India’s iPhone exports doubled📱; Paytm's loan disbursal jumps 4-fold💰; TCS Q3 net grows 11%📈
iPhone exports doubled to over $2.5 billion, Paytm's loan disbursal jumps 4-fold, TCS Q3 net grows 11%, Funding Deals and more.
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India’s iPhone exports doubled to over $2.5 billion in Apr-Dec📱
Apple exported iPhones worth more than $2.5 billion from India from April to December, nearly twice the previous fiscal year’s total, underscoring how the US tech giant is accelerating its shift from China as geopolitical tensions rise.
Foxconn and Wistron have each shipped more than $1 billion of Apple’s marquee devices abroad in the first nine months of the fiscal year ending March 2023.
Apple began assembling its latest iPhone models in India only last year, a significant break from its practice of reserving much of that for giant Chinese factories run by its main Taiwanese assemblers, including Foxconn.
While India makes up just a fraction of iPhone output, rising exports bode well for India’s plan to become an alternative to China as the world’s factory.
Paytm says loan disbursal jumps 4-fold in December 2022💰
Reflecting a strong performance, One 97 Communications (parent firm of Paytm) registered a 357% YoY growth in its lending business in December quarter of FY2023. The company disbursed a total loan of ₹9,958 crore in the quarter.
Out of the total amount of loans disbursed in the third quarter, the company lent ₹3,665 crores of loans in December month only. The number of loans disbursed by the company in the quarter under review grew by 137% YoY to 10.5 million.
The Paytm Super app's consumer engagement shot to its all-time high level in the December quarter.
Hot Shorts⚡
Health food brand The Whole Truth has raised $15 million in its Series B round, led by Sequoia Capital India. Other investors in the round include existing backers Matrix Partners India and early-stage venture firm Sauce.vc.
Agritech firm Cropin has secured Rs 113 crore in funding from new investors Google and JSR Corporation, as well as existing investors ABC Impact and Chiratae Ventures.
Gurugram-based healthcare edtech startup Virohan has raised $7 million in a bridge round of funding, dubbed pre-Series B1, led by Blume Ventures.
Bengaluru-based fintech startup BankSathi has raised $4 million in a new round from Kotak Securities, Lets Venture, We Founder Circle, Hem Securities and IPV (Inflection Point Ventures).
InCruiter, an interview as a service (IaaS) brand, has raised Rs 1 crore in a revenue-based funding round led by Recur Club.
TCS Q3 net grows 11% to Rs 10,846 Cr, crosses $7-Bn quarterly revenue milestone📈
Tata Consultancy Services pleasantly surprised Dalal Street on Monday, reporting a 5.3% sequential rise in consolidated revenue to Rs 58,229 crore for the December quarter, well above the Rs 56,893 crore analysts predicted in a poll.
Net profit rose nearly 4% quarter-on-quarter to Rs 10,846 crore but was lower than the expected Rs 11,200 crore. In constant currency terms, revenue grew 13.5% year-on-year during the quarter, TCS said.
The company declared an interim dividend of ₹8 and a special dividend of ₹67 per equity share.
TCS bagged deals worth $7.5 billion in the quarter, slightly less than it did in each of the two preceding quarters.
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