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Happy Wednesday! Infosys is set to discuss CEO Salil Parekh's tenure and a succession roadmap as it reports Q4 results. This and more in today's ETtech Morning Dispatch.
Also in the letter:
■ AI firms plan a CoE
■ HCLTech, Persistent Systems' Q4
■ ETtech Done Deals
Infosys set to discuss CEO transition for post-Salil Parekh era
Salil Parekh, CEO, Infosys
The board of IT services major Infosys is expected to weigh leadership changes, with CEO Salil Parekh unlikely to get a third full term, sources told us. The company's board is scheduled to meet on Thursday to approve its Q4 FY26 numbers.
What's coming: Parekh's current five-year term ends in March 2027, and he is likely to receive a two-year extension, sources said. The extension is expected to be used to execute a structured succession plan.
“I don't think there can be more than a two-year extension. The extension will be used to run and manage a succession plan,” a source said. “Parekh's term was very stable, and the company wants to avoid the kind of management upheaval that came with previous CEO changes.”
Stability in focus: A smooth transition is critical as Infosys navigates AI-led disruption that has already pressured valuations, with stocks correcting sharply from their peaks.
The company is keen to avoid a repeat of 2014, when founder NR Narayana Murthy's return triggered senior exits amid uncertainty over leadership.
Parekh was named Infosys CEO in December 2017 following an executive search that lasted nearly two months.
Also Read: 'No opportunity gap in AI, only execution risk': Infosys chairman Nandan Nilekani
Competition doesn't limit growth in India: Groww's Lalit Keshre on building a full-stack wealth platform
Lalit Keshre, CEO, Groww
In under a decade, Lalit Keshre has taken Groww from an upstart to a listed heavyweight. Since its November debut, the company's market capitalisation has risen from Rs 79,000 crore to Rs 1.2 lakh crore.
The jury of the Economic Times Awards for Corporate Excellence named Keshre Entrepreneur of the Year , crediting him with overtaking legacy bank-backed brokerages and profitable fintech incumbents.
What's next: Keshre is already looking ahead. “Over the next five years, we will continue building our wealth management platform. We will keep identifying gaps in financial services and launch products that go very deep, striving to create ten times better user experience,” he told us.
New businesses: Groww is a frontrunner to acquire Prudential India's asset management business. “It takes time to build and compounds over decades. But it's also a very strong business from a financial standpoint. We believe we have a right to win in certain areas. Some of our funds are already performing well,” Keshre said.
Also Read: Groww steps up wealth play via MF and portfolio management solutions
Looking inside: Despite a crowded market, Keshre says startups should focus less on rivals and more on opportunity. Market participation in India has risen sharply over the past decade, but remains low by global standards.
For the financial year ended March 31, 2026, Groww's user base expanded by 25%, while operating revenue rose 20%. Net profit stood at Rs 2,083 crore.
The Economic Times Awards for Corporate Excellence 2025 will be presented on Saturday, April 25, in Mumbai.
Also Read: Groww doubles down on wealth management, lending to diversify revenue base: CEO Lalit Keshre
Art of AI war: Sarvam to boost defence prowess
Pratyush Kumar and Vivek Raghavan, cofounders, Sarvam AI
Sarvam and other homegrown artificial intelligence labs are in advanced talks with the Ministry of Defence to set up a Rs 300 crore Centre of Excellence (CoE) for indigenous AI capabilities in defence, sources said.
Driving the news: The move is part of a broader push to reduce dependence on foreign AI models and strengthen technological sovereignty in sensitive military applications.
The proposed centre would build AI systems trained on India-specific terrain, climate and operational conditions. These could support surveillance, reconnaissance and decision-making, with multiple intelligence units likely to operate under the CoE.
Why this matters: AI is becoming central to modern warfare—from battlefield intelligence to command systems.
“Nation states with the lead in AI technology will accelerate its use for geopolitical advantage,” said lieutenant general Deependra Singh Hooda, former Northern Army commander. “Export of technology is no longer just economic leverage, but a geopolitical one.”
Also Read: Glade Brook in talks to join Sarvam's funding; AI startup may hit $1.5 billion valuation
Other Top Stories By Our Reporters
C Vijayakumar, CEO, HCLTech
HCLTech's Q4: IT major HCL Technologies on Tuesday reported a 4.2% growth in its consolidated net profit for the March-ended quarter. The company's board also declared an interim dividend of Rs 24 per equity share for FY27 and has set the record date on April 25, 2026.
Persistent Systems sees Q4 net profit rise: Mid-tier IT services company Persistent Systems reported a 33.7% year-on-year increase in its net profit to Rs 529.2 crore for the quarter to March, surpassing analyst estimates. Sequentially, it grew 20.4%.
Rainmatter invests Rs 20 crore in Prime Investor: This is the first institutional funding for the Chennai-based firm. Founded in 2019 by FundsIndia cofounder Srikanth Meenakshi, along with erstwhile FundsIndia executives Vidya Bala and Bhavana Acharya, the company has been bootstrapped throughout.
South Korea's Krafton, Mirae Asset launch new fund: South Korean companies Krafton, Naver Corporation and Mirae Asset on Tuesday announced the launch of the Unicorn Growth Fund, a Rs 6,000-crore vehicle aimed at investing in high-growth Indian startups.
Dhan parent acquires Stratzy: Raise Financial, the parent of online stock trading platform Dhan, has acquired algo-based investing and trading startup Stratzy in a cash-and-stock deal. The deal, according to sources, is valued at $5–6 million.
Global Picks We Are Reading
■ War memes are turning conflict into content ( Wired)
■ Apple's next chief John Ternus faces defining AI moment ( FT)
■ Why AI alone cannot fix social problems ( Rest of World)
Also in the letter:
■ AI firms plan a CoE
■ HCLTech, Persistent Systems' Q4
■ ETtech Done Deals
Infosys set to discuss CEO transition for post-Salil Parekh era
The board of IT services major Infosys is expected to weigh leadership changes, with CEO Salil Parekh unlikely to get a third full term, sources told us. The company's board is scheduled to meet on Thursday to approve its Q4 FY26 numbers.
What's coming: Parekh's current five-year term ends in March 2027, and he is likely to receive a two-year extension, sources said. The extension is expected to be used to execute a structured succession plan.
“I don't think there can be more than a two-year extension. The extension will be used to run and manage a succession plan,” a source said. “Parekh's term was very stable, and the company wants to avoid the kind of management upheaval that came with previous CEO changes.”
Stability in focus: A smooth transition is critical as Infosys navigates AI-led disruption that has already pressured valuations, with stocks correcting sharply from their peaks.
The company is keen to avoid a repeat of 2014, when founder NR Narayana Murthy's return triggered senior exits amid uncertainty over leadership.
Parekh was named Infosys CEO in December 2017 following an executive search that lasted nearly two months.
Also Read: 'No opportunity gap in AI, only execution risk': Infosys chairman Nandan Nilekani
Competition doesn't limit growth in India: Groww's Lalit Keshre on building a full-stack wealth platform
In under a decade, Lalit Keshre has taken Groww from an upstart to a listed heavyweight. Since its November debut, the company's market capitalisation has risen from Rs 79,000 crore to Rs 1.2 lakh crore.
The jury of the Economic Times Awards for Corporate Excellence named Keshre Entrepreneur of the Year , crediting him with overtaking legacy bank-backed brokerages and profitable fintech incumbents.
What's next: Keshre is already looking ahead. “Over the next five years, we will continue building our wealth management platform. We will keep identifying gaps in financial services and launch products that go very deep, striving to create ten times better user experience,” he told us.
New businesses: Groww is a frontrunner to acquire Prudential India's asset management business. “It takes time to build and compounds over decades. But it's also a very strong business from a financial standpoint. We believe we have a right to win in certain areas. Some of our funds are already performing well,” Keshre said.
Also Read: Groww steps up wealth play via MF and portfolio management solutions
Looking inside: Despite a crowded market, Keshre says startups should focus less on rivals and more on opportunity. Market participation in India has risen sharply over the past decade, but remains low by global standards.
For the financial year ended March 31, 2026, Groww's user base expanded by 25%, while operating revenue rose 20%. Net profit stood at Rs 2,083 crore.
The Economic Times Awards for Corporate Excellence 2025 will be presented on Saturday, April 25, in Mumbai.
Also Read: Groww doubles down on wealth management, lending to diversify revenue base: CEO Lalit Keshre
Art of AI war: Sarvam to boost defence prowess
Sarvam and other homegrown artificial intelligence labs are in advanced talks with the Ministry of Defence to set up a Rs 300 crore Centre of Excellence (CoE) for indigenous AI capabilities in defence, sources said.
Driving the news: The move is part of a broader push to reduce dependence on foreign AI models and strengthen technological sovereignty in sensitive military applications.
The proposed centre would build AI systems trained on India-specific terrain, climate and operational conditions. These could support surveillance, reconnaissance and decision-making, with multiple intelligence units likely to operate under the CoE.
Why this matters: AI is becoming central to modern warfare—from battlefield intelligence to command systems.
“Nation states with the lead in AI technology will accelerate its use for geopolitical advantage,” said lieutenant general Deependra Singh Hooda, former Northern Army commander. “Export of technology is no longer just economic leverage, but a geopolitical one.”
Also Read: Glade Brook in talks to join Sarvam's funding; AI startup may hit $1.5 billion valuation
Other Top Stories By Our Reporters
HCLTech's Q4: IT major HCL Technologies on Tuesday reported a 4.2% growth in its consolidated net profit for the March-ended quarter. The company's board also declared an interim dividend of Rs 24 per equity share for FY27 and has set the record date on April 25, 2026.
Persistent Systems sees Q4 net profit rise: Mid-tier IT services company Persistent Systems reported a 33.7% year-on-year increase in its net profit to Rs 529.2 crore for the quarter to March, surpassing analyst estimates. Sequentially, it grew 20.4%.
Rainmatter invests Rs 20 crore in Prime Investor: This is the first institutional funding for the Chennai-based firm. Founded in 2019 by FundsIndia cofounder Srikanth Meenakshi, along with erstwhile FundsIndia executives Vidya Bala and Bhavana Acharya, the company has been bootstrapped throughout.
South Korea's Krafton, Mirae Asset launch new fund: South Korean companies Krafton, Naver Corporation and Mirae Asset on Tuesday announced the launch of the Unicorn Growth Fund, a Rs 6,000-crore vehicle aimed at investing in high-growth Indian startups.
Dhan parent acquires Stratzy: Raise Financial, the parent of online stock trading platform Dhan, has acquired algo-based investing and trading startup Stratzy in a cash-and-stock deal. The deal, according to sources, is valued at $5–6 million.
■ War memes are turning conflict into content ( Wired)
■ Apple's next chief John Ternus faces defining AI moment ( FT)
■ Why AI alone cannot fix social problems ( Rest of World)
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