Top 5 tech and startup stories of the day

Shiprocket has taken a significant first step towards its public market listing. This and more in today's ETtech Top 5.

Also in the letter:
■ TCS bags big deal
■ Maharashtra’s new cab policy
■ Schema, Mythik fundraise
Shiprocket confidentially files DRHP for Rs 2,500 crore IPO
Saahil Goel, CEO, Shiprocket

Temasek-backed Shiprocket said it has confidentially filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).

Tell me more:

• As we first reported, Shiprocket aims to raise Rs 2,000–2,500 crore through its initial public offering (IPO).
• Of this, Rs 1,000–1,100 crore will be via a fresh issue of shares.
• Axis Capital, Kotak Mahindra, JM Financial and Bank of America are acting as book-running lead managers.

Why this route? Filing confidentially allows companies to keep sensitive business information out of the public domain until they are ready to proceed with the listing.

IPO rush: Shiprocket joins Bluestone and Urban Company on the road to listing. Others, including Zetwerk, Shadowfax, Captain Fresh, OfBusiness, Lenskart and Meesho, are also at various stages of preparing for their IPOs.

The caveat: Several new-age companies are re-evaluating their IPO plans amid valuation concerns driven by volatile market conditions.

“If founders aren't happy with how the street is willing to price them, they might delay the IPOs,” according to Kashyap Chanchani, managing director at The Rainmaker Group, a homegrown investment bank.
Key takeaways from Google I/O 2025
Sundar Pichai, CEO, Google

Artificial intelligence (AI) took centre stage at Google I/O 2025, with major upgrades announced across Gemini, search, and smart glasses.

Gemini takes centre stage: Google’s flagship AI app is getting powerful new capabilities:

• Gemini will now be integrated across Google’s key apps, including Chrome, Maps, Gmail and Calendar.
• The new Gemini 2.5 Pro introduces Deep Think, an advanced reasoning mode.
• Google is also developing an Agent Mode, enabling Gemini to perform multi-step tasks on websites.
• Smart replies are becoming more intelligent, drawing on emails and files for personalised responses.
• Users can now upload files directly, with support for Google Drive and Gmail integration coming soon.

Next in interaction:

• Google unveiled Beam, a 3D video conferencing system using a six-camera array to create immersive, life-like meetings.
• It also showcased progress on smart glasses, powered by Android XR, its extended reality operating system.

AI in search: Google Search now features richer AI integration, offering more visual, interactive results, such as AI-generated graphs and virtual try-ons for shopping.

Google also introduced two new generative models: Imagen 4 for text-to-image generation and Veo 3 for video creation.

Also Read: Google’s missed opportunity: Sundar Pichai on the Netflix deal that nearly happened
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TCS bags add-on advance purchase order worth Rs 2,903 crore from BSNL

Tata Consultancy Services (TCS) has received an add-on Advance Purchase Order (APO) worth Rs 2,903 crore from state-run telecom company BSNL.

Deal details: In a regulatory filing, TCS said the order includes planning, engineering, supply, installation, testing, commissioning, and annual maintenance of a 4G mobile network across 18,685 sites.

Tejas Networks, which is majority owned by Tata Sons, will supply the Radio Access Network (RAN) and other equipment for the project, valued at around Rs 525 crore.

A look back: In May 2023, TCS bagged a Rs 15,000 crore mega deal from BSNL to drive its 4G rollout using a fully indigenous stack, avoiding dependence on global vendors such as Ericsson, Nokia, or Huawei.

Accenture to promote 50,000 staff after six-month delay

US-based Accenture will promote 50,000 people, including 15,000 in India, after a six-month delay prompted by a slowdown in IT demand.

Up the ladder: According to Bloomberg, the promotions include 11,000 across Europe, the Middle East and Africa, and 10,000 in the Americas. With a workforce of 800,000 employees, the move covers 6% of the staff.

The decision follows reduced discretionary spending and tighter scrutiny of US government contracts under the Trump administration.

Also Read: Accenture acquires deep tech education firm TalentSprint
Maharashtra notifies cab policy; 10% penalty for driver cancellations

Maharashtra has released its official aggregator policy for ride-hailing platforms such as Ola and Uber, outlining regulations on fares, driver training, electric vehicles (EVs), and cancellation penalties, the Times of India reported.

Driving the news:

• A Government Resolution (GR) issued on Tuesday lays down rules to ensure fair practices and smoother commutes.
• It introduces financial penalties for trip cancellations by drivers and passengers.
• The policy standardised fares by linking them to the Regional Transport Authority rates.
• Discounts are capped at 25%, and surge pricing is limited to 1.5x the base fare..
• Drivers must receive at least 80% of the fare, with a minimum trip distance of 3 km.

Tell me more:

• Driver cancellations: Drivers who cancel after accepting a booking will be fined 10% of the fare or Rs 100, whichever is lower. The amount will be credited to the rider.
• Passenger cancellations: Passengers who cancel without a valid reason will be charged 5% of the fare or Rs 50, whichever is lower. The amount will be credited to the driver.

The policy also promotes a shift towards electric vehicles.

Also Read: Govt body issues notice to Uber for 'advance tip', consumer affairs minister terms practice unethical
Jason Kothari's entertainment startup Mythik raises $15 million

Entertainment startup Mythik, founded by Jason Kothari, has raised $15 million in a funding round led by Sakal Media Group, VC Grid, Shah Rukh Khan's family office, and Visceral Capital.

Company overview: Launched last month, Mythik aims to bring Eastern mythology and history to a global audience. Kothari’s team includes former Disney, Netflix, Amazon Studios, Jio, and Tencent executives.

Aarthi Ramamurthy launches VC firm Schema Ventures with first fund of $20 million

Silicon Valley technologist Aarthi Ramamurthy has launched a venture capital firm, Schema Ventures, which debuts with a $20 million fund. Ramamurthy and her husband, Sriram Krishnan, are widely known as the hosts of ‘The Aarthi and Sriram Show’.

Focus areas: Schema Ventures will invest in early-stage companies across diverse sectors, including industrial software, robotics, and technology for industries such as construction, logistics, and manufacturing. The fund will also target workflow intelligence and developer tools.

Verbatim: Ramamurthy stated that her fund aims to support individuals who create based on their lived experiences rather than "pedigree or proximity."