Tech Firms

Govt taps MSMEs, startups for defence tech, sanctions Rs 1,264 cr projects

India's transformation into a defence tech hub is being driven by initiatives to promote innovation, self-reliance, and collaboration among startups, MSMEs, and academia

Big tech's bloodbath: 150,000 jobs cut as market shifts shake industry

In 2024, nearly 150,000 workers across major tech companies, including Tesla, Intel, Microsoft, and Cisco, are facing layoffs as these giants restructure and adapt to challenging economic conditions

Rapido cuts losses from Rs 675 cr to Rs 370 cr in FY24, revenue rises 46%

Ride-hailing platform Rapido has reported narrowing of losses to Rs 370 crore in FY24 from Rs 675 crore a year earlier. This is the third consecutive year the Bengaluru-based unicorn has posted a loss. It incurred a loss of Rs 440 crore in FY22, the company said in a statement. The company's revenue came in at Rs 648 crore in FY24, up 46.3 per cent from Rs 443 crore in FY23. "Last year's performance is underscored by a ~2x increase in Gross Order Value (GOV), which soared to Rs 4,257 crore in FY24 from Rs 2,419 crore in FY23, further demonstrating the platform's expanding market presence. This growth was fuelled by a 1.5x rise in ride orders, reaching nearly half a billion rides in FY24, underscoring Rapido's increasing appeal among India's vast commuter base," the statement said. In the July-September period of FY25, Rapido shrunk losses to Rs 17 crore from Rs 74 crore a year ago. The company reported a 2.5 times year-on-year growth in gross order value (GOV) to Rs 2,461 crore du

TCS expands partnership to transform Primark's tech operations over 5 years

TCS will help Primark adopt a more agile and product-based operating model by enabling automation through intelligent automation and DevOps technologies

Weak business driving TCS, Infosys and Cognizant to cut travel costs by 50%

A recent American Express survey found that one of the factors hindering a complete recovery of business travel post-Covid is the increasing prevalence of virtual meetings and events

Tech transforms CIO roles into CDIOs; over 33% rise in hiring, study claims

There has been a 33 per cent increase in the hiring and the creation of posts of chief digital and information officers (CDIOs) in the recent past following rapid advancements in technology, according to a study. The spike has been triggered by the transformation of the roles of chief information officers (CIOs) into those of CDIOs, it said. The study is based on WalkWater's analysis drawn from a survey among profiles of 310 CIOs and CDIOs across 272 companies. In the landscape of modern business, the role of CIOs has undergone a profound evolution, transforming into what is now widely recognised as the CDIO, a study by executive search firms WalkWater Talent Advisors has revealed. "One in three companies studied has recently established or filled the CDIO role, underscoring its growing importance in today's business landscape," the study added. It noted that the emergence of CDIOs signifies a shift towards not just managing technology but strategically leveraging it to drive busi

TCS' AI pipeline at $1.5bn; focus on talent development, AI engagement

TCS is working on an AI-based interview coach that evaluates both the content of an employee's responses and their body language and tone, providing corrective feedback

Microsoft to pay off cloud industry group to end EU antitrust complaint

The pact would include a possible multimillion-euro payment to the trade association, according to the report, and separate payments could also be made to individual companies

Gains in tech firm ABB India may sustain on strong margin outlook

ABB is well positioned to benefit from private capex growth, industrial automation, PLI-led capex, global offshoring, improved energy demand, and technological advancements across user industries

Aurum PropTech loss widens to Rs 55 cr in FY24, income up 68% at Rs 233 cr

Aurum PropTech Ltd on Monday reported a consolidated net loss of Rs 55.75 crore during the last financial year despite higher revenue. The company had posted a net loss of Rs 28.69 crore in the preceding year. Total income rose to Rs 233.07 crore in 2023-24 from Rs 139.05 crore a year ago, according to a regulatory filing. Total expenses surged to Rs 309.43 crore last fiscal from Rs 188.95 crore in the 2022-23 financial year. Onkar Shetye, Executive Director of Aurum PropTech, said the company has reported another year of "consistent performance across revenue, road to profitability, user growth and tech innovation". "Total income grew to Rs 233 crore, demonstrating a robust 68 per cent Y-o-Y (year-on-year) growth with EBIDTA (earning before interest, depreciation, tax and amortisation) improving to 9.9 per cent, displaying a sustained EBIDTA margin improvement of around 1,150 BPS (basis points) Y-o-Y," Shetye said. During the last fiscal, Shetye said, the company made a notable

Industry not in sync with K'taka IT union's demands to end labour exemption

KITU, the only registered union of IT/ITeS sector employees in Karnataka, which has a membership of more than ten thousand, demanded the government not renew the exemption anymore

A big defeat for Big Tech

Tech firms realise that open debate favours consumer data security concerns, so they try to ensure no such debate could ever occur

Tech cos using content without consent: IPA prez Pansa on AI material

The International Publishers' Association (IPA) president Karine Pansa accused big technology companies of using copyrighted content "without permission" for AI-generated materials and urged publishers to raise their concerns. Pansa, who recently visited India for the ongoing New Delhi World Book Fair, said the IPA is holding discussions with its member countries, including India, on how to deal with the big tech companies for infringing publishers' copyrights by "reproducing their materials without permission" for AI training. "The big tech companies are using the content available on the internet to regenerate the new content without consent, and part of this content is books, the content of which belongs to the publishers. It is being used without their permission, consent, licensed payment, and remuneration. "So it is an important part of the IPA's job to discuss how each country is going to deal with this new technology and this new copyright infringement," Pansa told PTI, addi

85 technology companies show exit door to over 23K employees this year

According to the layoff tracker layoffs.fyi, 85 companies have already handed pink slips to 23,770 employees in 2024. This is on the back of 2,62,595 employees being sacked by 1,187 companies last yr

Microsoft to train 100,000 Indian developers in AI technologies, tools

The developers will be trained under Microsoft's AI Odyssey initiative. The month-long programme is open to all, without any experience or background preference required

Kaynes Tech begins Rs 1,400 cr QIP; to acquire US-based firm for $2.5 mn

The QIP floor price is set at Rs 2,449.96 per share, and issue price will be determined after a committee meeting on December 21

Tech firm UST to double headcount to 4,000 in Hyderabad with new office

US global digital transformation solutions company has more than 20,000 employees in India

Expect to see 10,000 deep tech Indian startups by 2030: Nasscom's Narayanan

Deep tech requires a lot of patient capital, as the payoff is not the same as consumer internet or software-as-a-service (SaaS) sectors, says Narayanan

Billion-dollar shake-up: Global tech firms shed over $600 bn m-cap in Q3

Among the top 25, NVIDIA added another $19 billion to its market value in the third quarter, despite a modest 1.86 per cent growth

India's navigation system means business: NavIC edge for tech firms

The home-grown alternative to GPS is becoming a useful tool for tech firms