INDIAN SOFTWARE COMPANIES
Spend management startup Dice raises $5 million from Dallas Venture Capital India Fund
Dice, an enterprise spend management startup, has raised $ 5 million in a funding round led by VC firm Dallas Venture Capital. The company will use the fresh capital for its go-to-market initiatives, like strengthening market penetration and customer outreach.
Persistent Systems buys US software firm Starfish Associates for Rs 173 crore
Persistent Systems said in a statement, "Known for its cutting-edge Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies." Following the acquisition announcement on Wednesday morning, Persistent’s stock hit a 52-week high to 4,596 apiece rising over 2% on the BSE.
Indian software sector earnings will remain modest in Q1: here’s why
Infosys and LTIMindtree are expected to lead a modest increase in average growth for Indian software service providers in the first quarter of FY25. However, previous top performers, Tata Consultancy Services (TCS) and HCLTech, may see pressure on profits and margins as they work to reignite growth.
Wipro asks NCLT to junk Ivalua's insolvency plea
Wipro disputes Ivalua's insolvency plea over $100,000 unpaid dues for unfulfilled cloud services, seeking dismissal at NCLT.
IT service exports should start diversifying in AI, cloud computing and data analytics, say industry players
As the IT service exports come out unscathed amidst a turbulent period for the world, industry players believe it’s time the service portfolio spread out.
New-age job roles: How India can engineer a future beyond software
With nearly 1,600 international corporations operating captive units, 1.7 million highly educated professionals are employed. It might theoretically increase its pool of relevant talent if it made a concerted effort to improve both the number and calibre of the more than 2.5 million Ph.D.s and graduates in science, technology, engineering, and medicine that India produces each year.
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Ajay Bagga on where to look for next market trigger and pockets to avoid now
Ajay Bagga says railways and defence sectors have already run up much and multi-year order books have been factored in. Now it is the execution challenge. So, have the investors already eaten the pie for railways and defence? Not fully, but right now there might be one more move up like we saw in railway stocks today.
Estonia promotes tech sharing, joint production with Indian defence companies
NATO member Estonia, known for its expertise in IT and cyber security, is seeking closer cooperation with India to jointly develop defence technology. Indian companies are invited to partner with Estonian startups and tech players to explore specific areas of interest.
Why deal sizes are shrinking for top Indian IT companies
IT service providers are experiencing shrinking average deal sizes to as low as $25 million due to cost efficiencies, GenAI transformation, and shorter tenure projects amid uncertain macro-economic conditions. Despite an increase in large deal volume during FY23, industry analysts report a decrease in the average value of those deals. This comes even though Indian software exporters remain major players on the global stage.
India can be the great link joining the largest population of developers to AI’s immense possibilities
India is projected to surpass the US as the largest software developer community by 2027, with the digital economy contributing significantly to its overall economy. AI tools are revolutionizing software development, leading to substantial gains in productivity. The country's focus on early education in programming and the promotion of open-source collaboration are key factors driving this growth.
IT stocks rally up to 4% as an early indicator of Q1 earnings just gave green signals
Indian IT stocks surged following positive results from Accenture, with Persistent Systems leading the gains. Analysts expect a strong demand environment to drive healthy earnings growth.
Herd on PE Street: TPG outruns everyone in race for Altimetrik
Last month, its Asia-focused fund TPG Asia VIII secured $5.3 billion in aggregate capital commitments. That made it the firm’s largest Asia fund in 30 years of investing in the region. Since inception, TPG Asia has ploughed more than $13 billion into core sectors including consumer, healthcare, financial services and TMT/new economy and the fund has realised more than $16 billion, according to its website.
How India's new brain power adds to its economic brawn
India is transitioning from being the telemarketing voice of MNCs to their intellectual hub with the rise of GCCs. These fully owned and integrated hubs are driving growth, innovation, and value creation by leveraging India's talent pool. With a projected doubling of GDP share by 2030, GCCs are transforming India's economy and IT landscape, attracting global companies seeking tech talent and cost efficiency.
Maharashtra, Karnataka, Delhi top UK's investment flows from India: Report
Maharashtra, Karnataka, and Delhi led in bringing foreign direct investment (FDI) to the UK, per a CII and Indian High Commission joint report. The report highlighted the contributions of Indian companies in various sectors, showcasing their positive impact on the UK economy, job creation, and cultural diversity. Additionally, it notes the significant economic ties between India and the UK, with India being the UK's second-largest source market.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
India has a great story going for it; market levels very sustainable: Prateek Agrawal
We believe over the next month or so as that market tapers off, that bit of selling and the confusion that you see there would also subside.
Defence stocks: Long runway, hedge a bit to avoid narrative-based decisions; 8 PSU & Pvt sector stocks, 4 with upside potential of upto 44%
In an election season, there are bound to be times when one or the other narrative may make one question about whether one should sell the stocks. The underlying reason would be fear of losing the gains on which one is sitting. Especially when it comes to sectors like defence, railways and others which have seen a strong re-rating and siting with big gains and already there has been skepticism about their stock price moving ahead of time. Now let's look at the issue in two ways, first is whether the fundamentals of the sector are on a strong foot and business is fine or not. Second, how to hedge the exposure so that one is not forced to sell due to narrative, because the fact is that a continuation in policy push means that the companies have just started their journey. While defence PSUs are well known, there are other private sector players, whose lifeline is dependent on defence expenditure and in the last few years they have also done well, both on the street and in terms of real business. So, it is better that one should hedge and stay with them and not get jittery because of one or the other narrative which will keep hitting the street till 4th June.
IT’s bench strength halves as slump-hit companies eye efficiencies
The bench strength at top Indian outsourcers has nearly halved of late, with higher utilisation and generative artificial intelligence (GenAI) driving efficiency in the $254-billion IT industry. Bench strength in the IT industry means full-time employees who are not assigned any active project.
Talent demand in EV segment drives in new roles and contract hiring
The electric vehicle (EV) industry is booming, creating a demand for diverse skills and expertise. Opportunities span technical, leadership, and operational roles. Contract staffing is playing a crucial role in meeting the industry's needs, with a focus on talent development and agile solutions. Leaders face challenges in talent acquisition and navigating industry dynamics amidst rapid advancements.
AI-led tech craze leaves mega Indian software stocks in the dust
Unlike counterparts in the developed world and China, Indian software makers including leader Tata Consultancy Services have yet to make significant advances in generative AI. That combined with a still cloudy outlook for client spending may soon leave them looking like the tech bets of yesterday.
India-Russia: Lack of knowledge about respective IT industries is a challenge
Russian and Indian software development companies, with Denis Ageev from DACOM M, possess resources for software buildout, including virtualization of computers, data storage, networks, and servers.
Indian companies likely to use existing AI models to leverage their data: Intel executive
Santhosh Viswanathan, vice president and managing director for the India region at chipmaker Intel, said the Indian market was at an “inflection point” with digitisation being a fundamental change and accelerant for the economy.
India Ahoy! India as a software IPO destination
While the likes of FirstCry and CureFit will continue to go public in India, it’s software firms with global customer bases that are now set to take centerstage.
SoftBank back at deal counter with Icertis deal talks
Tech VC in funding talks with portfolio co Icertis, which is stitching up a $150m secondary round
'Appraisal, promotion system in Indian cos is a joke': Dehradun techie shares ideas to get big pay hikes
A post by an engineer in Dehradun for higher salaries has sparked a discussion on social media. The engineer emphasized the need for individuals, especially software engineers, to consider switching jobs for better pay. The post has led to conversations about job mobility and fair compensation in the Indian job market.
Inflation-wary Fed may put IT revival on hold
Indian outsourcing leaders face delayed business revival until FY26 due to US Federal Reserve's high interest rates. The impact on revenue growth and IT firms' strategies could persist, affecting deals and revenue projections in the sector.
Payment for imported software not royalty, rules SC
A bench of Justices BR Gavai, BV Nagarathna and Pankaj Mithal rejected a batch of review petitions filed by the Commissioner of Income Tax both on merits as well as on the grounds of delay. This means tax liability of foreign software seller without a permanent establishment in India would reduce to the 2% equalisation levy introduced via Finance Act 2020 from the 10%-15% royalty tax, which the Indian buyer has hitherto been liable to withhold.
LinkedIn Top Companies 2024 List: Here are the top companies in India according to LinkedIn
LinkedIn has released its annual ranking of the top 25 workplaces in India, showcasing the most sought-after companies for career progression and job opportunities. Tata Consultancy Services (TCS) retains the top spot, followed by Accenture and Cognizant. The financial services sector dominates the list, with nine companies featured. In the midsize category, Lentra and MakeMyTrip lead the rankings. The report highlights hiring trends, with Bengaluru as the top hiring location, and emphasizes the importance of investing in employee experience to attract and retain talent in the evolving job market.
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