TCS Q4 beats expectations; UP girl makes Y Combinator history

TCS reported strong Q4 results, driven by robust performance in North America and a weak rupee. This and more in today's ETtech Top 5.

Also in the letter:
■ Bay Capital's new India fund
■ Why Ola Electric shares are rallying
■ Equinix's $95 million Mumbai bet

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K Krithivasan, CEO, TCS

Tata Consultancy Services (TCS) kicked off the earnings season with a strong fourth quarter, beating revenue estimates on the back of a resilient North America business.

Number-wise:

• Net profit: Up 12% year-on-year (YoY) at Rs 13,718 crore
• Revenue: Up 10% at Rs 70,698 crore
• Dividend: Rs 31 per share
• Operating margin: 25.3%
• Total contract value (TCV): $12 billion

Also Read: TCS rides AI demand; mega deals power Q4 results

The AI way: Management commentary centred on how TCS is positioning itself for an AI-first world amid macro uncertainty.

COO Aarthi Subramanian said FY26 was a pivotal year for the company's AI journey. “In Q4, our annualised AI revenues surpassed $2.3 billion, driven by the accelerated deployment of AI solutions,” she said.

The fiscal: TCS closed FY26 with revenue of Rs 2.67 lakh crore, up 5% YoY, and an FY26 deal TCV of $40.7 billion, one of its highest ever, including five mega deals.

Also Read: TCS Q4 FY26: Attrition rises to 13.7%; 2,356 employees added during the quarter Varun Alagh and Ghazal Alagh, founders, Honasa Consumer

Honasa Consumer, the parent of Mamaearth, flagged a steady March quarter in an exchange filing but said reported growth will appear softer due to a change in how revenue is booked in its Flipkart settlement process.

What happened: Flipkart has stopped issuing a separate logistics and fulfilment invoice. Those costs are now netted off directly from revenue. That pulls down the reported topline, even though the underlying business economics stay the same, Honasa explained.

What to expect:

• Reported revenue growth is likely to come in the early twenties.
• Adjusted growth is likely to be in the high twenties.
• Mamaearth is projected to grow in the teens.
• Newer brands such as The Derma Co, Aqualogica and Dr Sheth’s are expected to grow faster in the mid-twenties.

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Harshita Arora, general partner, Y Combinator

Harshita Arora, a 25-year-old entrepreneur from Saharanpur, Uttar Pradesh, has become the youngest general partner at storied startup accelerator Y Combinator.

Arora joined YC as a visiting partner in the summer of 2025, mentoring early-stage founders, before being elevated to general partner.

Her early journey: Arora dropped out after eighth grade, tried homeschooling, and then chose an unconventional route into tech. She interned at Salesforce in Bengaluru at 16, attended a short entrepreneurship programme at MIT, and later built a crypto portfolio-tracking app that found users in the US and Canada.

Building AtoB: She moved to San Francisco on an O-1 visa and cofounded AtoB in 2019 with YC backing. The company offers fleet cards, instant payouts and financial tools for trucking businesses, serves more than 30,000 fleets, and is valued at $700 million.

At YC: As a general partner, Arora will work directly with founders across stages. YC is best known for backing companies such as Airbnb, Stripe and Dropbox.

Also Read: Y Combinator brings Startup School to India; here is what it means for your startup

Clockwise from right - Devendra Chaplot, Aditya Gupta and Aman Madaan

Meanwhile, Elon Musk has moved three Indian-origin engineers into key engineering leadership roles at xAI.

• Devendra Chaplot, who joined xAI just last month, will now lead pre-training.
• Aman Madaan will run the model factory and tooling.
• Aditya Gupta will lead post-training and reinforcement learning.

Also Read: Musk’s xAI sees exit of last cofounder Ross Nordeen: Report

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Bay Capital Digital managing partners Sandeep Barasia and Tej Kapoor

India-focused investor Bay Capital is rolling out a new Digital Opportunities Fund to bet on public and private digital businesses in India.

Driving the news: The fund has named former Delhivery chief business officer Sandeep Barasia and ICICI Venture’s Tej Kapoor as cofounders and managing partners.

• The Category II AIF will back high-quality, high-growth companies and plans 10 to 15 bets.
• Bay Capital said it will invest selectively across both private and public markets.
• It already backs Lenskart, Ixigo, CarTrade Tech and PolicyBazaar.

Also Read: Anthropic appoints Amlan Mohanty to lead India policy, external affairs

Team and strategy: Barasia brings more than nine years of operating experience at Delhivery, where he served until 2024 and helped steer the logistics firm to a public listing. Kapoor adds deal-making depth, ecosystem access and strong founder relationships from stints at funds including Naspers and Fosun.

Also Read: Stripe appoints Manish Maheshwari as India head of revenue and growth

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Bhavish Aggarwal, CEO, Ola Electric

Ola Electric shares surged nearly 20% on Thursday despite a soft broader market, and are now up 22% over two sessions after the company unveiled its own Lithium Iron Phosphate (LFP) battery cell.

What's happening?

• The stock climbed above Rs 36 each, adding more than Rs 2,850 crore to Ola Electric’s market value, which now stands at around Rs 16,000 crore.
• Founder Bhavish Aggarwal said on X that the new LFP battery is ready and will appear in products next quarter. He expects it to cut costs, push EV adoption, and support the company’s Gigafactory plans.

Also Read: Ola Electric reallocates IPO proceeds again, diverts Rs 575 crore from R&D to debt, growth

A strong March:

• Daily orders surpassed 1,000 units in the last week of March.
• Monthly registrations jumped to 10,117 in March from 3,973 in February —a 150% increase.
• Ola Electric credited service upgrades, including same-day repairs for more than 80% of vehicles, faster diagnostics, better parts availability, and tighter controls, with driving the performance boost.

Shares of Ola Electric closed at Rs 36.3, up 19.9% on the BSE.


Also Read: Ola Electric sees sales rebound in March but trails peers; lifetime sales cross 1 million mark

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(L-R) Manoj Paul, managing director, Equinix India and Cyrus Adaggra, president for Asia-Pacific at Equinix

US-based data centre firm Equinix has invested $95 million in its fourth Mumbai facility, MB3, bringing its total India investment to $365 million as demand for digital infrastructure climbs.

Driving the news:

• Equinix plans to further expand capacity in Mumbai and is in talks to acquire additional land.
• “It will be entirely demand-driven,” said Cyrus Adaggra, president of APAC at Equinix, adding that India remains one of its most important markets globally.

Geopolitical impact: Adaggra said instability in West Asia is forcing customers to rethink data localisation, redundancy, and infrastructure risks.

Companies are spreading workloads across regions, and Asia-Pacific, especially India, is emerging as a stable and attractive hub for digital infrastructure investment.