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Cognizant offering salaries between ₹4-12 lakh to fresher engineers, says EVP Surya Gummadis amid social media backlash

LivemintLivemint · 11m ago
Cognizant offering salaries between ₹4-12 lakh to fresher engineers, says EVP Surya Gummadis amid social media backlash
Medial

IT company Cognizant has clarified that its ₹2.52 lakh annual salary offer is for non-engineering degree holders, while fresh engineering graduates can earn salaries ranging from ₹4-12 lakh annually. The company faced online criticism for offering low salary hikes of 1 percent, but this represents the lower end of a 1-5 percent range based on individual performance. Cognizant emphasizes its investment in training and upskilling fresh graduates, with hundreds of non-engineering associates having advanced to key positions within the company. Additionally, Cognizant affirms its commitment to remaining competitive with its compensation strategy.

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Festive Rush Sparks Speed War: Quick Commerce & Ecommerce Battle For Fastest Deliveries

Inc42Inc42 · 9m ago
Festive Rush Sparks Speed War: Quick Commerce & Ecommerce Battle For Fastest Deliveries
Medial

- Efficient supply chain is crucial for the long-term sustainability of India's quick delivery realm. - Same-day and next-day deliveries have seen a significant increase during peak periods, now accounting for 12-15% of total ecommerce deliveries. - Ecommerce platforms are now focusing on swift deliveries (same day or next day) during the festive season, compared to the earlier timeline of 4-5 days. - Demand for fast deliveries has surged compared to last year's festive sales. - Quick-commerce players are expected to capture a significant portion of the customer base seeking instant gratification. - Ecommerce platforms are striving to stay ahead of the delivery curve and ensure no shopper is left craving amid the festive rush.

Ice popsicle brand Skippi raises Rs 12 Cr in extended pre-Series A round

EntrackrEntrackr · 23d ago
Ice popsicle brand Skippi raises Rs 12 Cr in extended pre-Series A round
Medial

Ice popsicle brand Skippi has raised Rs 12 crore ($1.4 million) in an extended pre-Series A funding round led by the Dubai based strategic family offices of Surya, which invested Rs 10 crore. The remaining Rs 2 crore came from other angel investors. The startup was featured in Shark Tank India Season 1, where it secured Rs 1.2 crore from all six sharks: Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal, in exchange for an 18 percent equity stake. Since then, the company claims to have grown its monthly revenue 80 times, from Rs 5 to 7 lakh to several crore. The Hyderabad based company had previously raised 1.43 million dollars in a seed round in April 2024 from Hyderabad Angels and others. According to a press release, the fresh funds will be used for growth initiatives, enhancing brand visibility, strengthening working capital, accelerating product innovation, onboarding senior leadership, and expanding into the Middle East market. Co-founded in 2021 by Ravi and Anuja Kabra, Skippi specializes in natural ice pops made with all-natural ingredients and RO water. The brand offers a range of flavors including traditional Indian options like Kala Khatta and follows an omnichannel retail model, selling through its website, online marketplaces, and a network of distributors and stockists. Skippi’s products are now available in over 20,000 retail outlets across India and on platforms such as Zepto, Swiggy Instamart, Amazon, BigBasket, and its own website. The company has also diversified its portfolio with new offerings such as Crazy Corn, Cornsticks, and Cream Rolls.

IB Ministry blocks 18 OTT platforms for publishing obscene content

EntrackrEntrackr · 1y ago
IB Ministry blocks 18 OTT platforms for publishing obscene content
Medial

The Ministry of Information & Broadcasting has blocked as many as 18 OTT platforms, including Dreams Films, Voovi, X Prime, Hunters, and others for publishing obscene, vulgar, and pornographic content. The ministry has also ordered blocking of 19 websites, 10 applications (7 on Google Play, 3 on Apple Store) along with 57 social media accounts associated with these platforms. “The content was determined to be prima facie in violation of Section 67 and 67A of the IT Act, Section 292 of the IPC, and Section 4 of the Indecent Representation of Women (Prohibition) Act,1986,” the ministry said in its press release. The decision was taken under the provisions of the Information Technology Act 2000 in consultation with ministers of various departments and the domain experts specializing in media and entertainment, women’s and children’s rights, the release added. Among these 18 banned OTT platforms, one of the OTT apps had more than 1 crore downloads while two others had 50 lakh downloads on Google Play Store. The social media accounts of the concerned OTT platforms had an overall fellowship of over 32 lakhs, the statement further said. The high number of downloads and viewership aren’t surprising considering the deep reach of affordable and faster internet connectivity in the country. Moreover, several OTT platforms have managed to bypass the local broadcasting norms to publish objectionable content. Besides obscenity, OTT platforms have also faced backlash from several groups over hurting religious sentiments. The spate of recent controversies probably prompted the government to introduce a new broadcasting bill, which proposes censoring of content on such streaming platforms. Interestingly, the latest order doesn’t include Ullu and ALT Balaji, which have been thriving on sleazy contents.

Altum Credo raises $40 Mn in Series C, provides partial exit to early backers

EntrackrEntrackr · 1y ago
Altum Credo raises $40 Mn in Series C, provides partial exit to early backers
Medial

Housing finance company Altum Credo has scooped up $40 million in its Series C funding round led by Z3Partners and Oikocredit. The financing round also saw participation from British International Investment, and existing investors Aavishkaar Capital, Amicus Capital and PS Pai and family. Altum Credo has raised $27 million in equity and facilitated partial exit to Series A investors of $13 million, the company said via press release. The Pune-based company had previously raised $9.8 million in Series A and $12 million in Series B in 2021. The company plans to use the fresh proceeds to achieve AUM growth by strengthening its distribution network and expanding its operation to more cities. Altum Credo provides financial accessibility for first home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. The company added that the average ticket size of the home loan portfolio is at Rs 8.5 lakhs with a tenure of 15 years. With loan-to-value ratio below 50%, the average value of the properties funded is around Rs 15-25 lakhs. Altum Credo largely focuses on unserved and under-served segments, targeting first time homeowners. As of March 2024, Altum Credo had an AUM of Rs 830 crore ($ 100 million) with 93% of their customers belonging to the economically weaker section (EWS) or low-income group (LIG) category. As per startup data intelligence platform TheKredible, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. Significantly, its profit shot up 99% which stood at Rs 8.95 crore during FY23. It is yet to file FY24 financials. Besides, Altum Credo, Aviom, Easy Home Finance, Basic Home Loan, Andromeda also operate in similar space. Venture capital firm Z3 Partners announced the final close of its Fund at Rs 550 crore in January last year. Earlier this week, it invested $9 million in quick service restaurant chain Wow! Momo.

Decoding Atlum Credo’s $40 Mn primary and secondary round

EntrackrEntrackr · 1y ago
Decoding Atlum Credo’s $40 Mn primary and secondary round
Medial

Digital payments company Altum Credo recently announced $40 million in its Series C round led by Z3Partners and Oikocredit. Apart from primary capital, the company also offered partial exit to its backers. While the company didn’t disclose any details besides round size and investors, Entrackr has reviewed its regulatory filings to decode details such as round break up, shareholding, valuation, and secondary component in the deal. The board at Altum Credo has passed a special resolution to issue 300 equity and 1,99,99,700 Series C CCPS at an issue price of Rs 114 each to raise Rs 228 crore or $27 million as a primary capital, its regulatory filing accessed through the Registrar of Companies shows. Oikocredit and Z3 Partners (BII) invested Rs 80 crore and Rs 85 crore while British International Investment, Amicus Capital, and Avishkaar India pumped in Rs 26 crore, 12 crore, and 25 crore, respectively, in primary fundraising. According to the shareholder agreement between investors, there is also a secondary transaction where 1,03,96,040 shares have been sold worth Rs 118.5 or $14 million. Out of Rs 118.5 crore of secondary transactions, ABF (Avishkar Bharat Fund) sold Rs 79 crore worth of shares while promoters sold Rs 13.54 crore worth of shares. PS Pai and family purchased Rs 79 crore worth of shares in the secondary transactions from Avishakkar Bharat Fund and promoters. According to TheKredible’s estimates, the company has been valued at around Rs 1165 crore or $149 million post-allotment. Altum Credo provides financial accessibility for first-home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. Following the fresh proceeds, Avishkaar remains the largest external stakeholder with 15.92% followed by Amicus Capital. Oikocredit and Z3 Partners command 7.62% and 8.09% stake of the company. Head to TheKredible for the complete shareholding pattern. While the company is yet to file its financial statements for FY24, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. As per TheKredible, its profit shot up 99% to Rs 8.95 crore during FY23.

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