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In a bid to exploit efficiency, <keyword id="6357585" type="CITY" weightage="20" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (<keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>) has decided to reduce the time that each employee spends on one project. As per an Economic Times report, the company has made this move to bring down its attrition rate that at present is at an eight-quarter high. 
The company, reportedly, clocked a 15.9% attrition rate in the quarter that ended last month. 
 
TCS global HR, Ajoy Mukerjee says, "Mobility is important and time factor needs to be reviewed. Rotation (between) roles probably needs to happen a bit faster because this generation wants everything fast. Although nothing is defined, depending on the ability of roles, it needs to be faster than 1.5-2 years." 
By reducing the time on a single project to about one year, TCS will become the most flexible organization in the industry. Since large employers like TCS are not able to provide benefits like alteration in salary structure, quick project transition, postings at home and international to its employees, this affects employees’ loyalty towards the firm. 
 
Even analysts have admitted the fact that being unable to get off a project may lead people to leave the firm. A Mumbai-based analyst, on condition of anonymity said, "It could help lower attrition since being unable to get off a project does cause people to leave. But if they bring down minimum time spent on a project too much, it could upset clients, who typically prefer the people on their projects to stay for a while." 
 Another analyst <keyword id="314632" type="PERSON" weightage="20" keywordseo="Girish-Pai">Girish Pai</keyword> who is associated with Nirmal Bang, said, "In the employee pyramid, there was strong attrition in the range of 3-6 years.”

Know how TCS plans to up its employees’ efficiency

<ul><li>The decision came exactly a year after the Central government reorganised Jammu and Kashmir, bifurcating it into two <keyword id="390245" type="COMPANY" weightage="20" keywordseo="Union-Territories">Union Territories</keyword> of Jammu and Kashmir, and Ladakh.</li><li>Official sources told IANS that <keyword id="782539" type="PERSON" weightage="20" keywordseo="Murmu">Murmu</keyword> has resigned as the Lt Governor even though there was no confirmation about who his replacement will be in the highly sensitive Union Territory of Jammu and Kashmir. </li><li>Murmu will be replacing <keyword id="1928895" type="PERSON" weightage="20" keywordseo="Rajiv-Mehrishi">Rajiv Mehrishi</keyword>, a 1978 <keyword id="173528" type="POSITION" weightage="20" keywordseo="batch-IAS-officer">batch IAS officer</keyword> of the Rajasthan cadre, as the CAG. </li></ul>Jammu and Kashmir Lt Governor Girish Chandra Murmu has been appointed as the new Comptroller and Auditor General (CAG) of India. The decision came exactly a year after the Central government reorganised Jammu and Kashmir, bifurcating it into two Union Territories of Jammu and Kashmir, and Ladakh. Official sources told IANS that Murmu has resigned as the Lt Governor even though there was no confirmation about who his replacement will be in the highly sensitive Union Territory of Jammu and Kashmir. Murmu will be replacing Rajiv Mehrishi, a 1978 batch IAS officer of the Rajasthan cadre, as the CAG. A 1985 batch IAS officer of the Gujarat cadre, Murmu was Principal Secretary to Narendra Modi when he was Chief Minister of Gujarat. He became the first Lt Governor of the Union Territory of Jammu &amp; Kashmir. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-beirut-explosion-created-a-huge-mushroom-cloud-and-visible-blast-wave-but-nuclear-weapons-experts-say-it-wasnt-an-atomic-blast-heres-why-/articleshow/77362144.cms">The Beirut explosion created a huge mushroom cloud and visible blast wave, but nuclear weapons experts say it wasn't an atomic bomb. Here's why.</a> <a href="https://www.businessinsider.in/business/startups/news/microsoft-for-startups-lathika-pai-says-entrepreneurs-pitching-for-investments-need-to-have-this-one-question-answered-in-their-pitch-decks/articleshow/77352935.cms">Microsoft for Startups’ Lathika Pai says entrepreneurs pitching for investments need to have this one question answered in their pitch decks</a> <a href="https://www.businessinsider.in/careers/news/linkedin-tcs-disney-hotstar-zee-and-other-companies-hiring-right-now-in-india/slidelist/77352775.cms">LinkedIn, TCS, Disney+ Hotstar, Zee and other companies hiring right now in India</a>

​​Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.

India has the second largest road network in the world at 4.7 million km. Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> has outlined a new model of infrastructural development in the country for creating a well-connected Digital India. A <keyword id="2770487" type="UNKNOWN" weightage="80" keywordseo="Tech-savvy-road-network">tech-savvy road network</keyword> is probably the first step towards digitalisation. In order to unify the separate projects for road, highways and ports along with other technology-based initiatives, Minister of Road Transport and Highways of India <keyword id="26680" type="PERSON" weightage="80" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> is building up a special 10-member task force which also includes former Infosys CFO <keyword id="6491998" type="PERSON" weightage="80" keywordseo="Mohandas-Pai">Mohandas Pai</keyword>. The information was revealed in an Economic Times report. 

	This task force will be headed and chaired by Gadkari. Former IT secretary for Andhra Pradesh Sanjay Jaju, partner at Ekam Consulting Abhijit Purushottam Desai, Prashant Pole who is a director at Disha Consultants, and Girish Srivastava, a policy and strategy consultant are also the part of this task force.
 

	This new team will work on new strategies under a four-year plan, people familiar with the developments informed ET. They further said that the second meeting of the group is slated to be held in the first week of April, adding that the first meeting was on March 9.
 

	According to Jaju, who is director of National Highways Infrastructure Development Corporation, "We are building an enterprise architecture and architecture for the ministry to bring together all these disparate projects in a unified form. Certain new initiatives are also planned."
 

	Requesting anonymity, the third person told ET, "The task force's main agenda of the task force is to make sure that all IT initiatives are put under a proper governance mechanism and there is synergy between the various components."
 

	"Two main things that are being worked upon right now are INAMPRO and PACE (Project Appraisal and Continuing Enhancements) - it is an MIS system for roads and highways." Jaju told ET.

	(Image: The Economic Times)

Former Infy CFO, Mohandas Pai, to help Govt create a tech-savy road network

<ul><li>IT companies are expected to see contracted revenues, slow deal conversions, soft demand and impact of furloughs in Q3.</li><li>Infosys and Wipro might see a sharper impact on revenues and margins due to wage hikes during the quarter.</li><li>TCS is mostly expected to see flat to slight growth thanks to large deal ramp-ups including BSNL deal. </li></ul>The tide might have turned for IT stocks as investors found them in favour again. However, the third quarter show of top companies might continue to see contracted revenues, slow deal conversions and soft demand. The quarter is traditionally high on furloughs or temporary halt in works, but this year its impact seems deeper than ever. With the exception of HCL Tech which the street expects to post anywhere over 4% growth on constant currency revenues, most others will see either a flat or decline. Infosys and Wipro might see a sharper impact on revenues and margins due to wage hikes during the quarter. TCS is mostly expected to see flat to slight growth thanks to large deal rampups including BSNL deal. “A seasonally weak quarter may be marred not only by higher than historical furloughs (for most players) on the revenue front but also on the margin front due to the impact of postponed salary increases,” says Girish Pai, analyst at Nirmal Bang in his preview. With favourable currency headwinds, the margin picture might be hazy only for companies that have given our wage hikes. “Margins are likely to remain stable as supply-side dynamics have reversed with attrition bottoming out,” says a report by Nuvama. Q3 constant currency revenue growth predictions (QoQ) <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDBI Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nuvama </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- 1.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TechM </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTIMindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5% </td></tr></tbody></table>Source: Brokerage reports Slicing it thin Mid-tier companies are expected to perform better than their larger peers. But this quarter, they too might join the biggies to slice down revenue growth targets for the fiscal year. “We expect Infosys to taper top end guidance from 1-2.5% to 1-2%. We expect Wipro to guide -1 to 1% QoQ revenue guidance for Q4FY24E. We expect Cyient to lower guidance range from 15-20% to 14-16%. We expect Coforge to narrow the guidance range from 13%-16% to 13-14%,” said a report by IDBI Capital. Most companies are expected to be tight-lipped about deal commentary and more due to volatile demand conditions. However, that leaves brokerages with more questions about the outlook on the sector. Compression in the book? The key things to watch out for this quarter would be the pace of conversion of total contract value (TCV) into revenue, compression in the existing book, and the state of discretionary spending. With TCS, the market will watch out for any strategic changes under its new CEO. Infosys is expected to provide commentary on its CFO’s exit as well as the loss of a large $1 billion deal. Until last quarter, a few brokerages had been confident that the strong deal wins seen earlier in the financial year might translate in FY25. Now, they’re unsure. “We have a non-consensus view that FY25 growth will not be as strong and therefore have cut our FY25 estimates in September 2023. Our target multiples are lower as we believe there is downside to not only the consensus estimates for FY25, but also to our own. Our revenue growth estimates for FY25 may seem too aggressive for the underlying macro assumption of a shallow recession in the US in 2024,” said Nirmal Bang. The IT sector has been facing the worst of the slowdown this year, but the recent outperformance during the market rally might make it tough for the markets to gulp down a weak earnings performance.

IT sector preview: Q3 to see slow deal conversions, soft demand and furloughs

<ul><li>Senior Bharatiya Janata Party (BJP) leader Manoj Sinha was on Thursday appointed the <keyword id="6354564" type="UNKNOWN" weightage="20" keywordseo="lieutenant-governor">Lieutenant Governor</keyword> of Jammu and Kashmir.</li><li>Sinha has represented the parliamentary constituency of Ghazipur in eastern Uttar Pradesh thrice in the Lok Sabha. He was defeated by Bahujan Samaj Party's Afzal Ansari in last year's Lok Sabha polls.</li></ul> Senior Bharatiya Janata Party (BJP) leader Manoj Sinha was on Thursday appointed the Lieutenant Governor of Jammu and Kashmir, a day after <keyword id="8284298" type="PERSON" weightage="20" keywordseo="G-C-Murmu">G.C. Murmu</keyword> in a surprise development resigned from the post exactly a year after the nullification of Article 370 in the erstwhile state, and barely nine months after he took over the reins of the newly created Union Territory. President <keyword id="6354561" type="PERSON" weightage="20" keywordseo="ram-nath-kovind">Ram Nath Kovind</keyword> has accepted the resignation of Murmu as Lieutenant Governor of Jammu and Kashmir, and appointed Sinha for the post. "The President has been pleased to appoint Manoj Sinha to be the Lieutenant Governor of Jammu and Kashmir with effect from the date he assumes charge of his office vice Girish Chandra Murmu," a <keyword id="47718" type="LOCATION" weightage="20" keywordseo="Rashtrapati-Bhavan">Rashtrapati Bhavan</keyword> statement on Thursday announced. Sinha has represented the parliamentary constituency of Ghazipur in eastern Uttar Pradesh thrice in the Lok Sabha. He was defeated by Bahujan Samaj Party's Afzal Ansari in last year's Lok Sabha polls. Sinha has also served as junior Railway Minister. Murmu had put in his papers on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-beirut-explosion-created-a-huge-mushroom-cloud-and-visible-blast-wave-but-nuclear-weapons-experts-say-it-wasnt-an-atomic-blast-heres-why-/articleshow/77362144.cms">The Beirut explosion created a huge mushroom cloud and visible blast wave, but nuclear weapons experts say it wasn't an atomic bomb. Here's why.</a> <a href="https://www.businessinsider.in/business/startups/news/microsoft-for-startups-lathika-pai-says-entrepreneurs-pitching-for-investments-need-to-have-this-one-question-answered-in-their-pitch-decks/articleshow/77352935.cms">Microsoft for Startups’ Lathika Pai says entrepreneurs pitching for investments need to have this one question answered in their pitch decks</a> <a href="https://www.businessinsider.in/careers/news/linkedin-tcs-disney-hotstar-zee-and-other-companies-hiring-right-now-in-india/slidelist/77352775.cms">LinkedIn, TCS, Disney+ Hotstar, Zee and other companies hiring right now in India</a>

BJP leader Manoj Sinha appointed Lt. Governor of J&K

CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> may lower <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>’ revenue guidance for fiscal 2017 yet again. Sikka informed about the decision following a slowing demand environment for software services and the negative fallout from the British exit from the <keyword id="6355110" type="ORGANIZATION" weightage="20" keywordseo="European-Union">European Union</keyword>. 
 
"I can tell you that the second quarter will be better. But we are seeing some risks that could lead to a downward revision of the guidance because the environment has worsened as we have gone into the quarter," said Sikka. 
 
Infosys had lowered its revenue guidance in July as well, claiming under-performance in some parts of the business. 
 
This year, Sikka is warning of bigger problem areas. 
 
Meanwhile, this has left analysts wondering about the industry. 
 Apart from Infosys, <keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>, <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword>, and Mindtree also lowered their guidance twice this year. 
 
"It was bad that it was BFSI (Banking, Financial Services and Insurance) that was struggling," an analyst at a Mumbai brokerage who tracks the software services sector told ET, adding, "But now they seem to be saying that other segments are not doing well." 
 
Infosys had cut its FY17 guidance in July to 10.5-12 per cent in constant currency terms from the 11.5-13.5 per cent it had projected at the end of the last financial year. 
 
The National Association of Software and Services Companies is widely expected to cut its industry growth guidance of 10-12 per cent growth in FY17 towards the end of the calendar year. 
 
"We believe Infosys will lower its revenue growth guidance by at least 150 basis points to 200 bps and possibly err on the side of conservativeness as it may not want to cut numbers a third time in an uncertain macro and industry environment," Girish Pai, analyst with Nirmal Bang, said in a note last month. 
 
"We do see challenges in BFSI but not near the level that the other guys have talked about. I think all of us tend of overstate macroeconomic factors. We have such tiny amount of client budgets and IT spends that there is lots of room for growth," said Sikka. 
 
Meanwhile, Infosys was also questioned over revenue productivity. 
 
"The cost pressure has outpaced our productivity improvements and we need to find our escape velocity to get ahead of that," Sikka said. 
He also ruled out the possibility of large acquisitions that would help power annual revenue from under $10 billion currently to $20 billion by 2020.

Vishal Sikka may lower Infosys’ revenue guidance once again, warns of bigger problem areas

<keyword id="2238518" type="UNKNOWN" weightage="20" keywordseo="LetsVenture">LetsVenture</keyword>, which was was founded in 2013 by Shanti Mohan and <keyword id="110507" type="PERSON" weightage="20" keywordseo="Sanjay-Jha">Sanjay Jha</keyword>, is an online <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">funding</keyword> platform that is redefining early-stage investing in India with a host of business world biggies like Infosys cofounder <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>, <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>'s Kunal Bahl, Wipro's Rishad Premji, Manipal Global Education's Mohandas Pai, Freshdesk's Girish Mathrubootham and Snapdeal cofounder Rohit Bansal among the other marquee individuals who pooled together an undisclosed investment. 
 
As per an industry report, 18 investors participated in the latest fund-raising exercise of LetsVenture, which includes Accel Partners, People Group's Anupam Mittal, Times Internet, Singapore Angels and IDG Ventures India. 
 
"Just like the last 10 years was about creating doctors and engineers, this decade will be about creating entrepreneurs. It's a foundational period now. I hope LetsVenture succeeds in this and I make money off that," Anupam Mittal told ET. 
 
Talking about the expansion plan, Shanti Mohan, CEO of LetsVenture, said that the funding marketplace will be using the money from the latest Series A funding round to bring in more investors on its board from across the globe. In 2014, LetsVenture raised Rs 4 crore from a group of 21 angel investors. 
 
According to Mohan, “LetsVenture has unlocked a new category of angel investors online-entrepreneurs-turned-investors, second-generation family businesses and global Indians who are actively looking for a trusted marketplace to discover high-quality” last year. 
 
Up until now, LetsVenture has 1,200 investors from 20 countries and has raised $17 million ( Rs 109.9 crore) for 53 startups, the business daily reported. It plans to double its team to 40 people by the end of the year. 
(Image: BCCL)

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Know how TCS plans to up its employees’ efficiency

BI India Bureau

Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.

IANS

Former Infy CFO, Mohandas Pai, to help Govt create a tech-savy road network

BI India Bureau

IT sector preview: Q3 to see slow deal conversions, soft demand and furloughs

Katya Naidu

BJP leader Manoj Sinha appointed Lt. Governor of J&K

IANS

Vishal Sikka may lower Infosys’ revenue guidance once again, warns of bigger problem areas

BI India Bureau

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You Searched For "Girish Pai" and got 7 results

Know how TCS plans to up its employees’ efficiency

BI India Bureau

​​Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.

IANS

Former Infy CFO, Mohandas Pai, to help Govt create a tech-savy road network

BI India Bureau

IT sector preview: Q3 to see slow deal conversions, soft demand and furloughs

Katya Naidu

BJP leader Manoj Sinha appointed Lt. Governor of J&K

IANS

Vishal Sikka may lower Infosys’ revenue guidance once again, warns of bigger problem areas

BI India Bureau

LetsVenture’s is getting its cash registers ringing with big money coming in!

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Jammu and Kashmir Lt Governor Girish Chandra Murmu appointed as the new Comptroller and Auditor General (CAG) of India.