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  • In India, Apple Assembles iPhones Valued About $22 billion

    According to a media report, Apple has significantly changed its global supply chain strategy by increasing its iPhone production in India to an all-time high. Now the tech giant assembles smartphones valued at $22 billion in India. The action is a reflection of Apple’s increased efforts to expand its manufacturing presence in India and lessen its dependency on China. About 20% of all iPhones made worldwide are currently made in India, where production of the device increased by about 60% in the past year, according to the report. This effort follows India’s Production-Linked Incentive (PLI) program, which has been instrumental in drawing in large international electronics firms. India’s IT and Electronics Minister Ashwini Vaishnaw disclosed earlier this week that during the fiscal year that ended in March 2025, Apple exported iPhones valued at INR 1.5 trillion, or roughly $17.4 billion. Three iPhone assembly facilities are now run by Apple in India: two in Tamil Nadu and one in Karnataka. Two of the Tamil Nadu plants are run by the Tata Group, while the other one is run by the Taiwanese behemoth Foxconn.

    Apple Urging Suppliers to Establish Units in India

    China, Japan, and Taiwan vendors have been actively encouraged by Apple to set up production facilities in India. Important component producers have already started production in the nation, including Foxlink (cables), Sunwoda (battery packs), and Aequs (enclosures). There has also been a notable increase in local content in Apple’s iPhones manufactured in India. Just 5–8% of the parts in different models were sourced locally when Apple started manufacturing in India in 2020. That percentage has now increased to about 20%. According to reports, Apple has branched out beyond the basic iPhone models, indicating a growing trust in its Indian business. According to Bloomberg, the company has begun constructing the more expensive iPhone 16 Pro models in India, although it first concentrated on assembling the entry-level iPhone 15 model.

    All Developments Favouring India

    Additionally, the spike in iPhone exports from India seems to be well-timed in relation to recent trade developments in the United States. As per various media reports, Apple’s exports to the United States from India have increased significantly since the Trump administration imposed high tariffs on Chinese goods. In order to deal with the new tariff environment, Apple is anticipated to give its India supply chain top priority for iPhone shipments headed to the United States. The Trump administration declared on 12 April that laptops, smartphones, and other important equipment will be temporarily spared from the reciprocal duties. As a result, iPhones manufactured in India will not be subject to additional taxes for the time being, while iPhones from China will also be subject to a 20% tariff rate, which is much less than the entire 145% that would otherwise be applicable.

  • ICEA Claims India’s Electronic Exports to US will be 20% Less Expensive than China

    The industry group ICEA stated on April 13 that after the Trump administration lifted duties on a variety of consumer electronics, Indian shipments to the US of smartphones, laptops, and other devices are anticipated to become 20% less expensive than those from China. The announcement, which was made over the weekend, is thought to be a significant boon to India’s quickly expanding electronics manufacturing industry. Smartphones, tablets, laptops, flat-panel displays, and specific semiconductor components will no longer be subject to the reciprocal tariffs that the US previously placed on nations like China, India, and Vietnam.

    Advantage to India and Vietnam Over China

    The exemption suggests that when it comes to selling certain goods to the US, India and Vietnam now have a significant tariff advantage over China. The chairman of the India Cellular and Electronics Association (ICEA), Pankaj Mohindroo, pointed out that 20% of iPhones, laptops, tablets, and watches are still made in China. For China, just the reciprocal duty has been eliminated. All smartphones, computers, tablets, and iPhones that are exported to the US are duty-free from India. Additionally, all Samsung and other smartphone, laptop, and tablet exports to the US are duty-free in Vietnam. Therefore, Vietnam and India both have a 20% tariff advantage over China and are subject to similar levies on these goods. After weeks of worrying about possible disruptions in exports, ICEA, which represents big businesses like Apple, Foxconn, and Dixon, said the exemption was a welcome relief. The chairman went on to say that there won’t be any more unusual disruptions.

    India Becoming a Hub for iPhone Production

    According to Union minister Ashwini Vaishnaw, India has become a major location for Apple’s production, with iPhone exports alone exceeding INR 1.5 lakh crore in 2024–2025. This year, mobile phone exports totalled over INR 2 lakh crore, a 55% increase over the previous fiscal year. Given the ongoing trade tensions between the US and China, industry insiders think that this most recent development enhances India’s position in the global electronics supply chain. The head of the India Electronics and Semiconductor Association (IESA), Ashok Chandak, described the tariff exemption as a major, if potentially temporary, relief for multinational tech producers.

    He claimed that although the short-term export frenzy has subsided, India’s long-term prospects are still strong. With over $250 billion in electronics imports from the US, of which 30% still originate in China, Chandak went on to say that India has a lot of space to develop from its existing $12 billion base. He went on to say that now is a critical time for Indian companies to expand, refocus their plans, and solidify their place in the global electronics value chains. India needs to put even more effort into creating sustainable, long-term competitive advantages if it hopes to reach its full potential.

  • Following India’s Request for Extradition, Mehul Choksi Detained in Belgium

    Mehul Choksi, a fugitive diamond merchant who was wanted in relation to the loan fraud case against Punjab National Bank (PNB), was taken into custody by Belgian police on 14 April. Vijay Aggarwal, Choksi’s attorney, informed reporters that the 65-year-old was taken into custody on April 12 and is presently imprisoned. He stated that they would resist India’s request for extradition and submit an application against his arrest. Citing reasons for Choksi’s appeal, Aggarwal assured reporters that his client is not a flight risk. He is receiving cancer therapy and is very ill. The CBI and Enforcement Directorate (ED) are seeking Choksi and his nephew Nirav Modi, who is awaiting extradition from London, for allegedly cheating the bank out of over INR 13,500 crore in 2018.

    How Scam was Executed

    Choksi, Modi, and the managing director of his company, Gitanjali Gems, were among the entities against which the PNB lodged a criminal complaint. They allegedly bribed executives at the bank’s Brady House office in Mumbai by using foreign letters of credit (FLCs) and letters of undertaking (LoUs). Weeks before the PNB scam came to light, Choksi and Modi left India in January 2018. Mehul Choksi’s presence in the European nation was confirmed by the Belgian foreign ministry to an Indian media outlet last month. They stated in a communication that they were cognisant of his presence and gave it careful consideration. However, the ministry stated that it does not comment on specific situations. Nevertheless, the FPS Foreign Affairs is still keeping a careful eye on the progress of this significant case.

    Choksi on the Run

    After getting a “residency card” in Belgium, Mehul Choksi and his wife, Preeti Choksi, have been residing in Antwerp. He was an Antiguan and Barbudan national who allegedly fled the island nation to receive cancer treatment with plans to relocate to Switzerland. He was discovered in Dominica, another Caribbean island nation, after going missing in Antigua in 2021. Union Finance Minister Nirmala Sitharaman informed lawmakers in December 2024 that properties valued at INR 2,565.90 crore had been either sold or restored to cover the debts of wanted people like Choksi.

    Why Extradition will not be a Cake Walk?

    The extradition procedure won’t be quick or simple, according to Choksi’s legal team, despite India’s increasing efforts to bring him back. “There’s no push,” Aggarwal noted. It’s a procedure. He has been the subject of non-bailable warrants since 2018. The presence of an open-ended, non-bailable warrant is a need for extradition. They had already attempted, but failed, to pick him up from Dominica. His client was receiving therapy in Antigua as a result of the Dominican court order. He had to travel to Belgium for medical treatment, and he has been receiving cancer therapy there. He clarified that a number of legal procedures must be completed before a country can extradite someone, including an arrest, bail processes, and discussions regarding the individual’s health, community links, and potential flight risk.

  • Deep-Tech Imaging Startup Optimized Electrotech Raises $6 Million Led by Blume Ventures and Mela Ventures

    • The newly secured fund will be used to develop next-gen AI imaging payloads, high-speed space-based surveillance solutions and to penetrate global markets.

    Optimized Electrotech Pvt Ltd (OEPL), a pioneering deep-tech company specialising in imaging surveillance technology, has successfully closed a $6 million Series A funding round led by Blume Ventures and Mela Ventures. This milestone reinforces OEPL’s position as one of India’s most promising startups in critical sectors like defence and space, driving innovation in AI-powered imaging payloads.

    The round saw participation from 9Unicorns and existing investors, including Rajiv Dadlani Group and Venture Catalysts. Their continued support underscores confidence in OEPL’s mission and technology leadership. The round also saw participation from OEPL’s own leadership, with Co-founder and MD Sandeep Shah reaffirming his strong belief in the company’s long-term vision.

    With four patents, multiple iDEX Challenge victories, and recognition for the prestigious ADITI (Acing Development of Innovative Technologies with iDEX) challenge win, Optimized Electrotech has been at the forefront of technological innovation. Fuelled by strong order growth, strategic partnerships, and an expanding customer base, the new funding will accelerate the development of next-generation imaging payloads for Autonomous ISR, high-speed imaging solutions for space applications and broader market reach.

    “We’re really excited to back Optimized Electrotech, a company that’s pushing boundaries in defence and deep-tech innovation. Their expertise in AI-driven surveillance and electro-optic solutions fits right into India’s push for self-reliance in critical sectors. This investment isn’t just about funding—it’s about our belief in their ability to lead the way in technology and make a real impact in defence and space,” said Arpit Agarwal, Blume Ventures.

    “Optimized Electrotech has demonstrated strong technical capabilities and consistent execution in the defence and deep tech sectors. Their focus on a R&D driven approach, rooted in indigenous innovation, positions them as a significant contributor to India’s growing defence and space ecosystem. The company’s intellectual property portfolio and repeated success in iDEX challenges, including the ADITI program, reflect a clear commitment to innovation. We are pleased to support Optimized Electrotech as they continue to build and scale their operations,” added Parthasarathy NS, Mela Ventures.

    Commenting on the success of Series A funding, Sandeep Shah, Founder & MD, Optimized Electrotech said, “A war that is prevented is as important as the one that has to be won. In both scenarios, the future of warfare is increasingly going to be determined by machines, more so, by knowledge and dynamic decision-making. At Optimized Electrotech, we build solutions that aid quick decision-making using AI-based imaging. India’s defence and space sectors are undergoing a sea change. Driven by strong government policies and an increasing focus on indigenous capabilities, it’s important to build critical mass within this window of opportunity. This funding round is a testament to the confidence our investors have in our vision. We are committed to leveraging this capital to further enhance our technological capabilities, expand our footprint, and contribute meaningfully to India’s strategic and security objectives.”

    With this infusion of capital, Optimized Electrotech is poised to transform the Security and Surveillance landscape, delivering cutting-edge solutions for India and beyond.

    About Optimized Electrotech

    Founded in 2017 and led by promoters, Sandeep Shah and Dharin Shah, Optimized Electrotech is revolutionising AI-driven imaging solutions for ISR and critical strategic applications. The Company develops cutting-edge electro-optic systems, spanning the electromagnetic spectrum, enhancing defense, space, border security, and aerospace operations. By integrating onboard analytics, their advanced surveillance solutions provide real-time intelligence, strengthening situational awareness in high-stakes environments.

    With a relentless focus on innovation, indigenous technology development, and strategic surveillance solutions, the Company has redefined how intelligence, reconnaissance, and security operations are conducted, strengthening India’s indigenous defense capabilities and global competitiveness in deep tech. As one of India’s fastest-growing Deep-Tech startups in Defence & Space, Optimized Electrotech continues to lead the way in strategic surveillance and indigenous imaging technology development, reinforcing India’s position in the global market.

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  • TCS Loses INR 24,295 Crore in Four Days Amid Salary Hike Delays and Market Jitters

    TCS , the largest IT company in India , lost over INR 24,295 crore in valuation during the short trading week ending April 11. TCS stock fell 3.82 % during the week to close at INR 3,238 . This decline pulled the TCS market valuation down to only INR 11.69 lakh crore . Meanwhile, the overall Indian stock market also lost ground, with the BSE Sensex and Nifty Index each losing over 200 points during the week.

    Following the revelation that annual salary increases would be postponed, investors reacted with caution. This was a reaction to what appeared to be a sign that future growth and workforce morale at the IT giant were in jeopardy.

    Salary Hike Deferral Triggers Concern

    TCS has declared that it will put on hold its planned employee salary hikes for April 2025, attributing the decision to global uncertainty and changing trade dynamics. The announcement came from Milind Lakkad, the company’s Chief Human Resources Officer. He pointed out that TCS will reassess its business performance during the year and may implement raises at any time depending on conditions.

    Fresh graduate hiring is predicted to stay even or perhaps rise in FY26, but the indefinite nature of the salary hike decision has left employees and analysts in a tizzy trying to figure if this is a not-so-subtle means of achieving cost-cutting objectives in an uncertain global environment.

    Tariff Uncertainty Casts a Shadow

    The ongoing uncertainty about U.S. tariffs only adds to the pressure. TCS Chief Executive Officer and Managing Director K. Krithivasan articulated these concerns in an earnings conference call, saying he is hopeful the turbulence will turn out to be temporary. He believes the impact on the IT services sector is likely to ease within a few months. Yet, until there is clarity, the sector continues to operate in a climate of hesitation and restrained optimism, an ambiance that has translated into cautious investor sentiment.

    The postponement of pay increases, in conjunction with difficulties in trade, appears to have intensified the market’s nervousness and to have been a major factor in the company’s plummeting market cap this week.

    Quarterly Results Reflect Mixed Performance

    The company’s FY25 Q4 results added yet another layer of convolution. For the March quarter, the net profit slipped down to 12,224 crore and registered a 1.68% year-on-year decline. Revenue, however, rose 5.3% and came in at 64,479 crore. For the full FY25, TCS achieved a net profit of nearly 48,553 crore (5.76% growth), and a revenue number of nearly 2.55 lakh crore that represented nearly 6% growth.

    Despite these numbers appearing to show resilience, they were not sufficient to calm markets that are unsettled by the bigger picture. The next few months will be crucial as TCS works its way through the global storms and the internal balancing act of pleasing its various stakeholders.

  • When Steve Jobs Told Obama: Why iPhones Aren’t Made in the U.S.

    While pushing for American manufacturing, President Trump is imposing gigantic tariffs on China, where many American companies, including tech giant Apple, do a significant part of their business and most of their manufacturing. Apple, under CEO Tim Cook, has invested heavily in China over the past decade. Not only is the vast majority of the company’s hardware made there, but also the vast profits that Apple rakes in through its stores, its services, and its products. Indeed, without heavy reliance on Chinese manufacturing, Apple Inc. today would be a fraction of the company it is.

    Tariffs are seen by Trump as a way to force businesses to return their operations to the U.S., and with them, the jobs that went along with them. He portrays them as a way to strengthen the manufacturing sector and the economy as a whole. An example we were given of a company reinvesting in America was Apple, which has promised to spend $500 billion over the next four years to build stuff in the U.S. The company spent $75 billion in the U.S. between 2014 and 2016, and some of it was for manufacturing.

    A Decade-Old Dinner That Still Resonates

    At a dinner in 2011 with then-President Barack Obama and prominent figures from Silicon Valley such as Google’s Eric Schmidt and Facebook’s Mark Zuckerberg, it was Apple’s Steve Jobs who delivered the evening’s sobering truth. When Obama asked what it would take to make iPhones in the United States, Jobs reportedly replied, “Those jobs aren’t coming back.”

    Jobs’s sentiment was rooted in more than just costs. At the time, Apple execs made it clear that manufacturing overseas provided unrivaled scale, speed, and specialization. “From quick engineering changes on the factory floor to a workforce that could be mobilized at unprecedented scale,” Jobs and his team felt that China offered operational advantages that the U.S. couldn’t offer then, and can’t offer now.

    Apple Moves Fast to Dodge Tariff Heat

    When Trump’s tariffs started taking effect, Apple got moving. Right before new levies were about to hit, the company spent a reported $24 million to $30 million, moving six cargo flights’ worth (roughly 600 tons, or 1.5 million iPhones) from India to China, essentially airlifting the devices from one market to another.

    This strategic airlift served as a reminder that even though Apple is putting alternative manufacturing hubs to the test, its logistics still run through China. Even with political will and financing, the fundamental barriers remain unchanged. The U.S. lacks the requisite manufacturing scale and rapid adaptability needed for mass electronics production at Apple’s standards. Unless those conditions change dramatically, large-scale iPhone production in the U.S. is more aspiration than reality.

  • Why Gold Remains a Smart Investment in 2025

    2025 has been anything but stable. Reciprocal tariffs have caused tremors in global trade, and investors have turned to the yellow metal as a reliable haven. The US–China imbroglio goes on and on, and it has supercharged gold demand, especially after President Trump imposed a steep 125% duty on Chinese imports. Though we’ve had a 90-day pause that’s allowing some breathing room for traders, the gold market is gunning to go higher. Yesterday, it closed at an all-time high of $1,292.60 per ounce.

    Central Banks and Institutional Confidence

    Gold has consistently been attracting central bank buying from across the world. In recent years, their annual purchases have exceeded an eye-popping 1,000 tonnes. And they haven’t slowed down this year. Take none other than the People’s Bank of China, for example. It has marked another five straight months of buying gold. Heavy amounts of it. Check out the inflow numbers at the Gold ETFs where the Chinese go to buy their gold.

    Economic Worries and Rate Cuts

    Stagflation in the US, an uncomfortable mix of high inflation and low growth, has many people worried these days. Gold has generally done very well historically when we’ve had this kind of economic backdrop. The overall expectation is that the Fed is going to cut rates two more times this year, which is dollar-negative and gold-positive. In fact, gold in 2024 has done the opposite of what it was supposed to do: go down when the stock market is going up and the dollar is doing well. Instead, it has gone up.

    Volatility, Debt, and Safe Haven Appeal

    So far in 2025, the stock market has had a hard time, and investors are pushing toward stable assets as equity volatility increases. The US national debt now exceeds 36 trillion dollars (INR 2,995 lakh crore), which only makes gold all the more appealing (as a hedge, at least). And it’s not just the US national debt; a range of geopolitical risks from Europe to the Middle East has made gold attractive for hedging. Today, gold isn’t just a hedge; it’s the core of many diversified portfolios.

    Gold Forecasts Remain Bullish

    International banks are steadily adjusting their forecasts for the price of gold, and not in a downward direction.  They began the year forecasting a starting price of $2,650. Then things got interesting. In a matter of days, they touched $3,200, and prices have found support at just under $3,000. Forecasts for the short term range two benchmarks apart: J.P. Morgan’s modest $3,000 gold price to Deutsche Bank’s far loftier $3,700 price. 

    And forecasts have gotten even more interesting. At the top of the list, projections have reached $8,000. In what seems a remarkable communique, Swiss Asia Capital, which has long forecast gold appreciation, is now more than doubling its already high figure to call for $8,000 gold. Insurance isn’t cheap, but in this age of global instability, buying it may be essential.

  • FPIs Exit Indian Markets Amid Global Jitters and Tariff Turmoil

    Foreign portfolio investors (FPIs) have reverted to net selling after a brief buying spree in late March. Between April 1 and 11, they sold equities totaling 31,988 crore INR, extending a broader trend of selling that has persisted since January. The latest wave of exits seems to have been triggered by U.S. President Donald Trump’s trade tariffs, and it underscores the fragile sentiment that is apparently prevailing in global equity markets. The Indian currency mirrored this mood, posting its steepest weekly fall since February.

    This latest spate of selling adds to an already quite disruptive financial year. Foreign portfolio investors pulled out INR 1.27 lakh crore in FY25, the second-largest single-year exodus, prompted by worries over international policies and not-so-hot Indian corporate profits.

    Weaker Rupee and Lower Returns Amplify the Pain

    Returns from Indian equities have been doubly dented for foreign investors: first, by falling share prices; second, by the depreciating rupee. Even with a late-week bounce in domestic indices that saw the Sensex jump 1.77% on Friday, the overall trend for Indian equities continues to be cautious.

    Technical signs persistently show that trouble could be brewing. The first was the sudden sharp rise in the India VIX, up 46% just this week alone, which seems to have caught many by surprise. A rising VIX signals that options traders are increasingly nervous and that, well, a market drop might be in the cards. And a falling Nifty, which we do have right now, also adds fuel to this fire, or is it smoke? Anyway, it doesn’t look good either way.

    Tariff Drama and Global Trade Risks

    The mounting intensity of global events has only amplified investor caution. As the U.S. and China trade blows over tariffs, the increased inversion in the yield curve and falling stock prices have many on Wall Street bathing in the shivers and bracing for increased dent in the value of their portfolios. But how bad could it really get?

    Barring a full-blown crisis using the yield curve inversion as a template, we could be looking at a good two years ahead with pretty much no economic growth. According to Master Trust’s Director Puneet Singhania, a bullish marubozu candle indicates some buying at lower levels. However, he emphasizes that the trend is still “sell-on-rise” until we see volatility ease and technical strength return.

    A Potential Comeback for FPIs?

    Even as the ongoing sell-off takes its toll, some analysts see the reversal potential. VK Vijayakumar at Geojit Investments sees a potential steady state return for global investors once the present turmoil subsides. He sees the March 2026 quarter coming in with 6% GDP growth for India as the base case and a near-term potential earnings (EPS) growth return for the Nifty 50 index companies.

    At present, FPIs are cautious. However, if global uncertainty dissipates and India’s domestic fundamentals remain robust, these financial investors may revert to a bullish stance on India’s long-term growth narrative.

  • Trump Walks Back Tariff Exemption Reports, Signals Tougher Trade Stance

    On Sunday, U.S. President Donald Trump made it clear that no nation would be excluded from the recent tariffs put in place under his trade policy. This was in direct contrast to earlier indications that some electronic items might be exempt. Trump’s statement came just a couple of days after U.S. Customs and Border Protection issued word that certain consumer electronics could indeed be tariff-free. That led to a lot of head-scratching among industry participants, to say nothing of the markets.

    Trump intensified a strong posture toward trade deficits with his recent Truth Social post. In it, he swore that not one person would get away with what he considers to be trade balance cheating. He told Americans not to worry, because the new trade arrangements were going to hit China and everyone else so hard that they would be face-planted with no way to get up.

    Electronics Face Tariff Shuffle, Not Exemption

    Although Friday’s Customs guidance suggested that some sought-after electronics might escape the upcoming tariffs, Trump insisted that wasn’t the case. Trump said that the authorities are merely changing the classification of certain items to different tariff categories to ensure they stay included, even though Customs had previously said they might be exempt.

    “Nobody is getting “off the hook” for the unfair trade balances, and non monetary tariff barriers, that other countries have used against us, especially not China which, by far, treats us the worst! There was no tariff “exception” announced on Friday. These products are subject to the existing 20% fentanyl tariffs, and they are just moving to a different tariff bucket,” Trump said.

    This interpretation was backed up by White House adviser Stephen Miller, who said that goods were still be subject to tariffs, under the terms set forth in the initial declaration that covers imports from countries like China, Canada, and Mexico.

    National Security Investigations to Expand Scope

    Trump’s Sunday remarks also set up a larger context: an upcoming probe into the whole electronics supply chain, characterized as a national security issue. He asserted that America has become perilously dependent on foreign factories, especially from the sorts of countries he branded as ‘hostile trading partners.’

    Expected to be central to the forthcoming probes are semiconductors and critical technological infrastructure. The suggestion is to revive domestic manufacturing and, in the process, eliminate dependencies that could leave the US open to external economic shocks or geopolitical tension.

    Connecting his tariff strategy to his larger economic vision, Trump declared the country to be in a “Golden Age” of sorts. He cited the recent tax and regulatory relief passed by Congress as a stimulus to a returning economy. Central to his 2025 campaign message are these planks: job creation; a push for domestic production; and ‘fair’ trade, especially with countries like China.

  • For INR 108 Cr, Zolo Sells Student Accommodation Business

    The co-living space company Zolo, based in Bengaluru, plans to sell its student housing division to Good Host Spaces Management Services, based in Mumbai, for INR 107.8 Cr (about $12.5 Mn) in a slump sale. According to regulatory papers, the startup’s plan to sell its student housing vertical to Good Host Spaces was approved by the Zolo board on February 10. 90% of the price (INR 97.02 Cr) is to be paid in cash, with the remaining 10% (INR 10.78 Cr) to be paid in optional convertible dentures (OCDs). The transaction will involve a combination of cash and debentures. In a statement, the corporation said that the transaction will allow Zolostays to concentrate on running its operations and looking for expansion prospects. The lump sum payment will fortify the company’s balance sheet and enhance its liquidity position. The company will be able to increase overall efficiency and streamline its operations thanks to the purchase.

    Continuous Exit at the Top Level Hampered the Performance of Zolo

    One of the founders, Akhil Sikri, left his operational position at the co-living startup in March 2023 to focus on a new business endeavour. At the moment, he serves as the chief technology officer for software service company Apsona. Isha Choudhry, who oversaw operations and human resources, had previously resigned in 2020. However, Nimesh Grover and Stanley D’britto founded Good Host Spaces in 2017 to provide the nation’s third-party on-campus student housing services. According to the company, it operates over 20,000 beds at universities including Manipal University, OP Jindal Global University, T A Pai Management, and Shoolini University, and it is present in roughly five locations.

    India’s Hospitality Industry at the Centre Stage

    With the approaching vacation season and the growing number of tourists, the development occurs at a time when the hospitality sector has been drawing investments and acquisitions. French hotel juggernaut Accor and aviation powerhouse IndiGo’s parent company, InterGlobe Aviation, announced earlier this week that they would be investing together in Treebo Hotels. Before that, the massive hospitality company OYO, founded by Ritesh Agarwal, had planned to invest $10 million (INR 86.6 crore) in G6 Hospitality, which it had recently acquired in February. G6 Hospitality is the US-based operator of the Motel 6 and Studio 6 brands. According to Tofler data, Zolo’s operating revenue increased by 122.5% to INR 94.65 Cr in the fiscal year that ended in 2023, from INR 42.54 Cr in the previous year. The company’s net loss for FY23 increased by 2% to INR 67.96 Cr, compared to INR 66.59 Cr the year before, despite its impressive topline performance.