The IT sector is experiencing a resurgence in fresher hiring, marking a significant shift from the subdued hiring environment of the past two years. This rebound is particularly notable given the strong demand for experienced AI talent, which continues to dominate the market. According to Quess Group, fresher hiring is projected to increase by 4.5-22.7% in the current fiscal year, reaching a range of 115,000 to 135,000, up from a record low of around 110,000 in the previous fiscal year. This upward trend is further supported by the recruitment activities of major IT companies like TCS, Infosys, and HCLTech, who collectively hired approximately 19,000 entry-level staff in the June quarter. The heightened demand for specialized skills in AI, cloud, data, and cybersecurity is driving this shift, as companies strive to enhance revenue visibility, meet client demands, and ensure deployment readiness with minimal ramp-up time. This trend reflects a broader industry shift towards a more specialized and skilled workforce, with a focus on meeting the evolving needs of the market. (20-30% factual information, 70-80% commentary)
In other news, Agrani Labs, a Bengaluru-based semiconductor startup founded by former Intel and AMD executives, is in advanced talks to raise a substantial funding round of Rs 800-850 crore. This potential investment, which could include contributions from Samsung, 360 One Asset Management, and Peak XV Partners, would significantly boost Agrani's valuation to approximately Rs 2,400-2,500 crore on a post-money basis. The startup is developing high-performance AI GPUs for data centers, along with a comprehensive software stack, and has already secured an $8 million seed round led by Peak XV. This funding would enable Agrani to expand its operations and solidify its position in the semiconductor market. (20-30% factual information, 70-80% commentary)
Additionally, Moneyview, a digital lender, witnessed a significant surge in its share price, closing 67% above its IPO price. This performance has led to substantial paper gains for early investors Ribbit Capital, Accel, and Tiger Global, who partially monetized their stakes through the public offering. The company's total income rose by 43% in FY26, and its profit after tax (PAT) increased by 1% compared to the previous year. These positive financial indicators highlight the potential for further growth and investor confidence in the digital lending sector. (20-30% factual information, 70-80% commentary)
However, there is a contrasting trend in the UPI transaction volume, which dipped to 24.07 billion in September, a 1.8% decrease from August. This moderation in transaction volumes, along with a slight decline in transaction values, comes ahead of changes to the MDR framework, which will introduce a 0.4% MDR on UPI transactions for person-to-merchant payments above 2,000. These changes are expected to impact the small-ticket transaction segment, while peer-to-peer payments will remain exempt from any charges. The NPCI's decision to adjust the MDR framework reflects the ongoing evolution of the digital payments landscape and the need to balance security and accessibility. (20-30% factual information, 70-80% commentary)
In other business news, the Technology Development Board (TDB) has paused its call for proposals under the RDI scheme, citing administrative reasons. This decision has sparked speculation about potential funding shortages, although the TDB's secretary, Rajesh Kumar Pathak, denied this, attributing the pause to administrative considerations. Meanwhile, the venture capital landscape is witnessing a notable development as Mayank Khanduja, a former partner at Elevation Capital, joins Bessemer Venture Partners as a partner in its India team. Additionally, SBI Mutual Fund has increased its stake in Swiggy, crossing the 5% threshold by purchasing shares worth around Rs 300 crore through open-market transactions. These moves reflect the dynamic nature of the Indian business environment, with ongoing shifts in funding, investment, and strategic partnerships. (20-30% factual information, 70-80% commentary)
