One quick thing: Ex-HDFC veteran stitches together Rs 1,200 crore round 

In today’s newsletter:

• Why TCS is just the beginning 
• Lenskart's new look ahead of IPO 
• India-UK FTA: UPI gets a boost

P.S.: Introducing the Tech3 Podcast, your daily dose of tech and startup insights. Monday to Friday! Check it out on Spotify or Apple Podcasts

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When Tata Consultancy Services (TCS) sneezes, the entire Indian IT industry catches a cold…or at least that’s what the industry analysts believe.

On Sunday afternoon, we exclusively reported that TCS, the country’s largest software exporter, is laying off about 2% of its global workforce, which will impact nearly 12,200 jobs.

• The layoff will happen in phases over FY26, and will primarily impact mid-and senior-level employees

TCS CEO and MD K Krithivasan, however, told us that the job cuts are “not driven by margins” or “AI productivity gains.”

This started a chain reaction…

Industry experts believe that with TCS letting the cat out of the bag, other peers will likely follow suit with similar headcount trimming measures in the days to come.

• Analysts highlighted that IT firms were already taking several measures to indirectly let go of employees, such as bench policies, performance-linked layoffs, eligibility tests

TCS is among the largest employers in India, making this one of the biggest layoffs in recent corporate history and the largest in the IT giant’s history.

Also read: 'Sholay days of IT are over': CP Gurnani says TCS layoffs show focus towards outcome, not headcount

The Ministry of Electronics and Information Technology (MeitY) has also taken note of the planned mass layoffs, saying it will closely watch the developments surrounding TCS.

• MeitY expects the industry and academia to address issues related to skilling and re-skilling in the coming days

The first sign of impact was visible on TCS’s share price, which plunged 1.61% from the previous day, closing at Rs 3,083.95 per share on the BSE.

• Brokerages overall weren’t a fan of the move, citing that trimming the workforce might lead to near-term execution slippages and higher long-term attrition.

Dig deeper

From boardroom reshuffles to ESOP rollouts, Lenskart is adjusting its frames, and its cap table, before stepping onto the IPO ramp.

SoftBank makes an exit, and two startup pros come into focus — Lenskart’s governance lens just got sharper.

• SoftBank’s Sumer Juneja has quietly exited the boardroom, handing over his seat ahead of the listing sprint
  
  
• Startup veterans Ashish Kashyap (INDmoney) and Sayali Karanjkar (PaySense) now join as independent directors, bringing more founder firepower to the table

They’ll sit alongside veterans like ex-Asian Paints CFO Jayesh Merchant and ex-Titan COO Bijou Kurien.

Lenskart’s founders are now drawing formal salaries, just months before the IPO.

• CEO Peyush Bansal will earn Rs 6 crore annually, while Neha Bansal and Amit Chaudhary will each receive Rs 3 crore

The pay packages came into effect from April 1, 2025, and were formally approved by shareholders at the AGM held on July 26.

• This is the first time the founders’ compensation has been formalised and publicly disclosed

A new ESOP scheme sweetens the pot for key employees ahead of the public debut.

• Lenskart has launched ESOP 2025, a 72.8 lakh option pool accounting for 0.43% of fully diluted equity
  
  
• Of this, 21.84 lakh options have been reserved for General Manager-level and above roles across group companies

The plan coincides with Lenskart’s Rs 2,150 crore primary raise and its upcoming $1 billion IPO.

Dig deeper

Ever wanted to buy a sausage roll from Greggs or some chocotale-covered strawberries at Borough Market in the UK and paying for it just like you would back home?

• Thanks to the India-UK Free Trade Agreement, that could soon be possible

Through a provision in Annex 9A of the India-UK Comprehensive Economic and Trade Agreement, people in both nations will be able to use their homegrown fast payment systems for QR-code-based merchant payments and instant fund transfers. 

• No onboarding to the other country’s payment system is needed 

India has already inked similar UPI partnerships with the UAE and Singapore.

This cross-border payment access isn’t just for tourists.

• Indians visiting the UK can pay merchants by scanning a QR code with their UPI app
  
  
• UK residents can do the same while in India or transfer funds to Indian accounts instantly
  
  
• Cross-border remittances can happen in real time, without SWIFT or high fees

The UK, India’s third-largest remittance source, accounted for nearly 11% of inflows in FY24, up from just 3% in FY17.

There’s a small catch: the UK currently lacks a widely used, UPI-style real-time payment system. 

• The arrangement will also kick in once the FTA is ratified, which may take up to a year

Dig deeper

India’s festive hiring spree is clocking in early this year, with companies scrambling to lock in gig talent ahead of peak demand. Over 2.16 lakh new seasonal jobs are expected, as e-commerce, logistics, and q-comm firms bulk up their frontline ranks. 

• With Tier 2 and 3 cities seeing a sharp uptick and firms dangling perks like bonuses, skill payouts, and conversion pathways, recruitment platforms say the gig game is getting both broader and brighter

Gig hiring is set to rise 15–30%, estimate hiring firms like Adecco, TeamLease, and NLB Services, as companies prep for a longer festive stretch. Dig deeper

• Chinese AI startup Zhipu is set to release its largest open-source model yet, GLM-4.5, in a bid to rival OpenAI and establish itself as a global leader in the expanding AI landscape.

• The US has paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support President Donald Trump's efforts to secure a meeting with President Xi Jinping this year. 

Divya Deshmukh just rewrote the chessboard. 

The 19-year-old from Nagpur pulled off the biggest win of her chess career, clinching the FIDE Women's World Cup by defeating fellow Indian Koneru Humpy in a tense tie-breaker.  

• She is only the fourth woman from India to become a Grandmaster, and the 88th overall

Find out more

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