Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

Top Stories This Week

L-R, N Chandrasekaran, chairman, Tata Sons and Naveen Tahilyani, former CEO, Tata Digital

ETtech Exclusive: Tata Digital CEO Naveen Tahilyani steps down; CFO Hardeep Guru tipped for top job| In a surprise move, Tata Digital CEO and MD Naveen Tahilyani resigned just a year after being handpicked by Tata Sons chairman N Chandrasekaran to lead the group’s digital commerce push. Tahilyani might be succeeded by finance chief Hardeep Singh Guru, as he moves on to became Prudential plc’s regional CEO for India, Africa, the Philippines, Cambodia, Laos, and Myanmar.

Dorminator: Foxconn preps 300-acre base for India's iPhone army| Despite Trump’s warnings, it’s business as usual at Foxconn's 300-acre campus in Karnataka, where the Apple contract manufacturer is constructing employee dormitories, a core element of its operations model.

Also Read: Apple under Donald Trump's tariff radar; president warns of 25% levy if iPhones are built in India

Who is Vaibhav Taneja? The Tesla CFO who out-earned Pichai and Nadella: Vaibhav Taneja, Tesla’s relatively low-profile chief financial officer, is now among the highest-paid executives in the world—taking home $139 million in 2024. In comparison, Satya Nadella earned $79.1 million at Microsoft, while Sundar Pichai took home $10.73 million at Alphabet.

Shiprocket confidentially files DRHP for India listing: 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).

Rapido hits $1.25 billion in gross order value for FY25, but cash burn accelerates: Urban mobility startup Rapido has increased its gross order value (GOV) by 2.5 times (2.5x) to $1.25 billion in FY25, but saw cash burn increasing simultaneously.

Zomato adds ‘long-distance service fee’ for restaurants: The food aggregator has introduced a new “long-distance service fee” that restaurants must pay when food is delivered beyond a certain distance threshold, raising concerns over rising commission costs.

Also Read: Zepto Cafe pauses services across Delhi, Agra, Chandigarh due to supply chain constraints

Indian VC funds leverage AI to evaluate deals, boost workflows: The shift to artificial intelligence (AI) has compressed timelines to a a day or two from a week, even as experts warn that technology cannot entirely replace human touch.

Fintech Updates

Listed fintechs feel the pinch of lenders going slow on unsecured lending: A sharp slowdown in unsecured loan disbursals by banks and non-banking finance companies has weighed on the FY25 performance of listed fintech majors.

PhonePe’s 5% dilemma: Payments still dominate revenue as it gets IPO-ready| Diversification of revenue streams remain a key challenge for the fintech platform as it derives 95% of its revenue from core payments in the run-up to its listing.

Ola Electric gets board nod to raise Rs 1,700 crore debt: In the first fundraise since its IPO last August, Ola Electric will raise funds through non-convertible debentures and other debt instruments in one or more tranches.

Earnings Corner

Varun Alagh and Ghazal Alagh, founders, Honasa Consumer

Honasa Consumer reports net profit decline: The Mamaearth parent posted a 16% decline in bottomline amid a restructuring exercise. The negative impact of the restructuring has tided over and its postive results will be seen in the next fiscal, CEO Varun Alagh told us.

Mobikwik’s net loss widens, revenue growth remains flat: The fintech platform reported consolidated net loss of Rs 55 crore in March quarter, up from Rs 52.3 crore in December, as operating revenue remained mostly unchanged at Rs 265 crore.

Done Deals

Saurav Kumar, founder, Euler motors

Euler Motors raises Rs 638 crore funding: Capital raised in the round led by Hero MotoCorp will be used to scale nationwide sales and service network, and fast-track product development.

Nazara Technologies buys game publisher Curve Games: In its biggest overseas acquisition yet, Nazara Technologies acquired UK-based games publisher Curve Games for Rs 247 crore with an eye on PC and console segments.

Eye on AI

L-R, Jony Ive, iPhone designer, Sam Altman, CEO, OpenAI

Sam Altman's partnership with Jony Ive furthers OpenAI's hardware ambitions: OpenAI is taking a bold step into hardware with its $6.5 billion acquisition of io, the secretive AI startup founded by former Apple design chief Jony Ive.

Sundar Pichai sees platform shift as AI brings tech research to life: AI has “brought decades of research within reach of people, businesses and communities around the globe,” CEO Sundar Pichai said during the Google’s recently concluded developers’ conference.

Also Read: Key takeaways from Google I/O 2025

Microsoft strikes deal with Elon Musk to host Grok AI: Elon Musk, currently embroiled in a legal dispute with Microsoft, made a surprisingly cordial virtual appearance at the tech giant’s annual technology showcase to announce that his AI chatbot Grok will be hosted on Microsoft’s data centres.

Anthropic rolls out Claude 4 family of AI agents: The Google-backed AI platform launched Claude Opus 4 and Claude Sonet 4 with hybrid reasoning amid rising competition among AI coding agents.