Kukla Times – Startup & Business News

Easy Trip Planners Reports 22% Decline in Q1FY24 Profit to Rs 26 Crore

Easy Trip Planners Reports 22% Decline in Q1FY24 Profit to Rs 26 Crore

August 15, 2023

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Delhivery Empowers Employees with Expanded ESOP and Reports Steady Financial Performance in FY23, Kukla Times, Business news, Startup News,

Delhivery Achieves 10.5% YoY Revenue Growth and Narrows Losses to Rs 89 Crore in Q1 FY24

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India’s Rating Unchanged At BBB With Stable Outlook: Fitch Ratings

India’s Rating Unchanged At BBB With Stable Outlook: Fitch Ratings

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Revenue Up, Profits Down: Analyzing Tech Mahindra’s Q1 Financial Results

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Featured News

Easy Trip Planners Reports 22% Decline in Q1FY24 Profit to Rs 26 Crore

Easy Trip Planners Reports 22% Decline in Q1FY24 Profit to Rs 26 Crore

Delhivery Empowers Employees with Expanded ESOP and Reports Steady Financial Performance in FY23, Kukla Times, Business news, Startup News,

Delhivery Achieves 10.5% YoY Revenue Growth and Narrows Losses to Rs 89 Crore in Q1 FY24

Title: Smartphone Sales Experience a 10% Decline in India for H1 2023, IDC Reports India's smartphone market witnessed a notable decline, with shipments totaling 64 million units in the first half of 2023, representing a 10% drop compared to the same period last year, according to the International Data Corporation's (IDC) Worldwide Quarterly Mobile Phone Tracker. During the second quarter of 2023, the market showed some signs of recovery, with a 10% growth over the previous quarter. However, it still experienced a 3% year-on-year (YoY) decline, shipping 34 million units. Vendors and channels made efforts to clear inventory by offering discounts, special schemes, and price drops ahead of the anticipated festive season in the latter half of the year. Interestingly, after several quarters of growth, the average selling price (ASP) of smartphones in India decreased by 8% compared to the previous quarter, but witnessed a 13% YoY increase, reaching $241 in 2Q23. The sub-$200 segment saw its share decline to 65%, marking an 11% YoY dip from the previous year's 70%. In contrast, the mid-range segment ($200-$400) remained relatively stable with a 22% share. Meanwhile, the mid-to-high-end segment ($400-$600) experienced robust growth, boasting a 34% YoY increase in 2Q23, holding a 5% share. The premium segment ($600+) showed the most significant growth, surging 75% YoY to reach a 9% share. Upasana Joshi, Research Manager, Client Devices, IDC India, attributed the shift towards premium offerings to the availability of easy and affordable financing options. Joshi expects this trend to continue throughout the remainder of 2023. Cognizant Records a 19% YoY Decline in Net Profit for Q2 Cognizant, a prominent IT services company, disclosed a net profit of $463 million for the second quarter of 2023 (April-June), marking a significant 19% year-on-year decline. The company's revenue for the same period slightly dipped by 0.4%, reaching $4.89 billion. On a quarter-on-quarter basis, Cognizant experienced a 1.7% rise in revenue, but net profit witnessed a 20% decline. Moreover, the company's headcount for the second quarter stood at 3,45,600 employees, representing a sequential decline of 5,900. For the third quarter, Cognizant projected revenue within the range of $4.89-4.94 billion. Salesforce Introduces New Tech Platform to Boost Sales Community Global CRM software company Salesforce recently unveiled Slack Sales Elevate, a tech platform designed to enhance the productivity of sales teams. Leveraging Slack's platform and powered by Salesforce data, Slack Sales Elevate aims to centralize information, simplify processes, and automate administrative tasks. Sales teams often face pressure to be more productive and drive revenue while meeting customer expectations. However, they spend over 70% of their time on non-selling tasks, primarily due to administrative work and cumbersome tools. Slack Sales Elevate addresses these challenges by offering a high degree of customization with KPIs to track progress, configuring automatic notifications for deals, new opportunities, pipeline updates, and AI-powered no-code workflows to streamline requests and deal approvals. Infosys Tops 5G Index for Second Consecutive Year Infosys, a leading IT service provider, secured the top spot for the second consecutive year in the Everest Group's 5G Engineering Services PEAK Matrix Assessment 2023. The company was recognized for its marquee projects, key thought leadership initiatives, and consistent focus on use-case development. The assessment involved evaluating 20 engineering service providers based on their capabilities, interactions with 5G engineering leadership, client reference checks, and a comprehensive analysis of the engineering services market. Notable strengths highlighted in the report for Infosys include a balanced portfolio of services across the entire 5G engineering services value chain, encompassing equipment, network, and solution engineering services. Additionally, the company demonstrated strong revenue growth, a good delivery mix, core competency, and optimal pricing models. Bharti Airtel Launches Self-Serve Marcom Platform Bharti Airtel, a leading telecommunications service provider in India, recently launched Airtel IQ Reach, a self-serve marketing communications platform aimed at enabling brands and companies to drive targeted customer engagements through personalized communications. Airtel IQ Reach offers an intuitive platform, catering to small and medium businesses, to make the most of their marketing investments by engaging with target customers in a cost-effective manner through prepaid pay-as-you-go plans. The self-serve portal allows users to design customized messages, select or upload target audiences, schedule messages, and track campaign effectiveness through real-time insights and comprehensive analytics on a centralized dashboard. This platform is expected to empower businesses in measuring their campaign effectiveness and achieving greater success. Kukla Times kukla times Business news Business News business news startup news Startup news StartupNews Startup News

Record-breaking Surge: India’s Premium Smartphone Segment Witnesses 75% YoY Growth in H1 2023

What is Bluesky? A Revolutionary Twitter Alternative Taking the Social Media World by Storm

What is Bluesky? A Revolutionary Twitter Alternative Taking the Social Media World by Storm

How to Register Your Startup in India: A Step-by-Step Guide

How to Register Your Startup in India: A Step-by-Step Guide

Unprecedented Surge: Mumbai’s Elite Drive Luxury Property Boom with Record-Breaking Demand

Unprecedented Surge: Mumbai’s Elite Drive Luxury Property Boom with Record-Breaking Demand

Latest News

Astronomers studying Earth's new mini-moon 2024 PT5 and its rare gravitational capture and orbit.

Earth’s New Mini-Moon: Asteroid 2024 PT5 to Orbit for 56 Days-Everything You Want to Know

Everything About Earth's New Mini-Moon: Asteroid 2024 PT5 A recently discovered asteroid, 2024 PT5 (Earth's New Mini-Moon), is soon going to be gravitationally…

MUDRA is a Leap of Faith, Benefits Social Fabric of India: SBI Report

India’s Economic Boom: What Morgan Stanley Predicts

Is India on the cusp of a major economic boom? Morgan Stanley offers insights into the factors driving India's GDP growth, drawing parallels to the 2003-2007 boom…

Jyoti Automation’s Path to Debt Freedom and Growth: Chairman Parakramsinh Jadeja Unveils Ambitious Plan

Business Companies STRATEGY

Jyoti Automation’s Path to Debt Freedom and Growth: Chairman Parakramsinh Jadeja Unveils Ambitious Plan

Jyoti Automation, led by Parakramsinh Jadeja, aims for a debt-free status by 2025, with a debt-to-equity ratio of 0.25% post their recent public offering.

Glamplus Funding: Rs 16.5 Crore Injects Shine into B2B Beauty SaaS!

Funding BeautyTech Startup

Glamplus Funding: Rs 16.5 Crore Injects Shine into B2B Beauty SaaS!

Glamplus secures Rs 16.5 crore funding to revolutionize B2B beauty in India. SaaS platform empowers salons, eyes expansion and global impact. #Glamplusfunding #B2Bbeauty

Bolt.Earth Sparks Shake-Up: Cuts Workforce by 20% Amidst FAME II Uncertainty

Lays off Startup

Bolt.Earth Sparks Shake-Up: Cuts Workforce by 20% Amidst FAME II Uncertainty

In a swift and strategic move, Bengaluru-based electric vehicle (EV) charging trailblazer, Bolt.Earth, recently conducted a spirited overhaul, bidding farewell to…

Tech Marvels Unleashed: JLR’s Digital Drive, Wipro-RSA Cloud Ballet, Dell-AMD Gen AI, HCLTech’s Oil & Gas Magic, and DeepTek.ai’s Radiology Revolution

Tech Marvels Unleashed: JLR’s Digital Drive, Wipro-RSA Cloud Ballet, Dell-AMD Gen AI, HCLTech’s Oil &…

Tech tales unfold at Kukla Times! From JLR's digital makeover to AI radiologist sidekicks, we've got the scoop on the latest in business innovation. Dive into…

RBI Appoints P Vasudevan as Executive Director, Currency Management Included

RBI Issues Warning on Fraudulent Loan Waiver Schemes

RBI issues warning against deceptive loan waiver schemes, urging public vigilance. Stay informed to safeguard against financial risks.

Indifi Technologies Welcomes Sangram Singh as CEO to Spearhead Growth and Innovation

Indifi Technologies Welcomes Sangram Singh as CEO to Spearhead Growth and Innovation

Indifi Technologies welcomes Sangram Singh as CEO, signaling a new era of growth and innovation in digital lending. Explore the dynamic leadership reshaping the…

Google-Antitrust-Case-Search-Engine-Quality-Defense

Google Antitrust Case: Quality Defense Amidst U.S. Allegations

In the Google Antitrust Case, quality remains paramount. Google's legal defense highlights its search engine's enduring popularity due to quality.

KALE LOGISTICS SOLUTIONS EYES GLOBAL DOMINANCE WITH $30 MILLION SERIES B BOOST FROM CREAEGIS

Funding Startup

KALE LOGISTICS SOLUTIONS EYES GLOBAL DOMINANCE WITH $30 MILLION SERIES B BOOST FROM CREAEGIS

Kale Logistics secures $30M Series B funding led by Creaegis, poised to revolutionize global logistics. Read More at Kukla Times.

Business

Jyoti Automation’s Path to Debt Freedom and Growth: Chairman Parakramsinh Jadeja Unveils Ambitious Plan

Tech Marvels Unleashed: JLR’s Digital Drive, Wipro-RSA Cloud Ballet, Dell-AMD Gen AI, HCLTech’s Oil & Gas Magic, and DeepTek.ai’s Radiology Revolution

Sebi Requests Supreme Court for a 15-Day Extension to Submit Adani Group Investigation Report

Sundar Pichai Engages in Talks with PM Modi, Unveils Google’s Vision for India

Small Tea Growers Seek Government Assistance to Achieve Scale

‘Make in India’ Faces Stiff Competition from ‘Make in the Emirates’ as Big Corporate Weigh Options

PVR Inox to Install New Screens, Refurbish Existing Ones in Investment Plan Worth Rs 700cr

G7 Russia Sanctions Cast Shadows on India’s Diamond Traders

STARTUP

Glamplus Funding: Rs 16.5 Crore Injects Shine into B2B Beauty SaaS!

Bolt.Earth Sparks Shake-Up: Cuts Workforce by 20% Amidst FAME II Uncertainty

KALE LOGISTICS SOLUTIONS EYES GLOBAL DOMINANCE WITH $30 MILLION SERIES B BOOST FROM CREAEGIS

Xpressbees Makes Strategic Move with Acquisition of TrackOn Courier

Rainmatter Invests Rs 1,000 Cr in Indian Startups: CEO Nithin Kamath

**Headline: FIRSTCRY Set to Lead SoftBank's Portfolio Companies in IPO Debut, Others to Follow** FirstCry, a pioneering omnichannel retailer, is poised to take the lead as the first Indian unicorn from SoftBank's portfolio to initiate its journey towards an Initial Public Offering (IPO), according to sources. Navneet Govil, Managing Partner and CFO of SoftBank Vision Fund, revealed to The Economic Times that FirstCry is gearing up to submit its draft IPO papers before the close of this year. The move is expected to mark a significant milestone for both FirstCry and SoftBank's investment landscape. Among SoftBank's other notable investments, companies like Swiggy, Lenskart, and OfBusiness are also making strategic strides towards their respective IPOs, as affirmed by Govil. Collectively, SoftBank's investments in these portfolio companies are estimated to be valued at approximately $42 billion. It is important to note that YourStory has been unable to independently verify the accuracy of these reports, pending official statements from the parties involved. On a separate front, SoftBank Vision Fund celebrated a noteworthy accomplishment by reporting a standalone profit of $1.1 billion, spanning six consecutive quarters. This achievement was buoyed by the escalating valuations of publicly traded companies within its portfolio. In stark contrast, SoftBank Group grappled with a net loss of $3.3 billion during the first quarter of FY24. This marked the third successive quarterly loss for the conglomerate. The ongoing struggles underscore the formidable challenges that continue to confront tech startups in an increasingly demanding business landscape. Discussing investment strategies, Govil informed ET that underperforming companies have been accurately identified and their valuations significantly adjusted downward. Going forward, SoftBank Vision Fund's investment criteria will be more rigorous, favoring artificial intelligence-focused enterprises that exhibit robust growth potential across India, Europe, Latin America, and the United States. In a related development, WeWork's future prospects appear uncertain as revealed in a filing with the Securities and Exchange Commission (SEC). The filing disclosed "substantial doubt" about the company's ongoing viability, despite a recent rescue package from SoftBank Group that granted the investment firm substantial control over WeWork's operations. This situation underscores the challenges faced by certain entities even under SoftBank's purview. **Disclaimer: The information provided above is based on existing reports and statements, and Kukla Times has not independently verified the accuracy of these claims.**

FIRSTCRY Set to Lead SoftBank’s Portfolio Companies in IPO Debut, Others to Follow

CRED Launches RuPay Credit Card-based UPI Payments, A Revolutionary Step in Digital Transactions

How to Register Your Startup in India: A Step-by-Step Guide

Money

Unprecedented Surge: Mumbai’s Elite Drive Luxury Property Boom with Record-Breaking Demand

Unlocking Intraday Trading Success: How to Choose Profitable Stocks for Day Trading

Why is the RBI Recalling the Rs 2,000 Note After Just Six Years?

Maruti Suzuki Records 42.6% Spike in Profit, 20% Revenue Increase for Q1 2023