One quick thing: Karnataka to hire private consultant to increase tax collection & plug leakages

In today’s newsletter: 

• Coming soon: Big cheque for Meesho  
• CarDekho forays into personal loans
• TeamLease turns to GCCs amid IT slump

Event alert: Moneycontrol and CNBC TV18 are hosting the ultimate event on artificial intelligence, bringing together entrepreneurs, ecosystem enablers, policymakers, industry leaders, and innovators tomorrow in Pune. Click here to register and gain access to the AI Alliance Pune Chapter.

Was this newsletter forwarded to you? You can sign up for Tech3 here

Big cats are on the prowl again! After an 18-month-long hiatus from Indian investments, Tiger Global and SoftBank are coming back with a bang.

Meesho, the e-commerce platform, is in the advanced stages of raising $300 million from Tiger Global, SoftBank, and others, sources told us. 

• Tiger Global is leading the round, along with Peak XV Partners, who are collectively investing $150 million

• SoftBank, an existing investor, will put $30 million to protect its stake 

• The remaining funds will come from Mars Growth Capital, UK-based Think Ventures and others

The round will value Meesho at $3.9 billion, which is 20% lower than its valuation in 2021.

This investment might seem surprising considering Meesho's recent claims of profitability.

• The funds will be used to pay taxes associated with Meesho's move to relocate its base back to India from Delaware, similar to PhonePe's recent shift

For Tiger Global, the Meesho investment evokes a sense of déjà vu. 

• They were an early backer of Flipkart, Meesho's main competitor

After a successful 13-year run, Tiger exited Flipkart by selling its shares to Walmart last year, pocketing a cool $3.5 billion on a $1.2 billion investment.

Dig deeper

The Indian consumer loans market is a goldmine waiting to be tapped, and startups are lining up to get their share. 

IPO-bound CarDekho, an online car marketplace, is joining the race through its digital lending arm Rupyy. 

• This move signals a strategic shift for CarDekho, traditionally focused on auto loans

Piloted in November, Rupyy will initially target salaried individuals with loans under Rs 40,000. 

• Rupyy will also leverage CarDekho's massive user base of 50 million

• The majority of loans will be facilitated through co-lending partnerships with banks

• Rupyy will also offer a small portion of loans through its own NBFC

CarDekho's push into personal loans is part of a larger strategy to achieve profitability in FY24. The company is placing a strong emphasis on its fintech subsidiaries, Rupyy and InsuranceDekho.

• The company also plans to expand horizontally, offering loans for electric vehicles (EVs) and commercial vehicles soon

Go deeper

While traditional IT hiring might be experiencing a multi-decadal slowdown, staffing firms are discovering a hidden gem: Global Capability Centers (GCCs).

TeamLease Digital's new Chief Executive Officer, Neeti Sharma, told us that the company has onboarded about 50 GCCs to supply specialised staff, including software engineers.

• Sharma is confident that this trend is likely to stay

Reports suggest that GCCs currently employ 16 lakh people in India, with revenue projections soaring to $60-85 billion by 2026.

Two key factors are driving this trend:

• Global companies are flocking to India to set up GCCs, drawn by the country's deep pool of tech talent and cost advantages
  
  
• With demand slumping, IT companies have slammed the brakes on hiring, creating a gap that GCCs are perfectly positioned to fill

Also read: IT companies say GCCs won't hit revenues, forge more tie-ups

Find out more

• Bangalore Water Supply and Sewerage Board (BWSSB) has decided to use Artificial Intelligence (AI) and Internet of Things (IoT) technologies for efficient borewell management.
  
  
• The UK's National Grid Plc warns that data centres will guzzle six times more electricity in the next decade. This surge is fueled by the growing demand for powerful computing needed for artificial intelligence.

Forget Bollywood blockbusters, Mumbai's making headlines for a different kind of mega-rich masala! 

The city of dreams has dethroned Beijing as Asia's billionaire capital, boasting a whopping 93 members in the exclusive wealth club.

• New Delhi even snagged a spot on the coveted list for the first time ever

Find out more

Note: By subscribing to Tech3 you have already made the right choice. Top it up with a premium offering, the Moneycontrol Pro Panorama, a newsletter that gives you a sharp take on macros, markets, business and finance. Sign up for Pro from this link to get this newsletter in your inbox and also a host of content enjoyed by 700,000+ subscribers.