INFOSYS HIRES FORMER COGNIZANT EXECUTIVE TO HEAD ITS CONSULTING BIZ
A year into his role as chief executive officer of Infosys Ltd, Salil Parekh has made the first big hire at India’s second-largest information technology (IT) services firm by naming former Cognizant Technology Solutions Corp. executive Mark Livingston the head of the consulting business. Livingston, who scaled up Cognizant’s consulting practice from less than 1,000 consultants in 2008 to a 6,500strong unit before leaving the Nasdaq-listed firm in February last year, joined Infosys last week, according to an executive familiar with the development. This comes in the wake of Ken Toombs resigning as head of the consulting unit in October. For now, it is not clear if Livingston, who reported to CEO Francisco D’souza at Cognizant, will report to Parekh.
ONLINE TUTORING STARTUP BYJU’S GETS $540 MN AT $3.6 BN VALUATION
Online tutoring startup Byju’s (Think and Learn Pvt. Ltd) has raised $540 million at a valuation of $3.6 billion, as robust investor demand swelled the size of its latest funding round and turned the founder of the eponymous start-up into an overnight billionaire. The fundraising was led by Naspers and also saw participation from the Canada Pension Plan Investment Board and private equity giant General Atlantic, Byju’s said in a press release on Monday. General Atlantic also bought shares from existing shareholders, a person familiar with the development said separately. The latest fundraising has turned Byju’s into India’s fourth-most valuable start-up, after digital payments firm Paytm (One97 Communications Ltd), cab-hailing service Ola and budget hotel chain Oyo Rooms.
GOVT SEEKS ADDITIONAL ₹41,000 CRORE FOR PSB RECAPITALIZATION
The government on Thursday sought Parliament’s approval for supplementary grants worth ₹41,000 crore to infuse fresh capital into ailing state-run banks in the current fiscal. The additional capital could help as many as five such state-run banks exit the prompt corrective action (PCA)
FOOD DELIVERY STARTUP SWIGGY RAISES $1 BN, PUTS ZOMATO ON NOTICE
Online food delivery startup Swiggy, which entered India’s “unicorn” club earlier this year, has raised $1 billion in fresh capital, marking the biggest ever funding round in the country’s booming food-tech sector and increasing pressure on arch-rival Zomato to quickly raise fresh funds. With the latest funding, which was led by existing investor Naspers Ltd and also saw participation from China’s Tencent Holdings Ltd, Swiggy has become the fifth most valuable startup in the country, commanding a valuation of $3.3 billion and underscoring the stunning rise of a venture that was launched four years ago. Mint reported on 21 September that Swiggy was in talks to raise at least $700 million in fresh funds from Tencent and others.