Tech & Startups
Top IT companies cut over 72,000 jobs in FY24
The top six information technology services companies in India reported a reduction in their total headcount in the last fiscal year, with only HCLTech adding employees. Factors contributing to this reduction include the economic slowdown, automation, restructuring, and decreased discretionary spending. The drop in headcount reflects the aftermath of excessive hiring during the Covid boom and ongoing industry contraction in demand. However, experts believe that this trend may have bottomed out, and companies could resume hiring, given the strong deal wins announced by most of them, which could push a gradual pickup in growth.
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Will Wipro's fortunes reverse under a new CEO?
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Tech Newsletters
Food and grocery delivery company Swiggy on Friday confidentially filed its draft documents for an initial public offering (IPO) with stock market regulator Securities and Exchange Board of India (Sebi), sources told us.
Swiggy has confidentially filed draft IPO papers with the capital markets regulator. Details on this and more in today’s ETtech Top 5.
Happy Friday! Omnichannel retailer FirstCry will refile its IPO papers following queries from Sebi. This came right on the back of Swiggy’s $1.25 billion proposed IPO receiving shareholder nod. This and more in today’s ETtech Morning Dispatch.
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Tech Bytes
Swiggy confidentially files draft IPO papers for $1.25 billion public listing
Swiggy, which secured a nod from its shareholders for a $1.25 billion public listing earlier this week, has made the filings through Sebi’s confidential route.
Pine Labs' Setu names former SAP executive Anand Raisinghani new CEO
API infrastructure company Setu, affiliated with merchant-focused digital payments firm Pine Labs, announced the appointment of Anand Raisinghani as its new CEO. With over two decades of experience, Raisinghani previously served as Vice President and Head of Professional Services at SAP India, and has worked with tech giants like Equifax, IBM, and Wipro. He will collaborate closely with Setu's co-founder Nikhil Kumar.
Fujifilm charts a mid-market route to boost its India printer business
Japanese office and business solutions company Fujifilm Business Innovation entered the market in 2021 and its focus so far has been on high-end commercial and office printing products.
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