Tata Consultancy Services: Modest Recovery & Margin Expansion, AI Pivot Underway…

Rating: BUY | CMP: Rs3,062 | TP: Rs3,800

Q2FY26 Result Update

Quick Pointers:

*     Improved performance on both revenue & margins in Q2

*     Announced plan to build 1 GW AI & data center in India

The quarterly performance exceeded our estimates, revenues and margins were up +0.8% CC QoQ and 70bps QoQ, respectively. The growth was broad-based across verticals and regions; international business was up 0.6% QoQ CC (vs declined ~0.5% QoQ LQ). However, the on-ground demand remains unchanged, the smaller deals and discretionary spends continue to see a pullback. Despite this slowdown, the company accelerated its AI investments strategies with senior leader hirings and powering AI into multiple offerings and service lines. With this AI theme, the company is further doubling-down on building Infrastructure with 1GW capacity AI Datacenter in India. We believe the investment is capturing the relevant theme around building AI Infrastructure and deepening its client relations with Hyperscalers and Tech Partners. The overall Capex seems to be heavy (USD 5-7bn); however, the concrete structure and vendor participation is yet to be decided. On the margins, we might see similar headcount trimming exercise carried out in H2, hence we are revising FY26E/FY27E/FY28E margins up by 40bps/30bps/30bps, while keeping the revenue growth unchanged. We assign 23x to Sep’27 EPS that translates a TP of 3,800. Maintain BUY.

Revenue: TCS posted a steady recovery in Q2 following a weak Q1, delivering 0.8% QoQ CC revenue growth, ahead of both our and consensus expectations of 0.4% QoQ CC. The international business grew 0.6% QoQ CC, also exceeding expectations. Growth was broad-based across most segments and geographies, with the UK region and the Retail & Regional Markets segment being the only exceptions, as both declined sequentially in CC terms.

Operating Margin: TCS also delivered an improvement in operating margin, with EBIT margin expanding 70 bps QoQ to 25.2%. The margin walk for the quarter included tailwinds of 80 bps from currency benefits, 40 bps from pyramid restructuring, and 20 bps from operational efficiencies, which were partially offset by a 70-bps headwind from wage hikes. Management reiterated its aspiration to scale margins back to the 26–28% range.

Deal Wins: Deal wins of USD 10 bn included a mega deal USD 0.6 bn. Excluding the mega deal, overall deal wins were slightly above the company’s USD 7–9 bn comfort range. BFSI, Retail & North America TCV came in at US$2.5 bn (-38% QoQ), US$ 1.6 bn (-6% QoQ) & US$ 4.4 bn (-35% QoQ) respectively with LTM BTB of 1.4x

Valuations and outlook: We estimate USD revenue/earnings CAGR of 3.6%/9.4% over FY25-FY28E. The stock is currently trading at 18.6x LTM Sep. FY27E earnings, we are assigning P/E of 23x to LTM Sep. FY27E earnings with a target price of INR 3,800. We maintain “BUY” rating.​

CII INNOVERGE 2025: “Make in India, Developed India & Digital India” — Spotlights On AI, R&D And Industry-Academia Collaborations

CII INNOVERGE 2025 commenced today at The Taj West End, Bengaluru, under the theme “Make in India, Developed India & Digital India.” Delivering the Keynote Address as Guest of Honour, Mr Priyank Kharge, Hon’ble Minister for Electronics, Information Technology & Biotechnology and Rural Development & Panchayat Raj, Government of Karnataka, highlighted Karnataka’s leadership as a global innovation powerhouse. He said, “Karnataka has evolved into one of the most disruptive innovation hubs in the world, powering breakthroughs from agritech to aerospace. We are not just an investment destination but the global knowledge and skill capital. With 40% of India’s R&D talent, 30% of all Global Capability Centres, and 48 of the country’s 110 unicorns, Karnataka drives the nation’s digital economy. Our ecosystem leads globally in AI skill penetration and R&D output, ranking among the top five AI cities worldwide. What sets us apart is our 3P model of People, Policy and Participation, which ensures every stakeholder, from academia to entrepreneurs, has a voice in shaping growth. We are investing ₹1,000 crore to build innovation clusters across Mangaluru, Mysuru, Hubballi-Dharwad and Belagavi, ensuring that the benefits of growth reach every region. At the upcoming Bengaluru Tech Summit, we will unveil the Future Makers track to showcase 20,000 startups and launch a ₹100 crore fund to identify India’s top 50 AI companies. Karnataka today is not competing with other states; we are competing with ourselves to create global solutions through innovation, skills and political will.”

 

Delivering the Special Address, Ms Gunjan Krishna, IAS, Commissioner for Industrial Development & Director, Department of Industries & Commerce, Government of Karnataka, emphasized that innovation must be viewed as the very core of enterprise and policy alike. Highlighting the importance of a collaborative ecosystem, innovation thrives when academia, industry, startups, and government come together, that’s the bridge we must build. Ms Gunjan Krishna underscored Karnataka’s commitment to fostering such an ecosystem through proactive policy support, partnerships, and programs that translate ideas into scalable outcomes, reinforcing the State’s position as India’s innovation epicentre.

 

Mr Kris Gopalakrishnan, Past President, CII, Mentor CII India INNOVERGE 2025& Chairman, Axilor Ventures & Co-Founder, Infosys Ltd., in his Special Address, cited “India’s innovation journey will accelerate when research, academia, and industry converge into a cohesive ecosystem. We must invest deeply in R&D, foster Centres of Excellence collaborating with industry, and create clusters where ideas move seamlessly from lab to market. Our next phase of growth should be measured not only by economic metrics but by innovation outcomes — tracking creativity and commercial impact as rigorously as financial performance. With India’s demographic strength, digital readiness, and entrepreneurial energy, we have the potential to emerge as a global innovation leader, provided innovation becomes a measurable, mainstream priority.”

 

Setting the tone for the Summit, Mr Kamal Bali, Past Chairman, CII Southern Region; Chairman, CII India INNOVERGE 2025 & President & Managing Director, Volvo Group India, addressed the importance of “Accelerated innovation as the heartbeat of India’s growth story. As AI and digitalization converge, we are entering an era where idea generation and intelligent automation will redefine how we design, make, and move. From concept to commercialization, AI-led productization will be the true differentiator — turning India’s innovation potential into global leadership. The vision of Make in India is now evolving into Imagine in India, Innovate in India, and Lead from India. This transformation is not just about technology — it’s about unlocking human ingenuity at scale and shaping a future that is inclusive, sustainable, and globally competitive.”

Mr Rabindra Srikantan, Chairman, CII Karnataka State Council 2025–26 & Managing Director, ASM Technologies Ltd highlighted “India’s AI revolution is shaping the vision of Aatmanirbhar Bharat — a self-reliant, technology-driven, and future-ready nation. Through open data, digital public infrastructure, and homegrown innovation, we are building an ecosystem where technology empowers every entrepreneur, every learner, and every citizen. Innoverge 2025 celebrates this spirit of collaboration and innovation that defines India’s journey from ‘Make in India’ to ‘Lead the World’. Karnataka continues to play a pivotal role in this transformation — driving technology-led growth, advanced manufacturing, and entrepreneurship not only in Bengaluru but across emerging industrial clusters, reinforcing India’s position as a global hub for innovation and sustainable progress.”

 

Mr Ramesh Ramadurai, Past Chairman, CII Karnataka State Council & Managing Director, 3M India, emphasised “Innovation happens at the intersection of multiple disciplines that’s where true breakthroughs emerge. To harness this, we must measure our efforts, nurture curiosity, and translate ideas into global impact. Meaningful innovation flourishes in environments that celebrate experimentation, foster cross-sector collaboration, and encourage continuous learning. India’s diversity of talent and thought is our greatest strength, enabling us to move from incremental progress to global innovation leadership.”

 

The day culminated with the CII INNOVERGE 2025 Recognitions, celebrating pioneering organizations and individuals demonstrating outstanding leadership in innovation. Lab To Market Innovations Pvt Ltd (L2MRail) was announced as the winner, Chemioptics Amit received the 1st Runner-up award, and Rizzome Sustainable Solutions Pvt Ltd was recognized as the 2nd Runner-up.

 

CII INNOVERGE 2025 set the tone for an engaging dialogue on how India can harness AI, technology, and strategic partnerships to realize its vision of Viksit Bharat@100 through innovation-led growth. The momentum continues on Day 2, with thought-provoking sessions on R&D in India, Education, Skills & Inclusion, and Manufacturing & Logistics, exploring how these pillars can drive India’s transformation into a global innovation leader.

Companies associated with the Summit are Volvo Group, RSB Transmission ( India) Ltd , Maini Group , Kennametal India Ltd , 3M India Ltd , State of Bavaria, India Office, Pardeep Phosphates Ltd, ASM Technologies Ltd ,  Bosch Ltd, Hitachi Energy India Limited , Infosys Ltd, Manipal Hospital,  AGI Milltec- Milltec Machinery Private Limited, Kauvery Hospital Group, Sona Valliapa Group, Karnataka Renewable Energy Development Limited (KREDL), Lakshmi Machine Works Limited, Toyota Kirloskar Motor Pvt Ltd (TKM), ITC Hotels, Bharat Clouds Private Limited, Tata Hitachi Construction Machinery Company Private Limited, Zing HR & Gifting Partners - KANARA CONSUMER PRODUCTS LIMITED. Academic Partner Welingkar Institute of Management who also shared and showcased their insights which was attended by over 300 industry CXO’s and stakeholders across sectors.

 

About CII

The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the development of India, partnering Industry, Government and civil society, through advisory and consultative processes.

 

CII is a non-government, not-for-profit, industry-led and industry-managed organization, with around 9,000 members from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 365,000 enterprises from 294 national and regional sectoral industry bodies.

 

For more than 125 years, CII has been engaged in shaping India’s development journey and works proactively on transforming Indian Industry’s engagement in national development. CII charts change by working closely with Government on policy issues, interfacing with thought leaders, and enhancing efficiency, competitiveness, and business opportunities for industry through a range of specialized services and strategic global linkages. It also provides a platform for consensus-building and networking on key issues.

 

Through its dedicated Centres of Excellence and Industry competitiveness initiatives, promotion of innovation and technology adoption, and partnerships for sustainability, CII plays a transformative part in shaping the future of the nation. Extending its agenda beyond business, CII assists industry to identify and execute corporate citizenship programmes across diverse domains including affirmative action, livelihoods, diversity management, skill development, empowerment of women, and sustainable development, to name a few.

 

For 2024-25, CII has identified “Globally Competitive India: Partnerships for Sustainable and Inclusive Growth” as its Theme, prioritizing 5 key pillars. During the year, it would align its initiatives and activities to facilitate strategic actions for driving India’s global competitiveness and growth through a robust and resilient Indian industry.

 

With 70 offices, including 12 Centres of Excellence, in India, and 8 overseas offices in Australia, Egypt, Germany, Indonesia, Singapore, UAE, UK, and USA, as well as institutional partnerships with about 300 counterpart organizations in almost 100 countries, CII serves as a reference point for Indian industry and the international business community.

Photo Caption - LtoR

Ms Radhika Dhall, Senior Director and Head, CII Karnataka

• Mr Rabindra Srikantan, Chairman CII Karnataka State Council 2025-26 & Managing Director, ASM Technologies

• Mr Kris Gopalakrishnan, Past President, CII Mentor, CII India Innoverge 2025 & Chairman, Axilor Ventures & Co-Founder, Infosys Ltd

• Shri Priyank Kharge, Minister of Electronics, Information Technology & Biotechnology and Rural Development & Panchayat Raj, Government of Karnataka

• Mr Kamal Bali, Past Chairman CII Southern Region & Chairman, CII India Innoverge 2025 & President & Managing Director, Volvo Group India

• Ms Gunjan Krishna, IAS, Commissioner for Industrial Development & Director, Department of Industries & Commerce, Government of Karnataka

• Mr Ramesh Ramadurai, Past Chairman, CII Karnataka State Council & Managing Director, 3M India

HMSI Celebrates 5 Years Of Road Safety Impact At Safety Driving Education Centre In Bengaluru, Karnataka

Over 75,000 individuals trained since 2020

 Continuing its journey of fostering safer road habits in India, Honda Motorcycle & Scooter India (HMSI) commemorated the 5th anniversary of its Safety Driving Education Centre (SDEC) in Bengaluru, Karnataka. The event was graced by Shri. Sharanappa, Karnataka State Police Service (KSPS), Assistant Commissioner of Police and Principal, Traffic Training and Road Safety Institute, Bengaluru Traffic Police, alongside other dignitaries who came together to recognise the centre’s role in strengthening awareness on safer riding practices. 

In October 2020, Honda Motorcycle & Scooter India (HMSI) in association with Bangalore Traffic Police inaugurated the Safety Driving Education Centre in Bangalore. Since its inception, the Bengaluru SDEC has trained over 75000 individuals. These include school children, college students, and working professionals each of whom benefitted from engaging theoretical and hands-on sessions.

The 5th anniversary celebration began with a cake cutting ceremony symbolizing five years of continuous learning and riding discipline. This was followed by a special batch training for Bengaluru Traffic Police personnel, including Assistant Sub Inspectors (ASIs) and Constables, along with some safety riding activities and essay writing competition for the students of the Federal Public School.

Continuing the journey towards safer roads, Bengaluru SDEC is part of a larger, nationwide effort to build a culture where road safety is second nature. As the SDEC enters its 6th year, HMSI continues to build on its efforts to ensure that safe riding is not just taught in training centres but becomes a daily practice among road users. The journey is ongoing, and every such step brings us closer to a future where road safety is not just taught but lived. 

Honda Motorcycle & Scooter India’s CSR commitment towards Road Safety:

In 2021, Honda announced its global vision statement for the year 2050 where it will strive for zero traffic collision fatalities involving Honda motorcycles and automobiles. In India, HMSI is working in line with this vision and the Government of India direction of reducing fatalities to half by 2030.

A key pillar of HMSI’s vision is cultivating a safety-first mindset among children by 2030, transforming them into road safety ambassadors. Through school and college programs, HMSI aims to embed road safety as a core value in young minds.

HMSI wants to be a company that Society wants to exist and is strongly focusing on spreading Road safety awareness to all sections of society with unique ideas catering to each segment from school kids to corporates and society at large.

HMSI’s set of skilled safety instructors conduct daily programs at our 10 adopted traffic training parks (TTP) across India and 6 Safety Driving Education Centers (SDEC) to make road safety education accessible to every part of society, and the initiative has already reached more than 10 million Indians. HMSI’s National Road Safety Awareness program made learning fun yet scientific through:

SCIENTIFICALLY DEVISED LEARNING MODULE: Honda’s skilled instructors set the foundation with theory sessions on road signs & markings, driver’s duties on road, riding gear & posture explanation and safe riding etiquettes.

1. PRACTICAL LEARNING: A special training activity on Honda’s virtual riding simulator was executed for all to experience over 100 possible dangers on road before actual riding.

2. INTERACTIVE SESSION: Participants also underwent Kiken Yosoku Training (KYT), a danger prediction module designed to enhance awareness and promote safer driving behaviour.

3. EXISTING DRIVERS HONING RIDING SKILLS: Students & school staff members who are already existing riders tested & honed their riding skills through slow riding activities and riding on narrow planks.

HMSI also recently launched its innovative digital road safety learning platform, E-Gurukul, this

E-Gurukul platform offers training modules tailored for three specific age groups from 5 years till 18 years ensuring a comprehensive approach towards road safety. Currently the modules are available in multiple languages like Kannada, Malayalam, Hindi, Telugu, Tamil, and English—to ensure inclusivity and regional relevance and E-Gurukul can be accessed at egurukul.honda.hmsi.in. The platform supports live streaming or downloading, and multilingual modules to ensure accessibility across diverse regions. The launch of E-Gurukul is part of HMSI’s ongoing efforts to empower children, educators, and dealers to champion safe road practices. The initiative will expand to cover schools in every state, promoting road safety education tailored to different age groups. Schools interested in integrating road safety education can reach out via Safety.riding@honda.hmsi.in to access tailored modules and support. HMSI remains committed to building a safer India, one rider at a time. The Bengaluru SDEC’s journey is a testament to the power of education in transforming road behaviour and saving lives.

Manipal cGMP Forum & 3rd National cGMP Day Celebrate Excellence In Pharmaceutical Quality With Historic Postal Cover Release

The Centre for cGMP at Manipal College of Pharmaceutical Sciences (MCOPS), a constituent Institution of Manipal Academy of Higher Education (MAHE), an Institution of Eminence Deemed to be University, hosted the inaugural Manipal cGMP Forum alongside the 3rd National cGMP Day celebration, marking a significant milestone in advancing pharmaceutical quality and manufacturing standards in India.

 

The event's centrepiece was the release of India's first Special Postal Cover dedicated to current Good Manufacturing Practices (cGMP)—a pioneering initiative conceived by Dr Girish Pai K, Coordinator, Centre for cGMP, MAHE, in collaboration with Sri. Bharat Shah, National President, IDMA, and Dr. George Patani, Senior Vice President, IDMA.

 

The Special Postal Cover was unveiled in the presence of eminent dignitaries, including Sri. Bharat Shah (National President, IDMA), Sri. K Raja Bhanu (Director General, Pharmexcil), Mrs. Aditi Kare Panandikar (Hon. General Secretary, IDMA), Sri. Amit Raj Sinha (MD & CEO, Sigachi Industries Ltd), Sri. K Prakash (Chief Postmaster General), Dr. Sharath Rao (Pro-Vice Chancellor, MAHE), and Dr. Srinivas Mutalik (Principal, MCOPS).

  

Lt. Gen. (Dr.) M. D. Venkatesh, VSM (Retd.), Vice Chancellor, MAHE, emphasized the significance: "This marks a momentous milestone as we celebrate 2025 as the 'Year of Excellence in Industry-Academia Collaborations.' The Special Postal Cover is expected to generate nationwide awareness on the importance of cGMP and medicine quality."

  

Sri Bharat Shah, National President of IDMA, announced IDMA's proud sponsorship of this maiden initiative, remarking, "We believe this is a pioneering initiative to raise awareness not only among industry professionals, academia and regulators, but also among dispensing pharmacists, the patient community and the general public."

  

Dr. Girish Pai K presented the Centre's inspiring journey since its 2023 inception, highlighting pioneering initiatives including the cGMP Awareness Series, cGMP Lecture Series, cGMP CONNECT Newsletter, and the Train the Pharmacists program. He described the Special Postal Cover as "a symbol of national recognition and respect for cGMP," expressing gratitude to IDMA and Sri Bharat Shah for their generous sponsorship.

 

Dr. Pai also welcomed the inclusion of cGMP as an elective in the PCI-prescribed BPharm syllabus, calling it "a timely development, coinciding meaningfully with the third National cGMP Day celebrations."

 

The forum featured several notable achievements and presentations. The prestigious National cGMP Day Award 2025 was conferred upon Mr. Ananthakrishna Padiyar, Chief of Quality, Cipla Ltd, Mumbai, in recognition of his exemplary contributions to pharmaceutical quality. Phase II of the MANIPAL cGMP MUSEUM was unveiled as a digital tribute to Dr. TMA Pai, generously sponsored by Sri. Mehul Shah, MD, Encube Ethicals Pvt Ltd. The latest edition of the cGMP CONNECT Newsletter, Vol 2, Issue 2, was also released during the event. Expert sessions were delivered by Mr. Dinesh Kashikar, Senior Consultant, Zenshin Pharmatek LLP, who elaborated on Revised Schedule M Guidelines, and Mr. Allen Dass, GM, Akums Drugs & Pharmaceuticals Ltd, who addressed Quality Issues and Business Impact. Best Poster Awards were presented to deserving participants with certificates, cash prizes, and Special cGMP Gifts sponsored by Akums Drugs & Pharmaceuticals Ltd.

 

Under the theme "cGMP for Sustainable Quality" (unveiled in April 2025), the conference featured plenary sessions, poster presentations, interactive industry-academia dialogues, and engaging student activities, including a Quality Jingle, Innovation Pitch, and Tree of Quality—fully sponsored by Akums.

Held at the Dr. TMA Pai Auditorium, Manipal, the forum successfully bridged the gap between revised Schedule M guidelines and academic understanding, bringing together industry leaders, academia, students, and regulatory experts.

 

The concept of National cGMP Day was initiated by Dr. Girish Pai K in 2023 and has been celebrated annually in collaboration with IDMA, PCI, FOPE, Pharmexcil, and other leading industry bodies.

 

The Centre for cGMP at MAHE expressed heartfelt gratitude to all participants, speakers, sponsors, and guests for making the Manipal cGMP Forum and National cGMP Day 2025.

 

About Manipal Academy of Higher Education:

The Manipal Academy of Higher Education (MAHE) is an Institution of Eminence Deemed-to-be University. MAHE offers over 400 specializations across the Health Sciences (HS), Management, Law, Humanities & Social Sciences (MLHS), and Technology & Science (T&S) streams through its constituent units at campuses in Manipal, Mangalore, Bengaluru, Jamshedpur, and Dubai. With a remarkable track record in academics, state-of-the-art infrastructure, and significant contributions to research, MAHE has earned recognition and acclaim both nationally and internationally. In October 2020, the Ministry of Education, Government of India, awarded MAHE the prestigious Institution of Eminence status. Currently ranked 3rd in the National Institutional Ranking Framework (NIRF), MAHE is the preferred choice for students seeking a transformative learning experience and an enriching campus life, as well as for national & multi-national corporates looking for top talent.

Kotak BizLabs Launches Season 2 To Empower 75+ Audacious Startups Across India

Kotak deepens its commitment to India’s entrepreneurial spirit with expanded reach and an incubator network

Kotak Mahindra Bank Ltd. (“KMBL”/ “Kotak”) today announced the launch of Season 2 of the Kotak BizLabs Accelerator Programme, a bold expansion of its flagship CSR initiative designed to support early-revenue stage startups with deep mentorship, market access, and catalytic funding.

Running from October 2025 to November 2026, Season 2 will support 75+ startups across India, with a continued focus on deep-tech, sustainability, clean energy, fintech, digital technology, edtech, agritech, and healthtech. The programme expands its national footprint across North, South, West, and Central India, and welcomes IIT Delhi’s Foundation for Innovation & Technology Transfer (FITT) as a new incubation partner, joining IIMA Ventures, NSRCEL – IIM Bangalore, and T-Hub. The selection of ventures and acceleration support is managed  by the incubators.

Phase 1: Driving Tangible Impact In its debut year, Kotak BizLabs has made a mark on India’s startup landscape: 1,500+ applications received from across the country 500+ founders engaged through outreach and knowledge sessions 55 startups accelerated with structured mentorship and incubation 32 ventures received funding support, fuelling their next stage of growth Low touch engagement through roadshows, networking mixers, workshops etc. in 14 cities

Phase 2: In its second year, Kotak Bizlabs is looking to elevate the initiative: 800+ startups expected to be engaged through outreach and knowledge sessions 75+ startups expected to accelerated with structured mentorship and incubation 60+ ventures to receive funding support, fuelling their next stage of growth Low touch engagement through roadshows, networking mixers, workshops etc. in 20+ cities

 

“Kotak has always believed in backing the entrepreneurial spirit of India—not just in metros, but in Tier-II and Tier-III cities where innovation is thriving,” said Himanshu Nivsarkar, Head – CSR & ESG, Kotak Mahindra Bank Ltd. “With Season 2 of the Kotak Bizlabs Accelerator Programme, we are scaling our commitment to founders who dare to dream big and build bold.”

“Kotak BizLabs is our way of walking the talk—it’s a mission to power audacious dreams that can truly shape India’s future,” said Rohit Bhasin, President - Head of Affluent, NRI, and Business Banking and Chief Marketing Officer, Kotak Mahindra Bank Ltd. “We believe that when you back the right ideas with the right intent, magic happens. That’s the spirit of ‘Hausla Hai Toh Ho Jayega’ in action.”

Anand Sri Ganesh – CEO, NSRCEL “We are thrilled to partner once again with Kotak Mahindra Bank in empowering India's dynamic startup ecosystem through Season 2 of the Kotak BizLabs. By extending deep mentorship, market access, and catalytic funding to promising startups across diverse sectors, this initiative catalyzes transformative innovation in Tier-II and Tier-III cities in addition to the metros. At NSRCEL, our mission aligns closely with Kotak’s vision of nurturing audacious entrepreneurs who build impactful solutions that drive India's growth.”

Chintan Bakshi - Partner Incubation, IIMA Ventures "What sets Kotak BizLabs apart is the intensive and structured supported offered to founders from tier 2 and tier 3 cities - startups leveraging tech to solve some of the toughest social and environmental challenges. In partnership with IIMA Ventures, the program is structured to provided multiple levels of support for startups founders from the states of Gujarat, Rajasthan, MP and Maharashtra - pitches at four cities to activate local angel investors and HNIs, intensive bootcamp at IIMA and structured mentoring and technical assistance"

Season 1 of Kotak BizLabs Accelerator Programme saw 32 high-potential startups awarded grants for breakthrough solutions across agritech, climate tech, fintech, edtech, healthcare, indigenous art & craft, deeptech, cleantech, and sustainability. These ventures are already creating jobs, raising follow-on capital, and solving real-world challenges with ingenuity and purpose. The success of Season 1 has inspired Kotak to scale up its efforts, expanding the programme’s reach and ambition in Season 2.

Kavikrut, CEO of T-Hub: "Kotak’s outcome-focused programme has reinvented how CSR engages with impact-first startups. Founders who are building with T-Hub have worked with mentors to refine their growth plans, deployed capital towards creating capabilities, and the programme has further validated their product–market fit. We are excited to scale this partnership between startups, Kotak, and T-Hub with the launch of the next cohort."

Dr Nikhil Agarwal, MD, FITT IIT Delhi “At FITT IIT Delhi, we are excited to join hands with Kotak Mahindra Bank to nurture bold, innovation-driven startups and help them scale with global ambition and deep social impact—because at the heart of our mission and Kotak’s belief, Hausla Hai Toh Ho Jayega.”

With India now the world’s third-largest startup ecosystem, Kotak BizLabs Accelerator Programme is uniquely positioned to bridge critical gaps in mentorship, market access, and seed capital—especially for founders outside the traditional VC spotlight.

Kotak Bizlabs Accelerator Programme is a CSR initiative of Kotak Mahindra Bank Limited.

DCT Abu Dhabi And New York Knicks Unveil Emirati-Inspired Basketball Court

The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), through its destination brand Experience Abu Dhabi, has partnered with the New York Knicks to unveil a newly refurbished basketball court at Sheikha Fatima Park.

 

The court brings together Abu Dhabi’s creative heritage and global basketball culture, reflecting DCT Abu Dhabi’s commitment to creating spaces for the community to enjoy and connect.

 

Designed by self-taught Emirati artist Aysha Saif Al Hamrani, the court takes inspiration from traditional Emirati mandoos furniture—a handcrafted wooden chest used to safeguard valuables. Its intricate patterns are reimagined across the court surface, framing the Knicks logo and celebrating the link between Emirati craftsmanship and modern sport.

 

Details such as the central circle, echoing the mandoos ‘lock plate’, and the geometric motifs along the sidelines highlight Al Hamrani’s artistry—transforming the court into a living piece of cultural design.

 

Explaining her vision, Al Hamrani shared: “The mandoos is traditionally crafted in mirrored halves, rich with repetition and balance. Similarly, a basketball court is symmetrical, with two sides reflecting each other. By layering mandoos-inspired geometry into the court, the floor becomes a dialogue between tradition and sport, heritage and modernity.”

 

Located in the heart of the city, Sheikha Fatima Park continues to serve as a popular green urban space for families, friends, and basketball enthusiasts. The refurbished court adds a vibrant new experience for residents and visitors alike.

 

This marks the second community basketball court redesigned in Abu Dhabi, following the successful refurbishment at Reem Central Park. Together, these projects highlight DCT Abu Dhabi’s ongoing efforts to foster creativity, encourage active lifestyles, and bring the community together through shared spaces that celebrate local culture.

Consumer Trust Overtakes Discounts As Key Driver Of Festive Shopping: Infisum-Empower India Report

 

Amazon leads in trust, reliability, and reach, recording 38 crore visits in the first two days of its festive sale 

India’s e-commerce ecosystem has entered a new era of accelerated growth and maturity, shaped more by trust and reliability than by discounts alone. According to the Infisum–Empower India Festive Performance Report 2025, Amazon has emerged as the most trusted and reliable e-commerce platform for Indian consumers, with an industry-best 85% customer satisfaction rate (Kantar), and consistently leading in delivery reliability, product authenticity, and overall shopping experience.

 

The report, which compares the festive season performance of Amazon, Flipkart, Meesho, reveals how consumer behaviour is evolving: Amazon set a record of the highest-ever customer visits in just the first two days of its Great Indian Festival. In comparison, Flipkart reported strong double-digit growth in Tier 2 participation and demand for premium products, while Meesho attracted around 24 crore visitors, largely from smaller towns.

 

The study notes that while affordability remains important, especially for first-time buyers, trust and reliability are the defining factors shaping purchase behaviour. A YouGov survey cited in the report found that 51% of shoppers expressed fatigue with mega sale events due to perceived discount inflation, while 40% cited poor product quality as a deterrent to online shopping.

 

"Our research reveals a fundamental shift in what drives Indian consumer decisions online," said Dr. Badri Narayanan Gopalakrishnan, Founder, Infisum. "As the market matures, discount fatigue and heightened concerns about product authenticity are reshaping consumer behaviour. Amazon's focus on trust and reliability has given it a competitive edge, particularly among quality-conscious consumers."

 

“This report provides a clear snapshot of how platforms are carving out distinct identities," said K. Giri, Director General, Empower India. “Amazon stands out with its premium and nationwide consistency, Flipkart with its electronics strength, and Meesho with its affordability-first model. What’s most remarkable is that a majority of Amazon’s record-breaking festive traffic came from Tier 2 and Tier 3 cities; proving that Bharat is not just buying more but buying better.”

 

The report also underscores a shift towards premiumization this festive season, with shoppers spending more on electronics, appliances, and aspirational lifestyle products. Amazon led the surge in premium smartphone, QLED and Mini-LED TV, and appliance sales, while Flipkart saw demand jump for premium refrigerators and dishwashers.

 

The research also briefly examined Blinkit's emergence in the quick commerce sector, noting its strong urban footprint and leadership in fast

About Empower India

Empower India is a leading policy think tank dedicated to generating insights and solutions to drive inclusive economic development. Through rigorous research and analysis, Empower India offers actionable recommendations to foster sustainable growth and equitable progress in urban and rural communities. delivery with over 50% market share, though challenges remain in scaling beyond metro areas.

 

The study concludes that while Flipkart and Meesho continue to play important roles in India’s diverse e-commerce ecosystem, Amazon’s integration of trust, scale, and innovation sets it apart as the most comprehensive platform for Indian consumers in 2025.

  

About Infisum

Infinite-Sum Modeling is a global economic research and advisory firm that applies rigorous, model-based analysis to inform policy and strategy. Established with the belief that growth is collaborative and non-zero-sum, Infisum partners with governments, institutions, and businesses to design solutions in areas such as trade, energy, climate, labor, and investment strategy. By combining academic rigor with real-world expertise, Infisum delivers insights that drive sustainable and inclusive outcomes.