Infosys Stops Recruiting 🚫, Exports Drop 📉, Adani Secures Funds 💰

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include Infosys halting campus recruitment, exports dropping in September, and Adani Enterprises securing Rs 700 crore. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Infosys halts campus recruitment due to significant existing fresher workforce 🇮🇳 IndiaTech - Infosys CFO Nilanjan Roy announced no campus hiring this year due to a large fresher bench from last year’s recruitment of 50,000 freshers. - Despite a reduction in headcount by 7,530 employees this quarter, the company is committed to onboarding graduates as projects become available. - Infosys reported a net profit of ₹6,212 crore and a 7% increase in revenue for the quarter ending in September. India’s September exports drop 2.6% to $34.47 billion 📈 India Business - India’s exports in September fell by 2.6% to $34.47 billion compared to $35.39 billion in the same month last year. - From April to September, exports contracted by 8.77% to $211.4 billion. - Imports also decreased by 15% to $53.84 billion compared to $63.37 billion in September 2022. Arnold Schwarzenegger on Vision, Discipline, and Resilience [NBW Newsletter Ad]( You got to have a very clear vision of where you want to go because if you don’t have that, you’re just floating around. – Arnold Schwarzenegger #bigIdeas from the conversation with Jay Shetty [Read]( Low pay discourages IIT graduates from joining ISRO, says agency’s chairman 🇮🇳 IndiaTech - ISRO chairman Dr S Somanath reveals that the agency struggles to recruit from IIT due to its pay structure. - During a recruitment drive at an IIT, 60% of students left after seeing the salary structure of ISRO. - Somanath argues that while ISRO is hiring ‘adequate talent’, it may not be attracting the ‘best talent’ due to financial considerations. IAMAI mandates chairperson to be from an Indian firm, reserves 50% council seats for Indian companies 🇮🇳 IndiaTech - The Internet and Mobile Association of India (IAMAI) has passed resolutions requiring its chairperson to be from an Indian company and reserving half of its governing council seats for Indian firms. - The definition of an Indian company includes having a permanent establishment in India and majority revenue from India, with exceptions for SaaS and similar companies. - The resolutions aim to wrestle control of tech policy-making from non-Indian Big Tech platforms, but critics argue it could undermine the Indian startup ecosystem and restrict membership. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Ranjan Pai, Manipal Education Group chief, may invest up to $300m in Byju’s Aakash Institute 🇮🇳 IndiaTech - Ranjan Pai, chairman of Manipal Education and Medical Group, is reportedly planning to invest $250-300 million in Byju’s Aakash Institute, initially planning $70 million but now considering $170 million in the first stage. - The investment may be used to clear Byju’s outstanding debt to US-based Davidson Kempner Capital Management. - Byju’s aims to reach break-even by March 2024, planning to achieve this through consolidation, organizational restructuring, and settling an outstanding $1.2 billion loan. Escalating Israel-Hamas conflict may prompt tech companies to relocate to India, Middle East, or Eastern Europe 🇮🇳 IndiaTech - Due to the intensifying Israel-Hamas conflict, tech companies in Israel, including Microsoft, Intel, and Google, may relocate their operations to India, the Middle East, or Eastern Europe. - The potential move could disrupt Israel’s fastest-growing sector, high-tech industries, and affect over 100,000 employees. - The conflict, now in its sixth day, has resulted in over 2,300 deaths and thousands of displacements, with expectations of further escalation. Indian Supreme Court to consider Google’s appeal against Android antitrust order in January 🇮🇳 IndiaTech - The Supreme Court of India will hear Google’s challenge to the Android antitrust order in January 2024. - Google filed an appeal against the order of the National Company Law Appellate Tribunal (NCLAT) which upheld the antitrust order issued by the Competition Commission of India (CCI) in 2022. - The court’s decision could determine the future of Android in India, with the CCI also appealing the NCLAT’s decision to set aside four directions. Adani Enterprises secures Rs 700 crore through private placement of NCDs 📈 India Business - Adani Enterprises has raised Rs 700 crore by allotting 70,000 non-convertible debentures (NCDs) on a private placement basis. - This follows a similar move in July, when the company raised Rs 1,250 crore through NCDs. - Despite allegations of stock manipulation and high debt, overseas investors like International Holding Co and GQG Partners continue to invest in Adani companies. Amazon reportedly seeks approval to offer satellite communication services in India 🇮🇳 IndiaTech - Amazon is reportedly seeking approval from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to offer broadband-from-space services in India. - The company is also expected to apply to the Department of Telecommunications for a global mobile personal communication by satellite services license. - This move comes as part of Amazon’s Project Kuiper, a satellite project aimed at providing broadband service to unserved and underserved communities globally. Stockbroking platform Groww overtakes Zerodha in active user count 🇮🇳 IndiaTech - Groww has 6.63 million active users, surpassing Zerodha’s 6.48 million as of September 2023. - Despite this, Zerodha leads in business growth, reporting a 38.5% revenue increase in FY23. - Zerodha remains the highest-valued startup in the stock broking space at $3.6 billion, with Groww valued at $3 billion. © 2023 Zakti Techmedia Pvt. 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