Page 2 - Software Services

BMW, Tata Technologies to form JV for developing automotive software

The two firms have signed an agreement to form a joint venture (JV) with the aim to establish an automotive software and IT development hub in Pune, Bengaluru, and Chennai

Software firm Trust Fintech raises Rs 5.42 cr in pre-IPO funding round

Software solutions provider firm Trust Fintech Ltd on Friday said it has raised Rs 5.42 crore in a pre-IPO funding round. Earlier this month, the company filed preliminary papers for the Initial Public Offering (IPO) and the shares are expected to be listed on NSE Emerge in March. The IPO will be a fresh issue of 62,82,000 equity shares. Tejas Goenka, MD of Tally Solutions; Nitin Sathawane, Head of Business at Mphasis Canada; Ramnath Raikar, former Treasury Head at HDFC Bank and Sameer Gupte, MD at NSDL Data Management Ltd were among the investors who participated in the funding round, according to a release. The Nagpur-headquartered company provides core banking SaaS products and fintech software solutions around ERP implementation and customised software solution development, SAP B1 and Offshore IT services for the BFSI sector. The company intends to utilise IPO proceeds for various purposes, including for establishing a new development facility at Mihan SEZ in Nagpur, and fundi

Zoho FY23 results: Net profit crosses Rs 2,800 crore, revenue up 30%

Revenue growth in the US was 24.7%, followed by 29.7% in Europe

B2Core CRM Updates: Enhanced Interface and New Functionalities

.

U-WIN in pilot phase, no plan to share data with pvt cos through API: Govt

The U-WIN portal is presently under the pilot phase of implementation and there are no plans to share data with private companies through API (Application Programming Interface), Parliament was informed on Friday. The U-WIN portal is linked with the Co-WIN portal and the beneficiary records from Co-WIN can be accessed through U-WIN using the registered mobile number for facilitation of registration of children, Minister of State for Health S P Singh Baghel said in a written reply to a question in the Lok Sabha. The U-WIN portal only captures the vaccination status and does not create an electronic health record of the patients. "A security audit of the U-WIN portal has been completed by the CERT-In empanelled agency as per the mandate of the government of India to ensure data protection. The U-WIN portal is presently under the pilot phase of implementation and there are no plans to share data with private companies through API," Baghel said.

ChrysCapital buys stake in ProHance for first investment in Indian SaaS

ProHance says ChrysCapital's 75% stake will help it in expanding in Philippines, Australia, South America

NYSE-listed Waters Corp invests $16 million in new GCC in Bengaluru

Waters Corporation has about 450 employees in India and plans to hire another 300 for its new GCC in Bengaluru

Kerala's Technopark records software exports worth Rs 11,630 cr for FY23

Kerala's pioneer IT hub Technopark here has reported a remarkable surge in software export revenue for the financial year 2022-23. The organization saw a substantial increase of Rs 1,855 crores in export revenue, registering a 19 per cent growth compared to the previous fiscal year, a statement said here on Wednesday. Also, the Technopark has consistently maintained an A+ stable rating from CRISIL (Credit Rating Information Service of India Limited) for the last three years, underscoring its robust financial performance and seamless transactions. The campus spread over 768.63 acres with 11.22 million sq. ft of built up space, currently hosts 72,000 employees across 486 companies. In the last financial year, 46 companies opened new IT/ITeS offices in Technopark and during that time, Technopark's software export revenue from 465 companies was Rs 9,775 crores, it said. This fiscal year it has reached Rs 11,630 crores, which is an excellent growth curve. Col Sanjeev Nair (Retd), CEO

Tata Group considers topping up another $1 billion for super-app arm

Deliberations are ongoing and details of Tata Group's capital injection into the venture could still change, the people said. A representative for Tata Group declined to comment

Cyient Q2FY24 results: Consolidated net profit jumps 132% YoY to Rs 183 cr

The revenue from operations for Q2FY24 came in at Rs 1778.5 crore, compared to Rs 1396.2 crore year-on-year

Smartphone, auto makers may be mandated to enable NavIC on devices: MoS IT

He also shared that Accord Software & Systems, a domestic start-up, was the first Indian company to design NavIC chips

Ford lures Apple executive to run new unit selling software subscriptions

Ford has hired away a key Apple executive to run a new business unit that will sell software-related subscription services to vehicle owners. The Dearborn, Michigan, automaker said Monday it hired Peter Stern, who was Apple's vice president of services. He'll run Ford Integrated Services, a unit that will combine software and hardware into services. At Apple, Stern oversaw Apple TV plus, iCloud storage, Apple Books, the arcade and fitness operations and other businesses, Ford said in a statement Monday. Stern started Monday and reports directly to CEO Jim Farley. Stern also will expand Ford's BlueCruise hands-free partially automated driving system, as well as productivity and safety and security services, the statement said.

Intellect Design soars 15% as total income rises 19% YoY in Q1FY24

So far this calendar year (CY23), Intellect Design has rallied 47 per cent, as against 9 per cent jump in the S&P BSE Sensex

Infosys signs 5-year AI deal worth nearly $2 bn with existing client

In May, Infosys launched Topaz, a comprehensive suite of services, solutions, and platforms that harness the power of generative AI technologies

MCX shares tumble 9% after 63 Moons get software support contract

Shares of MCX tumbled nearly 9 per cent on Friday after the commodity exchange extended its software support contract with 63 Moons Technologies for a higher fee. The stock fell 8.65 per cent to settle at Rs 1,499.85 apiece on the BSE. During the day, it tanked 12.47 per cent to Rs 1,437. On the NSE, it dived 8.65 per cent to end at Rs 1,500.10 per share. However, shares of 63 Moons jumped 12.66 per cent to end at Rs 244.20 each on the BSE. On the NSE, the company's stock surged 12 per cent to settle at Rs 243 per piece. In separate stock exchange filings on Thursday, Multi Commodity Exchange of India Ltd and 63 moons said the contract has been extended for a period of six months starting July 1. The contract has been renewed at a consideration of Rs 125 crore per quarter, which would translate into Rs 250 crore for the six-month period. On the other hand, 63 moons, formerly known as Financial Technologies India Ltd, said it has "once again agreed to the eleventh-hour request by

About 40% of SAP's R&D innovations come from India: India COO Rahul Baheti

In a Q&A, Baheti dwells on why his company is bullish on cloud in India and on the firm's expansion plans in the country

Software firm Capillary Technologies raises $45mn in Series D round

Funds raised from consortium of investors will be crucial for global expansion efforts and to support M&A strategy, says Capillary

Overall connected vehicle technology grows 60% on year in Jan-Mar

Overall connected vehicle technology grew more than 60% (on-year) in first quarter of this year, with the electric vehicle market showing stupendous growth by 48% YoY, a report showed

Small towns turn big for SaaS sector amid headwinds in global market

Headwinds in the global market are encouraging both major players and newer entrants to set up distributed workforce models outside of the major cities

Indian software industry expected to reach $100 bn by 2025: Anurag Thakur

Union Minister for Information and Broadcasting and Youth Affairs and Sports Anurag Thakur on Friday asserted that the Indian software product industry is expected to reach USD 100 billion by 2025