Singapore’s sovereign wealth fund GIC has approached the Competition Commission of India (CCI) for approval to acquire a stake in Groww. This and more in today’s ETtech Top 5.
Also in the letter:
■ Infy’s Q4 bonus disappoints
■ Adobe CEO on AI vs jobs
■ OpenAI rolls out new models
GIC seeks CCI nod for Groww stake ahead of IPO
Lalit Keshre, cofounder, Groww
Singapore’s sovereign wealth fund GIC has sought the Competition Commission of India’s (CCI) nod to acquire a 2.14% stake in wealthtech startup Groww through its affiliate Viggo Investment.
Why it matters: The move is part of Groww’s $200 million pre-IPO funding at a 6.5 billion valuation, as reported by ET on March 26. This will nearly double its 2021 private market valuation, we reported earlier.
The big picture: Groww, now India’s largest stockbroker by active clients, recently shifted its domicile to India and is gearing up to file its IPO papers soon.
Also Read: Groww gets CCI approval for bonus shares, founders relinquish extra voting rights
Trump to Apple: ‘Don’t expand production in India’
US President Donald Trump has urged Apple CEO Tim Cook to halt the company’s manufacturing in India.
Don’t ‘Make in India’: Speaking to business leaders in Qatar during his four-day Gulf tour, Trump told Cook to shift Apple’s focus back to the US. “I said I don’t want you building in India. India can take care of themselves, they are doing very well,” he said.
Following their conversation, Trump claimed Apple will increase its production within the US.
Apple’s India appetite: This could mark a setback for Apple, which has increasingly considered India a key manufacturing base after the US began targeting production hubs like China and Vietnam. While India also faced tariffs, it was relatively less affected than its Asian peers.
Trump’s reign: While Trump’s intervention could disrupt Apple’s global strategy, it remains unclear whether CEO Tim Cook will comply. Big Tech, which faced increased scrutiny under the Biden administration—particularly around emerging technologies like AI—is anticipating a more business-friendly environment under Trump.
Cook was among tech leaders, including Meta CEO Mark Zuckerberg, OpenAI’s Sam Altman, and SoftBank’s Masayoshi Son, who aimed to build ties with Trump ahead of his January inauguration.
Apple's assurance: As per a PTI report, Apple executives have reassured Indian government officials that the company’s investment plans remain unchanged and that India will continue to be a key manufacturing hub for Apple.
Infosys releases Q4 bonus, employees call payout tepid
Infosys on Thursday issued performance bonus letters to eligible employees for the January-March quarter (Q4FY2024-25). Several employees told ET that the payouts were significantly lower than in previous quarters.
What’s the matter:
Tell me more:
Current situation: Rival firm TCS announced during its post-earnings press conference last month that it would delay salary hikes, citing global economic uncertainty and tariff-related concerns.
People who use AI will replace those who don't: Adobe CEO Shantanu Narayen
Shantanu Narayen, CEO, Adobe
“People who use AI will replace those who don’t, just as those who embraced automation or computers replaced those who didn’t,” Adobe CEO Shantanu Narayen told ET.
On US tariffs: “I remain a big believer in both the Indian and American economies. As long as they do well, it’s good for both countries. The relentless move towards free trade, whatever ‘free’ may mean between countries, is inevitable.”
AI’s impact on creative industry: “People who use AI will replace those who don’t. To stand out, individuals will need to develop new skills that differentiate their craft. What sets this moment apart is the unprecedented speed and accessibility of these technologies.”
On India’s creative economy: “India now recognises that the creative economy extends beyond publishing or video – it underpins commerce and education….Everyone has a story to tell, and AI will empower them to tell it through different mediums. That's the real power.”
Read the full interview here.
Also Read: India’s creative economy to lead next growth wave, says Adobe CEO at Waves Summit
OpenAI rolls out GPT-4.1 and GPT-4.1 mini
Sam Altman, CEO, OpenAI
OpenAI has launched two new models, GPT-4.1 and GPT-4.1 mini, available on ChatGPT, designed to help users with their everyday coding and productivity tasks.
About the models: The AI firm, led by Sam Altman, said GPT-4.1 outperforms GPT-4.0 in tasks such as coding and instruction-following.
Safety considerations: In April, OpenAI initially released these models via its API for developers. However, some AI researchers criticised the company for its lack of transparency and the absence of a safety report.
In response, OpenAI clarified that GPT-4.1 is not a frontier model and does not represent its most advanced systems. Therefore, it did not require the same level of safety documentation.
Also Read: OpenAI leads surge in business AI adoption, Ramp AI Index reveals
Also in the letter:
■ Infy’s Q4 bonus disappoints
■ Adobe CEO on AI vs jobs
■ OpenAI rolls out new models
GIC seeks CCI nod for Groww stake ahead of IPO
Lalit Keshre, cofounder, GrowwSingapore’s sovereign wealth fund GIC has sought the Competition Commission of India’s (CCI) nod to acquire a 2.14% stake in wealthtech startup Groww through its affiliate Viggo Investment.
Why it matters: The move is part of Groww’s $200 million pre-IPO funding at a 6.5 billion valuation, as reported by ET on March 26. This will nearly double its 2021 private market valuation, we reported earlier.
The big picture: Groww, now India’s largest stockbroker by active clients, recently shifted its domicile to India and is gearing up to file its IPO papers soon.
Also Read: Groww gets CCI approval for bonus shares, founders relinquish extra voting rights
Trump to Apple: ‘Don’t expand production in India’
US President Donald Trump has urged Apple CEO Tim Cook to halt the company’s manufacturing in India.
Don’t ‘Make in India’: Speaking to business leaders in Qatar during his four-day Gulf tour, Trump told Cook to shift Apple’s focus back to the US. “I said I don’t want you building in India. India can take care of themselves, they are doing very well,” he said.
Following their conversation, Trump claimed Apple will increase its production within the US.
Apple’s India appetite: This could mark a setback for Apple, which has increasingly considered India a key manufacturing base after the US began targeting production hubs like China and Vietnam. While India also faced tariffs, it was relatively less affected than its Asian peers.
- Apple had been planning to manufacture the bulk of iPhones to be sold in the US – its biggest market – in India.
- ET reported that 97.6% of Apple’s iPhone exports to the US came from India in March.
- Apple has been ramping up production in India with partners Foxconn and Tata Electronics.
- Foxconn alone shipped smartphones worth $1.31 billion in March, its highest-ever monthly figure.
- Several suppliers making components for iPads, Apple Watch, and AirPods are also expanding their India operations.
Trump’s reign: While Trump’s intervention could disrupt Apple’s global strategy, it remains unclear whether CEO Tim Cook will comply. Big Tech, which faced increased scrutiny under the Biden administration—particularly around emerging technologies like AI—is anticipating a more business-friendly environment under Trump.
Cook was among tech leaders, including Meta CEO Mark Zuckerberg, OpenAI’s Sam Altman, and SoftBank’s Masayoshi Son, who aimed to build ties with Trump ahead of his January inauguration.
Apple's assurance: As per a PTI report, Apple executives have reassured Indian government officials that the company’s investment plans remain unchanged and that India will continue to be a key manufacturing hub for Apple.
Infosys releases Q4 bonus, employees call payout tepid
Infosys on Thursday issued performance bonus letters to eligible employees for the January-March quarter (Q4FY2024-25). Several employees told ET that the payouts were significantly lower than in previous quarters.
What’s the matter:
- Most eligible employees received just 50% of their quarterly target bonus, while some were awarded 70%. Sources told ET that a few top performers received higher payouts.
- In a brief internal note, the company communicated that bonuses will be disbursed with the May salary.
- ET reported on Tuesday that Q4 bonuses were expected to be lower, citing internal sources.
Tell me more:
- Last month, Infosys reported an 11.7% year-on-year decline in net profit for the March quarter, posting Rs 7,033 crore. It also issued a muted revenue growth forecast for 2025-26.
- In February, the Bengaluru-based IT giant announced salary hikes of 5% to 8% for most employees.
- In contrast, eligible employees in delivery and sales roles received an average bonus payout of 80% in the December quarter.
Current situation: Rival firm TCS announced during its post-earnings press conference last month that it would delay salary hikes, citing global economic uncertainty and tariff-related concerns.
People who use AI will replace those who don't: Adobe CEO Shantanu Narayen
“People who use AI will replace those who don’t, just as those who embraced automation or computers replaced those who didn’t,” Adobe CEO Shantanu Narayen told ET.
On US tariffs: “I remain a big believer in both the Indian and American economies. As long as they do well, it’s good for both countries. The relentless move towards free trade, whatever ‘free’ may mean between countries, is inevitable.”
AI’s impact on creative industry: “People who use AI will replace those who don’t. To stand out, individuals will need to develop new skills that differentiate their craft. What sets this moment apart is the unprecedented speed and accessibility of these technologies.”
On India’s creative economy: “India now recognises that the creative economy extends beyond publishing or video – it underpins commerce and education….Everyone has a story to tell, and AI will empower them to tell it through different mediums. That's the real power.”
Read the full interview here.
Also Read: India’s creative economy to lead next growth wave, says Adobe CEO at Waves Summit
OpenAI rolls out GPT-4.1 and GPT-4.1 mini
OpenAI has launched two new models, GPT-4.1 and GPT-4.1 mini, available on ChatGPT, designed to help users with their everyday coding and productivity tasks.
About the models: The AI firm, led by Sam Altman, said GPT-4.1 outperforms GPT-4.0 in tasks such as coding and instruction-following.
- With this update, OpenAI is retiring GPT-4.0 mini from ChatGPT for all users.
- GPT-4.1 will be available to ChatGPT Plus, Pro and Team plan subscribers.
- GPT-4.1 mini is being rolled out to both free and paid users.
Safety considerations: In April, OpenAI initially released these models via its API for developers. However, some AI researchers criticised the company for its lack of transparency and the absence of a safety report.
In response, OpenAI clarified that GPT-4.1 is not a frontier model and does not represent its most advanced systems. Therefore, it did not require the same level of safety documentation.
Also Read: OpenAI leads surge in business AI adoption, Ramp AI Index reveals
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