India’s Consumer Spending to Surpass $4T by 2030: Shiprocket
Mumbai, India – Shiprocket, a leading logistics enablement platform, has released a report that predicts India’s consumer spending to surpass $4 trillion by 2030. The report, titled “India’s Consumer Spending: The Next Decade,” found that India’s consumer spending is expected to grow at a compound annual growth rate (CAGR) of 10% between 2022 and 2030.
Zomato Reports First-Ever Q1 Profit, Shares Surge 11%
Bengaluru, India – Zomato, India’s leading food delivery company, has reported its first-ever quarterly profit. The company reported a net profit of ₹37.4 crores (around $4.8 million) in the first quarter of fiscal year 2024 (Q1 FY24).
Tech IPO Boom in India, Expects 90 Companies to Go Public by FY28
Bengaluru, India – The Indian tech industry is experiencing a boom in IPOs, with over 90 companies expected to go public by fiscal year 2028 (FY28). The boom is being driven by a number of factors, including:
- The growth of the Indian tech sector: The Indian tech sector is growing rapidly and is expected to reach $350 billion by FY28. This growth is creating a large number of startups that are looking to raise capital through IPOs.
- The strong investor appetite for tech stocks: Indian investors are increasingly interested in tech stocks, which are seen as being high-growth and with good potential for returns. This has made it easier for tech companies to raise capital through IPOs.
- The supportive regulatory environment: The Indian government has been supportive of the growth of the tech sector and has created a regulatory environment that is conducive to IPOs. This has made it easier for tech companies to go public in India.
Indian Smartphone Market Sees 10% H1 2023 Sales Drop, According to IDC
Bengaluru, India – The Indian smartphone market saw a 10% drop in sales in the first half of 2023 (H1 2023), according to a report by IDC. The report said that the market was impacted by a number of factors, including the ongoing chip shortage, rising inflation, and the economic slowdown.
Mamaearth’s Parent Company Receives Sebi Approval for IPO
Honasa Consumer, the parent company of D2C personal care brand Mamaearth, has received approval from the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). The company plans to raise ₹400 crore through the IPO, which will consist of a fresh issue of ₹200 crore and an offer for sale (OFS) of ₹200 crore by existing shareholders.
Legaltech startup RTIwala raises maiden VC funding
RTIwala, a legaltech startup that helps individuals and businesses file RTI (Right to Information) requests, has raised its maiden round of venture capital funding. The round was led by Inflection Point Ventures, with participation from angel investors including Kunal Shah, founder of CRED, and Ritesh Agarwal, founder of OYO Rooms.
Government Imposes Import Restrictions on Laptops, Tablets, and Servers
The Indian government has imposed import restrictions on laptops, tablets, and servers in a bid to boost domestic manufacturing. The restrictions, which came into effect on March 8, 2023, require importers to obtain a license from the government before importing these products.
Qualcomm India Names Savi Soin as President
Qualcomm India, the Indian subsidiary of Qualcomm Technologies, Inc., has named Savi Soin as its new president. Soin will be responsible for leading Qualcomm India’s business and operations in the country.
Xiaomi Pulls Mi Music App from India’s Google Play Store
Xiaomi, the Chinese smartphone maker, has pulled its Mi Music app from India’s Google Play Store. The app was previously available for download on the Play Store, but it is no longer listed.
Apple’s Q3 Earnings Reveal Varied Performance, iPhone Revenue Sees Dip
Apple Inc. (NASDAQ: AAPL) reported its fiscal third-quarter results on Tuesday, beating analyst expectations on the top and bottom lines. However, the company’s iPhone revenue came in below expectations, as supply chain constraints continued to weigh on the business.
Davidson Kempner initiates board reconstitution at Aakash: Report
Davidson Kempner, an investment firm that owns a significant stake in Aakash Educational Services, has initiated a board reconstitution process at the company. The move comes after Davidson Kempner expressed concerns about the company’s governance and financial performance.
Cognizant Q2 net profit down 19% YoY; company retains 2023 revenue guidance
Cognizant Technology Solutions Corp. (NASDAQ: CTSH) reported its second-quarter results on Tuesday, missing analyst expectations on the bottom line. The company’s net profit fell 19% year-over-year to $463 million, or $1.08 per share, compared to $577 million, or $1.34 per share, in the year-ago quarter.
Brick and Byte raises Rs 10 Cr debt from Red Fort Capital
Brick and Byte, a sheet metal fabricator based in Navi Mumbai, has raised Rs 10 crore debt from Red Fort Capital. The debt will be used to fund the company’s working capital requirements and to expand its manufacturing capacity.
Atal Innovation Mission lays out a framework for startup incubation centers
The Atal Innovation Mission (AIM), under the National Institution for Transforming India (NITI Aayog), has laid out a framework for startup incubation centers. The framework aims to provide a standardized approach to the incubation of startups and to help them achieve their full potential.