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In today’s newsletter: 

• Byju Raveendran takes charge as CEO exits 
• TCS CEO Krithivasan banks on pricing
• Inside ABCD: Aditya Birla’s fintech super app

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Months after a significant restructuring that saw layoffs, office closures, and consolidation of operations, Byju's India CEO Arjun Mohan has decided to step down.

• The embattled edtech firm has now turned to its founder, Byju Raveendran, to take charge once again

Raveendran is reasserting control over Byju's as he resumes the role of CEO.

• Mohan's departure follows his unsuccessful bid for the top job at Aakash, which went to the former Pearson India MD, sources tell us.

Mohan will now transition to an external advisory role within Byju's as he explores new opportunities.

• Taking the helm from Mohan, Raveendran will now oversee daily operations.

Mohan confirmed to us that he is stepping down to pursue other opportunities as the business has downsized.

• The company has also consolidated its operations into three focused divisions: The Learning App, Online Classes & Tuition Centres, and Test-prep

Meanwhile, the awaited independent scrutiniser's report from the recently held extraordinary general meeting has returned with results favouring the promoters.

• In a significant relief for the Raveendran-led management, the report showed that the vote to increase its authorised share capital was approved by a majority

This comes despite the National Company Law Tribunal prohibiting Byju’s from using proceeds from the rights issue until the dismissal of a plea filed by four investors.

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Tata Consultancy Services (TCS) is feeling the heat of inflation and plans to address it head-on by increasing prices. 

TCS's recent quarter saw a 100 basis point increase sequentially in operating margins, and CEO K Krithivasan believes there's room for further improvement.

• The strategy? Improved employee utilisation and price hikes

They won't be asking for a flat-out increase, but rather focus on improving their product mix.

While FY24 brought its share of hurdles – macroeconomic uncertainties, spending slowdowns, and headcount decline – TCS reported a record number of deals during the year. 

• In an interview with us, Krithivasan expressed optimism about FY25, citing new deals and a renewed focus on stalled programs as key drivers.

TCS also boasts a robust $900 million generative AI deal pipeline, which doubled in the last quarter alone.

Even though TCS reported its first-ever full-year decline in headcount by 13,249 employees in 19 years, Krithivasan said that the company will continue hiring freshers in FY25. 

• TCS plans to add around 40,000 freshers this fiscal

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Aditya Birla Capital, once dubbed a "shadow bank," is emerging from the shadows and transforming into a mega fintech force. 

The financial powerhouse of the Aditya Birla Group is eyeing a share of the fintech market with the launch of its very own super financial app named 'ABCD'.

• The D2C app will feature products from its 10 subsidiaries, covering lending, investments, insurance, and payments

It has partnered with ICICI Bank for UPI payments, and integration with ONDC for loans and insurance is underway.

ABCD joins the league of conglomerate-backed financial apps, similar to the attempts by Jio Financial Services and Tata Digital. 

With captive businesses, capital, and tech muscle behind it, ABCD wants to tap into the young aspirers market with international payments, UPI credit, wallets, co-branded cards, and goal trackers.

• What gives ABCD leverage is its extensive network of 762 branches, over 2 lakh agents, and AUM of Rs 4.1 lakh crore

ABCD's launch coincides with a trend in the financial sector. Regulatory warnings have led many NBFCs to prioritise direct channels. 

• Piramal Capital, another major player, is also focusing on its own digital platform

Dig deeper

Techies in India are driving up salaries with additional AI, Generative AI and adjacent skills, commanding as high as 30-50% premium over those without such expertise, according to data from Careernet.

• This comes at a time when the generative AI wave is quickly gaining steam with demand for skilled talent spiking globally.

Go deeper to know all about roles, compensation and skills within the Indian generative AI space.

• Microsoft backed artificial intelligence startup OpenAI made a pitch for business in Japan today as it opened its first Asia office in Tokyo.

• The UK government is starting to draft new legislation to regulate AI, following Prime Minister Rishi Sunak's commitment to not rush the establishment of rules for the technology. 

Looks like someone's been snacking on the competition! 

In a juicy twist, Samsung has dethroned Apple as the world's leading smartphone brand, according to a report by IDC.  

• Samsung shipped 60.1 million units in Q1 2024, grabbing 20.8% of the market share.

• Apple, on the other hand, saw a 10% drop in shipments, with 50.1 million units (and a 17.3% market share).

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