AI DEAL RENEWALS
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
ET Exclusive: ‘Global CEOs seek more clarity to invest in India', says Goldman Sachs CEO David Solomon
Goldman Sachs CEO David Solomon, in an exclusive interview, highlighted India's significance as a growing economy and a talent hub with a $8.5 billion investment. He emphasized the need for better clarity on investment policies and regulatory improvements to attract foreign investments. Solomon acknowledged the global economy's interconnected nature amid rising trade tariff tensions.
The Zomato vs Zepto burn war; M2P Fintech eyes Vue AI
Deepinder Goyal told ET that even as rivals like Zepto haemorrhage cash, Blinkit is walking away with a minimal burn. This and more in today’s ETtech Top 5.
Corporate payments fintech startup Ramp valued at $13 billion after share sale deal
The five-year-old startup hit the new valuation as it sold $150 million worth of its secondaries to investors including Singaporean wealth fund GIC, Thrive Capital, Khosla Ventures and General Catalyst, Ramp said in a statement on Monday.
IT services firms see proactive deal renewals by clients on AI upsurge
This is likely to see a decline of longer-tenured contracts upwards of 5-10 years with a greater number of shorter period and smaller sized deals going forward. It is also in line with top executives calling for the outsourcing model ripe for disruption with a focus on outcome-based projects than just people-led model, experts say.
Together’s AI fund; IT deals’ proactive renewals
Happy Monday! Freshworks founder Girish Mathrubootham’s VC firm Together is eyeing the final close of its AI-focussed fund. This and more in today’s ETtech Morning Dispatch.
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Strong India stance shaped by growth macros, geopolitics: Lightspeed’s Bejul Somaia
Lightspeed senior partner Bejul Somaia exclusively spoke to ET about India’s promise for global venture capital firms, the rise of quick commerce, artificial intelligence (AI), and more. Somaia, one of the top global executives at the Silicon Valley-based fund, established Lightspeed’s India operations in 2007 and is known for early bets in Oyo, Udaan and others.
Two-day Invest Kerala event to open in Kochi on Friday
The invest Kerala global summit IKGS 2025 begins in Kochi with over 3000 delegates to discuss sectors such as AI, aerospace, logistics, and renewable energy. Opening the event is Chief Minister Pinarayi Vijayan, alongside key union ministers and global industry leaders. The government aims to turn investment proposals into actionable projects, targeting deals worth Rs 1,00,000 crore.
IOC finds Olympic sponsor in China through 2032 to replace Panasonic of Japan
TCL, a Chinese company, has become the new sponsor for the International Olympic Committee, replacing Japan's Panasonic, which ended its four-decade partnership after the Paris Summer Games. TCL's eight-year deal covers home audiovisual equipment and appliances, supporting the Olympics with digital displays, household appliances, and AI innovations. This partnership includes upcoming Summer and Winter Games until 2032.
India, Qatar forge strategic partnership, set $28 billion trade goal at Modi-Al Thani summit
India and Qatar have elevated their relationship to a strategic partnership, aiming to double their trade from $14 billion in the next five years. They signed multiple agreements, focusing on trade, investment, energy cooperation, and counterterrorism efforts, while also discussing the Middle East situation.
TCS under visa lens; Musk’s Grok 3 is here
Tata Consultancy Services (TCS) is facing scrutiny over its alleged misuse of L-1A manager visas in the US. This and more in today’s ETtech Top 5.
CII welcomes the outcomes of Modi’s US visit, eyes stronger trade and tech ties
Prime Minister Narendra Modi’s US visit was hailed as a significant milestone by the Confederation of Indian Industry, enhancing collaboration in trade, defence, and technology. The visit promoted strategic partnerships in AI, semiconductors, energy, and more, fostering long-term economic growth, increased foreign investments, and job creation, strengthening India–US relations, CII said.
Robotics startup Figure AI in talks for new funding at $39.5 billion valuation
Last year, Figure AI announced it had raised $675 million in a funding round, with investors including Nvidia, Microsoft, and Amazon.com founder Jeff Bezos, bringing the company’s valuation to £2.6 billion.
Why is Jeff Bezos spending $9 million on a cow fart vaccine?
Jeff Bezos has invested $9.4 million into developing a vaccine to reduce methane emissions from cow flatulence, a major source of climate change. The Pirbright Institute's three-year study aims to curb livestock emissions by at least 30% with a single shot. The success of this innovative approach hinges on public acceptance and scientific breakthroughs.
Google has made a dangerous u-turn on military AI
Google has removed its commitment to refrain from using AI for weapons or surveillance. The change signals a shift in ethical stance amid growing pressure for military contracts. The move raises concerns about automated warfare, prompting calls for legally binding regulations to ensure human oversight and prevent the development of fully autonomous weapons.
Elon Musk’s X debt: Bank consortium sells $5.5 billion of loans amid rising investor demand
Pimco and Citadel are among the investors who have reportedly bought debts tied to X. This comes as Elon Musk's growing influence in the US political landscape appears to be positively impacting the company's outlook.
India has to take care of its interests, in this there are no friends or foes: Nirmala Sitharaman
We have done a lot of things to streamline tariff structure and also drive it on a policy of supporting Atmanirbhar Bharat, but at the same time making sure we don’t allow flooding of goods into India, says finance minister Nirmala Sitharaman.
There is scope for 7% plus growth in FY26 provided all other factors play out: V Anantha Nageswaran
Chief Economic Advisor V Anantha Nageswaran discusses potential challenges to India's goal of achieving 7% plus growth in FY26, including global market corrections, monsoon variability, and lagging private sector hiring. He emphasizes the importance of deregulation for SME growth and highlights energy transition, internal capacity enhancement, and technological adaptation as key focus areas.
AI is going to be bigger than internet.. It’s the biggest tech revolution yet: Abhijit Dubey, NTT Data Inc
NTT Data Inc.'s CEO Abhijit Dubey emphasizes the transformative power of AI, predicting it will eclipse the internet's impact. With significant investments in India's digital infrastructure and a commitment to renewable energy, NTT Data is set to drive innovative growth and address global challenges, despite regulatory and infrastructural hurdles.
Amid divorce rumours with Prince Harry, Meghan Markle suffers another setback. Is her career in hot water?
Amid divorce rumours with Prince Harry, Meghan Markle has suffered another setback. The Duchess of Sussex' Netflix show, 'With Love, Meghan,' was delayed due to the Los Angeles fires. Meghan and Harry met in 2016 and tied the knot in 2018. Two years later, both of them stepped down from royal duties and shifted to US.
DeepSeek breakthrough raises AI energy questions
The company claims to have created its open-source R1 model using just around 2,000 Nvidia chips, a small fraction of the computational power typically believed to be needed to train similar programs. This has major implications for both the cost of AI development and the energy requirements of the data centres, which are the backbone of the rapidly expanding industry.
Persistent’s deal traction shows no season’s weak
Persistent Systems' stock surged 7% after strong Q3 results showcasing revenue growth, improved margins, and robust deal wins. The company outperformed benchmarks, driven by sustained revenue momentum and operational efficiency, despite seasonal and acquisition-related pressures.
Today's Horoscope, January 28, 2025: Personal growth, career advancements, and deeper relationships for Aries, Taurus, Gemini, and more
Today's horoscope for January 28, 2025, offers unique insights tailored for each zodiac sign. Each zodiac sign has a unique path to follow, but the common thread is trust—trust in your instincts, trust in your abilities, and trust in the process. The stars are aligned for your success, so make the most of today’s potential!
X facing big financial problem? Here's what Elon Musk told his employees in an email
Elon Musk, world's richest man, has sent an email to his employees working with X and expressed concerns about the financial health of the company. According to an internal email sent by Elon Musk to employees, X is 'barely breaking even,' citing stagnant user growth and underwhelming revenue. Musk purchased Twitter for $44 billion in October 2022, a deal financed in part by $13 billion in debt.
Mega deals at IT majors could slide to half of net new revenue for FY26
Indian IT firms may see a decline in mega-deal contributions as clients shift focus to smaller, more flexible deals. While mega-deals remain crucial, their share is stabilizing around 50%. Large deals will still account for 55-65% of new revenue. This shift reflects a structural change in the market, with clients prioritizing agility and modular solutions.
Lure of diversification, higher returns and global exposure driving Indian investors to US markets: Subho Moulik
Subho Moulik, CEO of Appreciate, explains the increased interest of Indian investors in US markets, emphasizing diversification, higher returns, and advanced sector opportunities like AI and biotech. He highlights the importance of strategic risk management and regulatory frameworks. Moulik also discusses emerging trends, market opportunities, and the role of AI in transforming investment strategies.
As Trump and Putin circle each other, an agenda beyond Ukraine emerges
President Donald Trump and Russian President Vladimir Putin are signaling a desire for discussions regarding the Ukraine war and broader issues like nuclear arms control. They have exchanged both harsh rhetoric and flattery, with Putin showing eagerness to engage while Trump suggests a willingness to negotiate directly with Russia.
Maharashtra secures record investment deals worth Rs 6.25 lakh cr on day 1 of WEF in Davos
On the first day of the World Economic Forum in Davos, Maharashtra secures investment agreements worth Rs 6,25,457 crore under Chief Minister Devendra Fadnavis's leadership. Major deals include Tata Group's Rs 30,000 crore investment, JSW Group's Rs 3 lakh crore commitment, and KalyGroup's Rs 5,200 crore investment, creating significant job opportunities.
Developer handling real estate magnate
With Trump back in office, the strong India-US relationship, particularly since the US-India nuclear deal, could become more transactional. Biden had strengthened ties, and recent removals of Indian entities from the US 'Entity List' signified progress. Continued collaboration in critical technologies remains vital amidst geopolitical competition.
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