Shadowfax is finalising a Rs 350-400 crore funding round, likely to value the company at Rs 5,500-6,000 crore, with this round being its last private funding before an initial public offering (IPO), according to sources. In February, Shadowfax secured $100 million in funding, comprising primary and secondary investments led by TPG NewQuest, valuing the company at $350 million.
Logistics firm Shadowfax eyes $50 million, doubling value to $700 million
IT firms upbeat on BFSI discretionary spends takeoff
The BFSI (banking, financial services and insurance) sector, the largest revenue generator for the Indian IT industry, is the biggest technology spender. While some experts point to an increase in discretionary spending linked to regulatory compliance, others highlight that projects previously on hold are resuming.
Titan Capital logs final close of new fund at Rs 333 crore
Titan Capital, led by Snapdeal cofounders Kunal Bahl and Rohit Bansal, typically backs startups at a seed or pre-seed stage. This is the first time it raised external capital, with Bahl and Bansal having used personal capital for investments so far.
Upgrad secures $60 million from Temasek at a flat valuation of $2.25 billion
Temasek, Singapore’s sovereign wealth fund, has invested an additional $60 million into Upgrad, maintaining the higher education and upskilling startup’s valuation at $2.25 billion, sources told ET. Separately, Ronnie Screwvala, the edtech’s founder and chairman, has bought out Bharti Enterprises’ stake in the firm for $20 million.
India needs a system-to-chips-to-fab virtuous cycle: Ajai Chowdhry
The reliance on services leaves India economically vulnerable, as automation may shave off service jobs in the future.
Amid turnaround, Tech Mahindra net profit rises 46.8% at Rs 1,250 crore
The company’s net profit surged 46.8% sequentially, driven by a sharp focus on operational excellence and a one-time gain. Revenue growth, while modest, was supported by strong performance in key verticals like communication and hi-tech.
IT sector’s top firms reverse headcount fall after 7 quarters
After a period of declining headcount, India’s leading IT firms have reversed the trend, collectively hiring over 17,500 employees in the September quarter. This surge in hiring comes amid a recovery in demand and increased deal wins.
Boom time for spiritual apps: Diwali set for surge in user activity
Online devotional platforms see business booming this month amid burgeoning demand for new offerings launched during Navratri.
Tech Mahindra Q2 Results: Profit zooms 153% YoY to Rs 1,250 crore, revenue up 3.5%
On a sequential basis, profit and revenue saw growth of 46.81% and 2.36%, respectively.
Tech Mahindra adds 6,653 employees in Q2, leading the pack
This is the second consecutive quarter of headcount growth for the company, following a dip of nearly 800 employees in Q4 of FY24. Tech Mahindra’s Q2 headcount addition was the highest among the top five IT services firms, which include Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro.