Top growing tech companies

Synopsis India is walking the talk on becoming a global digital economy, enhancing competitive advantage with focus and investments across key intervention areas. Amid the growing fears of slowdown and global recession, the Union Budget is growth-oriented, boosting allocations across sectors, according to IT industry body Nasscom. The budget offers a playing ground for the startup community as well, and has highlighted that India is the third largest ecosystem for startups, Nasscom said in a statement. "Amidst the growing fear of slowdown and global recession, the Union Budget 2023 is growth-oriented and committed budget, that has boosted allocations across sectors," the IT industry association said. India is walking the talk on becoming a global digital economy, enhancing competitive advantage with focus and investments across key intervention areas. "Calling out the Indian economy as tech-driven, knowledge-based economy, the budget focuses on three key … [Read more...] about Budget growth-oriented, underscores role of digital, tech in development: Nasscom

Synopsis Highlighting achievements of the Union government since 2014, she added that the economy has clocked 7,400 crore digital payments worth Rs 126 lakh crore through unified payments interface (UPI) infrastructure in 2022. As digital payments gain wider acceptance, fiscal support for digital public infrastructure will continue for the year 2023-24, Finance Minister Nirmala Sitharaman announced in her Budget 2023 speech. Highlighting achievements of the Union government, she said that the economy has clocked 7,400 crore digital payments worth Rs 126 lakh crore through unified payments interface (UPI) infrastructure in 2022. “In 2022, they (digital payments) showed an increase of 76% in transactions and 91% in value. Fiscal support for this digital public infrastructure will continue in 2023-24,” the FM said. Apart from support for digital payments, fintech associated announcements included – the expansion of the scope of documents available in DigiLocker for … [Read more...] about Budget 2023: fiscal support for digital payments ecosystem to continue

Synopsis India’s small businesses and industry groups have issued their response to Budget 2023-24. Here, we round up the opinions. India aims for around 6% growth next year while having to walk a tightrope to maintain fiscal discipline of around 6.4%. Budget 2023 showed the government’s commitment to growth with a significant capex outlay of Rs 10 lakh crore, the highest ever and translating to a 33% hike. For MSMEs the Budget aimed to provide support and enhance ease of doing business. The revamped credit guarantee scheme with enhanced outlay, use of PAN as a common identifier for businesses and enhancing presumptive taxation limits were some of the key takeaways. Here’s how the small business sector reacted to the Budget announcements. Harpreet Singh, Partner – Indirect Taxes, KPMG in India Input tax credit (ITC) restriction on CSR expenditure, restriction on filing of GST returns after 3 years from the due date, ITC reversal on in-bond transfer of goods, … [Read more...] about Budget 2023: From revamped credit push to infra development, industry stakeholders react

Synopsis Edtechs are expected to move away from the K-12 business model in the coming year. They are also expected to focus on priorities such as a bigger offline play, tapping international markets with higher disposable incomes, and digitising the existing school system. The pandemic-driven boom has ended and tech funding has dried up. And this has forced edtech ventures to cut costs further and seek sustainable offline models with profit-generating revenue streams, say entrepreneurs and investors. Edtechs are expected to move away from the K-12 business model in the coming year. They are also expected to focus on priorities such as a bigger offline play, tapping international markets with higher disposable incomes, and digitising the existing school system, multiple professionals engaged in the business told ET. Over the next two years, Byju ’s expects at least a third of its overall revenues to come from international markets, the company’s co-founder … [Read more...] about 2022 Year in Review | As the pandemic bubble bursts, edtechs back in class

Synopsis Unacademy’s cofounder and CEO Gaurav Munjal on Thursday told employees that appraisals for the financial year ended March 2023 stand canceled, as the edtech startup focuses on turning profitable amid an overall tightening in funding and a demand slump for online education. Unacademy’s cofounder and CEO Gaurav Munjal on Thursday told employees that appraisals for the financial year ended March 2023 stand canceled, as the edtech startup focuses on turning profitable amid an overall tightening in funding and a demand slump for online education. The SoftBank and General Atlantic-backed firm will reward staffers with stock options based on individual performance, as per an internal memo reviewed by ET. "I know this is disheartening to hear after putting a lot of hard work but I want you all to understand that this a phase.. We have built great products, we have been great at adapting to market conditions. Our EBITDA margins have improved a lot.. So trust this … [Read more...] about Unacademy cancels cash appraisals; staffers will be rewarded with stock options

Synopsis India is rightly betting on various factors, which puts it on growth path. There are some challenges, but a balanced and well-coordinated approach could address these challenges to ensure a sustained economic growth in the future. The Indian economy is projected to grow exponentially in the coming years, with positive indicators such as increasing foreign investment, growth in key sectors such as manufacturing and digital technology, and reforms aimed at improving business conditions. However, there are also challenges such as unrealised potential and demographic dividend which could impact growth. A balanced and well-coordinated approach to addressing these challenges will be important for sustained economic growth in the future. Key Highlights of Budget Boost to Capital investment Outlay for 3rd year in a row with inclusive development through universalization of schemes; The rapidly expanding tech-savvy population and large pool of engineering and data … [Read more...] about Budget 2023: Saptarshi for India’s glorious future