The auditor of smartphone maker OnePlus Technology India has flagged issues with its bookkeeping processes. This and more in today’s ETtech Top 5.

Also in the letter:
■ OpenAI and Microsoft’s troubles
■ Phonemakers woo young gamers
■ AI turns recruiter

OnePlus India audit flags glitches, PF payment lags

The statutory auditor of OnePlus Technology India has flagged several concerns with the Chinese smartphone manufacturer, including regulatory action by the Enforcement Directorate (ED) and the Income Tax Department.

Driving the news: Key issues raised in the audit include:

Shah & Jain Chartered Accountants serve as the statutory auditor, while Grant Thornton Bharat is the internal auditor.

The other side: In a regulatory filing, OnePlus said it is in the process of upgrading its IT systems. It added that it has initiated payments for the outstanding provident fund dues for FY2023–24 and has deposited an amount against disputed corporate income tax claims.

OnePlus remains under the ED scrutiny for alleged financial irregularities under the Foreign Exchange Management Act (FEMA).

Rival watch: Other Chinese smartphone firms, including Oppo India and Realme India, are facing similar scrutiny. Their auditors have raised red flags over gaps in bookkeeping, internal processes, and incomplete records.

Chinese firms have come under sustained pressure in India over the past four to five years, as authorities continue to allege violations involving customs duties, tax evasion, and money laundering.

Razorpay invests $30 million into consumer payments startup Pop

Consumer payments platform Pop has secured $30 million in funding from fintech major Razorpay, as it looks to tackle rising customer acquisition costs for merchants and boost rewards for users.

Deal details:

Launched in June last year, Pop has already crossed one million monthly active users and facilitates over six lakh daily UPI transactions. In partnership with Yes Bank, it has also issued more than 40,000 RuPay credit cards.

Why it matters: Razorpay is doubling down on loyalty and commerce tools after acquiring PoshVine earlier. The Pop investment sharpens its pitch to D2C brands looking beyond basic payments.

What they’re saying: “In today’s crowded D2C space, brands need more than just payment solutions — they need tools to build trust, drive repeat purchases, and create real loyalty,” said cofounder and CEO Harshil Mathur.

(L-R) Indrajyoti Bhattacharjee, Ravi Ranjan Chaudhary (above), Arun Tiwari, Rahul Nischal, cofounders, Saswat Finance

Fintech startup Saswat Finance raises $2.6 million: Rural India-focused fintech startup Saswat Finance has raised $2.6 million in a funding round led by early-stage investor Ankur Capital, with participation from existing backer Incubate Fund Asia.

The Mumbai-based startup will use the capital to expand its technology stack, launch new financial products, and scale operations across Maharashtra, Karnataka, and Uttar Pradesh. The funding will also support investments in data and analytics to sharpen its offerings.

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OpenAI executives have discussed accusing Microsoft of anticompetitive behaviour: Report

Sam Altman, CEO, OpenAI and Satya Nadella, CEO, Microsoft

OpenAI executives have considered accusing key backer Microsoft of anticompetitive conduct in their partnership, the Wall Street Journal reported on Monday, citing sources familiar with the matter.

Driving the news:

Also Read: Microsoft and OpenAI: From allies to rivals in the AI race

Yes, but:

OpenAI wins $200 million US defence contract: In a separate development, OpenAI has won a $200 million contract to provide artificial intelligence (AI) tools to the US Department of Defence, the Pentagon confirmed on Monday.

Details: The project will be executed in and around Washington and is scheduled for completion by July 2026, according to the Pentagon.

Game on: Phonemakers tap eSports to woo young Indians

Smartphone manufacturers are turning to India’s booming eSports sector to boost visibility and drive sales amid a slowdown in the wider market.

Current state:

Expert take: Companies such as OnePlus, Realme, iQOO, and Infinix are actively sponsoring top-tier mobile gaming tournaments. They are also partnering with prominent eSports squads as part of a core marketing play, recognising the growing influence of mobile gaming on young Indian consumers, industry experts said.

Tell me more: Smartphone shipments in India fell by 5.5% year-on-year in the March quarter, with 32 million units shipped, according to IDC. In response, both smartphone brands and telecom operators are doubling down on eSports sponsorships, ensuring their devices are featured prominently during gameplay and tournaments.

(AI)gorithm turns recruiter

Artificial intelligence (AI) is no longer just a tool for boosting employee productivity – it’s now central to how recruiters identify the right talent. With IT firms hiring tens of thousands each year, AI handles 70–80% of the initial screening process.

Talent shopping:

Expert take: Neeti Sharma, CEO of Teamlease Digital, said that recruiters are saving up to 23 hours a week thanks to AI-driven efficiencies.

Also Read: Indian recruiters pivot to ‘quality hiring’ as AI tools take hold