: Apple exported more than $2.5 billion worth of iPhones from India from April to December, nearly twice the total in the previous fiscal year, underscoring the country's growing prowess as a manufacturing hub, according to Bloomberg. 

• Meanwhile, Apple has also reportedly started hiring retail store employees in India as the firm looks to open its first flagship physical stores in the country.

In today’s newsletter:   

• TCS sees first headcount reduction in 10 quarters
• Zerodha's profit zooms to Rs 2,094 crore in FY22
• Why less is more for Ather

Also, video games for dogs? Scroll below for more details

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The net headcount for TCS declined in Q3FY23 for the first time in ten quarters.

As of December 31, 2022, the IT firm had 2,197 fewer employees on the rolls, bringing the total employee base to 6,13,974 people. The decline is despite an improvement in attrition from last quarter.

• The last time the company experienced a decline in its net addition numbers was in the first quarter of FY21, when the country was devastated by the first wave of the pandemic.

• TCS has 1,25,000 employees at mid and senior levels, who have been with the company for over 10 years on average
  

What about freshers? About 7,000 freshers were hired this quarter, and 42,000 so far in the fiscal year.

The numbers showed that TCS beat expectations on revenue, but its profit was below expectations.

• Q3 is a seasonally weak quarter for IT cos, but the management said overall demand trends depend on different markets seeing different situations. 

In Europe, however, ongoing geopolitical challenges are impacting client-driven decision-making. 

But a key point to note — is that the leadership said there is no visibility on what the IT budgets for the year look like.

Zerodha has one zero in its name, but many in its revenue and profit numbers, which have increased each year.

Zerodha's net profit nearly doubled in FY22 (2021-22), thanks to an increase in revenue of more than 80% from the previous year.

• Zerodha reported a net profit of Rs 2,094 crore for FY22 against Rs 1,122 in FY21
  
  
• The fintech platform’s operating revenue grew 82% to Rs 4,963 crore in FY22
  
  
• With this, Zerodha has become one of the most profitable unlisted startups in India

Zerodha is a bootstrapped startup and has not raised a single external funding round to date. As of FY22, the company had over 9 million users, with over 6 million active users.

While Zerodha reported a strong set of numbers in FY22, the company has warned of slower growth in the coming fiscal years.

• Zerodha’s co-founder and CEO Nithin Kamath said that the company saw a 50% drop in monthly new account openings

Kamath also said that while Zerodha will end the current fiscal year with similar revenue and profitability figures, the company will be unable to match the figures from FY24 onwards "for a few years."

Back in our childhood, most of us would have bought that pleasant-smelling eraser for no other reason (it doesn't even do a good job as an eraser), but simply because everyone else had it, right? Peer pressure is very real!

And, this holds true for a variety of industries, particularly the manufacturing sector. However, things are different with Ather, the Hero-backed EV manufacturer!

Despite the company's ambitious plans to grow from 4.2 lakh units to around 15 lakh units in a year or two, cofounder Tarun Mehta believes that it takes time to build a quality product and that it's okay to slow down, do more research, and release a product or feature.

"I don't want to fire three bullets out of which one might work as a product. We're better off taking four years and firing one bullet that has a solid chance of working. So it's a simple strategy to invest very deeply in whatever you do, but then just do fewer things," Mehta said.

In fact, Ather took almost two years to launch a feature called Auto Hold for its existing EVs.

In an interview with us, Mehta also stated that the firm will be looking to raise a round or two in the coming years, as well as providing a glimpse of the company's vision and demand for 2023. Watch the interview.

Prefer text? Read the full interview.

January 9 holds a special place in the hearts of Apple fans because it marks the launch of two iconic products, one in 2007 and the other in 2001, both of which went on to revolutionise their respective industries.

Steve Jobs introduced the iPhone to the world 16 years ago today, and the rest, as they say, is history.

• The Apple iPhone changed the way smartphones should look and function. It also remains to be the biggest revenue generator for the tech giant (P.S. In case you want to relive Steve Jobs introducing the iPhone, which is probably one of his most iconic keynotes, here you go)

Six years prior to this launch, Apple launched iTunes, a media player that revolutionised the way people consumed media, ushering in a new era in the digital world.

• FTX's Bahamian subsidiary spent a staggering amount of money on luxury hotels, flights, and food nine months before the exchange's collapse. FTX Digital Markets spent $40 million between January to September 2022, court filings revealed.
  
  
• The head of France's financial markets authority, Marie-Anne Barbat Layani, stated that crypto companies that are not already registered in the country will be required to apply for a licence.

Video games for dogs are now a thing. 

Joipaw, a UK-based startup, is developing a series of video games as well as a saliva-resistant touchscreen console designed specifically for canines. Here's a quick demo.

The reason? Fighting dog dementia as they get older. Mental stimulation from video games could help delay the onset of canine dementia, Joipaw founder Dersim Avdar says.

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