 Daily Top 5 |
Semicon 2.0 takes shape; Zomato’s Hyderabad layoffs
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The government has notified Semicon 2.0 to boost India's semiconductor ecosystem. This and more in today's ETtech Top 5.
Also in the letter:
■ Ads: Snap vs Google, Meta
■ Tech Mahindra CEO on Big Tech
■ Qcomm gains ground
The government has notified Semicon 2.0, a Rs 1.27 lakh crore scheme aimed at strengthening India's chip manufacturing ecosystem.
The details: The scheme will provide fiscal support across the semiconductor value chain, covering areas such as chip design, semiconductor fabs, chip assembly, packaging, and testing, and units making capital equipment for chip production, etc.
Tell me more: The programme will support the domestic development of semiconductor intellectual property (IP) cores, chips, system-on-chips (SoCs), and modules for electronic products. These will be identified based on national importance and strategic priorities.
It will also develop building blocks such as standard IPs for compute, memory, radio frequency (RF), power, networking, and sensors, among others, the notification said.
Meanwhile: The Ministry of Electronics and Information Technology (MeitY) is also updating the research and development (R&D) guidelines for several schemes it runs, officials told us.
Also Read: Semiconductor GCCs set to add 10,000 jobs in India
Food delivery platform Zomato is shutting down its customer support operations in Hyderabad, which will affect around 250 employees, people aware of the matter told us.
Why the move?
What else: Affected employees will receive their August salary and four months' pay, including contractual notice pay and a one-time ex gratia payment. Their medical insurance and counselling support will continue until March 31, 2027.
Also Read: Zomato pilots food vending machines at workplaces in new attempt at quick delivery
Global asset manager State Street Investment Management has completed its $65 million (about Rs 580 crore) investment in Groww Asset Management Company, acquiring a 23% stake in the mutual fund arm of listed investment platform Groww.
The deal, first announced in January, was duly completed after regulatory approvals, Groww said on Monday. State Street will have voting rights of 4.85% in Groww AMC.
Ajit Mohan, CBO, Snap Inc
Advertisers are looking beyond Google and Meta for online marketing as concerns grow over their reliance on the two dominant platforms, said Ajit Mohan, chief business officer (CBO) of Snap Inc, in a conversation with us.
Quote, unquote: “We're getting the feedback that marketers fear concentration,” Mohan said. “They are too reliant on these two and not sure how changes in platform policies could impact their businesses overnight. So, I think there is appetite for a platform that has scale, like us.”
More on this:
Mohit Joshi, CEO, Tech Mahindra
Tech Mahindra, the Mahindra Group's IT arm, is looking to improve its performance “organically” as the industry faces pressure on revenues and margins.
The focus: Chief executive Mohit Joshi told us that acquisition integration is difficult, so the company is focusing on profitable deals and expanding its data, AI and engineering services. It is also building a senior workforce with an average experience of 9-10 years, versus 3-4 years at peers.
Joshi is also not worried about Google, Anthropic or OpenAI entering AI services through forward deployment engineers (FDEs), saying their cost structures and operating models are difficult to replicate.
On challenges: Geopolitical crises and AI-led revenue deflation are adding pressure on the industry. Joshi said, “the need is to be diversified.”
“We get about half of our revenue from the Americas, more than 25-27% from Europe, and the balance from India, Middle East, Africa, Asia Pacific and Japan,” he said. “That gives us a natural diversity in terms of currency, and it makes sure we're not overly exposed to a single market and to regulatory action in one market.”
Also Read: IT firms turn to bundled deals to weather AI deflation
Deepfakes are making identity fraud harder to detect and easier to scale. Explore a real-world deepfake case and what it reveals about the evolving fraud landscape — plus how businesses can strengthen identity verification and protect against emerging threats. Read more here.
Quick commerce platforms' market share by GMV (gross merchandise value) has grown from 3% in 2019 to 11% in 2025, according to a Goldman Sachs report.
Jargon buster: GMV is the total value of goods or services sold on an ecommerce platform or online marketplace before discounts, expenses and returns are deducted.
Tell me more: Amazon and Flipkart's combined share of India's ecommerce GMV fell from 73% in 2019 to 62% in 2025, as quick commerce emerged as a stronger challenger.
Quick commerce is also gaining ground in user engagement. The monthly active user (MAU) share of Blinkit, Zepto, Instamart, Bigbasket and JioMart rose from 5% in 2022 to 16% this year through August 28, based on SensorTower data cited in the report.
Yes, and? This also comes as retailers face rising consumer complaints, expensive market exits and pressure to cut online discounts as they struggle to compete with Amazon and Flipkart without undermining their core store business.
Also Read: Rakhi rush: Quick commerce sees surge in orders as gifting goes premium
Also in the letter:
■ Ads: Snap vs Google, Meta
■ Tech Mahindra CEO on Big Tech
■ Qcomm gains ground
Government notifies Rs 1.27 lakh crore Semicon 2.0 scheme to boost chip ecosystem
The government has notified Semicon 2.0, a Rs 1.27 lakh crore scheme aimed at strengthening India's chip manufacturing ecosystem.
The details: The scheme will provide fiscal support across the semiconductor value chain, covering areas such as chip design, semiconductor fabs, chip assembly, packaging, and testing, and units making capital equipment for chip production, etc.
Tell me more: The programme will support the domestic development of semiconductor intellectual property (IP) cores, chips, system-on-chips (SoCs), and modules for electronic products. These will be identified based on national importance and strategic priorities.
It will also develop building blocks such as standard IPs for compute, memory, radio frequency (RF), power, networking, and sensors, among others, the notification said.
Meanwhile: The Ministry of Electronics and Information Technology (MeitY) is also updating the research and development (R&D) guidelines for several schemes it runs, officials told us.
Also Read: Semiconductor GCCs set to add 10,000 jobs in India
Exclusive: Zomato to lay off 250 as it shuts Hyderabad customer support centre
Food delivery platform Zomato is shutting down its customer support operations in Hyderabad, which will affect around 250 employees, people aware of the matter told us.
Why the move?
- Zomato has been changing its customer support model over the past six months, outsourcing more work to external partners.
- It is consolidating in-house support operations at its Gurugram headquarters, closer to its product, technology, analytics, and business teams.
- The company informed employees of the decision on Monday following a review of its support model and organisational needs.
What else: Affected employees will receive their August salary and four months' pay, including contractual notice pay and a one-time ex gratia payment. Their medical insurance and counselling support will continue until March 31, 2027.
Also Read: Zomato pilots food vending machines at workplaces in new attempt at quick delivery
Asset manager State Street completes Rs 580 crore investment in Groww AMC, takes 23% stake
Global asset manager State Street Investment Management has completed its $65 million (about Rs 580 crore) investment in Groww Asset Management Company, acquiring a 23% stake in the mutual fund arm of listed investment platform Groww.
The deal, first announced in January, was duly completed after regulatory approvals, Groww said on Monday. State Street will have voting rights of 4.85% in Groww AMC.
Snap sees opportunity as Indian advertisers look beyond Google, Meta: CBO Ajit Mohan
Advertisers are looking beyond Google and Meta for online marketing as concerns grow over their reliance on the two dominant platforms, said Ajit Mohan, chief business officer (CBO) of Snap Inc, in a conversation with us.
Quote, unquote: “We're getting the feedback that marketers fear concentration,” Mohan said. “They are too reliant on these two and not sure how changes in platform policies could impact their businesses overnight. So, I think there is appetite for a platform that has scale, like us.”
- Snapchat's advertising business is gaining traction in commerce, retail, and gaming despite being smaller than its rivals.
- Mohan said the platform is also working with companies exporting services from India that want to reach global audiences.
- Snap has spent the past two years rebuilding its advertising platform, with a particular focus on its performance engine, which Mohan sees as an important growth driver.
- The company has also introduced ads into Snapchat's messaging service through Sponsored Snaps last year, after keeping it largely free of advertising.
Big Tech can't disrupt IT: Tech Mahindra CEO Mohit Joshi
Tech Mahindra, the Mahindra Group's IT arm, is looking to improve its performance “organically” as the industry faces pressure on revenues and margins.
The focus: Chief executive Mohit Joshi told us that acquisition integration is difficult, so the company is focusing on profitable deals and expanding its data, AI and engineering services. It is also building a senior workforce with an average experience of 9-10 years, versus 3-4 years at peers.
Joshi is also not worried about Google, Anthropic or OpenAI entering AI services through forward deployment engineers (FDEs), saying their cost structures and operating models are difficult to replicate.
On challenges: Geopolitical crises and AI-led revenue deflation are adding pressure on the industry. Joshi said, “the need is to be diversified.”
“We get about half of our revenue from the Americas, more than 25-27% from Europe, and the balance from India, Middle East, Africa, Asia Pacific and Japan,” he said. “That gives us a natural diversity in terms of currency, and it makes sure we're not overly exposed to a single market and to regulatory action in one market.”
Also Read: IT firms turn to bundled deals to weather AI deflation
Deepfake fraud is evolving: How businesses can protect digital identity
Deepfakes are making identity fraud harder to detect and easier to scale. Explore a real-world deepfake case and what it reveals about the evolving fraud landscape — plus how businesses can strengthen identity verification and protect against emerging threats. Read more here.
Quick commerce gains GMV, user share as ecommerce majors lose ground
Quick commerce platforms' market share by GMV (gross merchandise value) has grown from 3% in 2019 to 11% in 2025, according to a Goldman Sachs report.
Jargon buster: GMV is the total value of goods or services sold on an ecommerce platform or online marketplace before discounts, expenses and returns are deducted.
Tell me more: Amazon and Flipkart's combined share of India's ecommerce GMV fell from 73% in 2019 to 62% in 2025, as quick commerce emerged as a stronger challenger.
Quick commerce is also gaining ground in user engagement. The monthly active user (MAU) share of Blinkit, Zepto, Instamart, Bigbasket and JioMart rose from 5% in 2022 to 16% this year through August 28, based on SensorTower data cited in the report.
Yes, and? This also comes as retailers face rising consumer complaints, expensive market exits and pressure to cut online discounts as they struggle to compete with Amazon and Flipkart without undermining their core store business.
Also Read: Rakhi rush: Quick commerce sees surge in orders as gifting goes premium
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I agree to receive newsletters and marketing communications via e-mail