From Mobikwik seeing its losses widen to Apple’s iPhone ambitions in India yielding fruit, YourStory brings today’s headlines with the latest developments across sectors.
Featured stories
Colombo-born SaaS firm WSO2 is building world-class software outside the Silicon Valley
A robust tech ecosystem is developing in Colombo—thriving and competing with the global best. And the seeds of this were sown not now, but 20 years ago, when WSO2 set up shop in the city. The tech firm’s boldest bet was building an enterprise middleware stack, which has now become the backbone for some of the world’s largest corporations.
WSO2’s API management tools and software solutions have found their way into the digital infrastructure of Jio Platforms, Wipro, and Samsung, all after it chose to plant its roots in the island nation.
Speaking at WSO2Con 2025, the company’s annual conference in Colombo, CEO Sanjeeva Weerawarana talks about how he built a software firm in the island nation that has crossed $100 million in revenue and shares lessons from years of building open-source software. Read more.
Ola Electric struggles to maintain 2024 momentum as rivals speed ahead
Ola Electric is struggling to reel in demand for its electric two-wheelers compared to last year, as the EV maker sees sales for its vehicles halve in the first seven months of this year compared to the year-ago period.
According to Vahan data, the Bhavish Aggarwal-led company has managed to sell only 1,31,785 units year-to-date, compared to 2,70,347 units in the year-ago period. Meanwhile, rivals, including newly-listed Ather Energy and legacy players Bajaj Auto and TVS Motor Company, have seen their sales increase 1.5X, 1.9X, and 1.5X, respectively, compared to the prior year period.
Ola Electric’s sales have halved in the first seven months of this year compared to the previous year. Meanwhile, its peers Ather Energy, Bajaj Auto, and TVS Motor have stepped in to capture a larger share of the market. Read more.
Latest news
Mobikwik Q1 loss widens sixfold, revenue falls 21% YoY
Mobikwik’s losses widened steeply for the quarter ended June 30, 2025 (Q1 FY26), even as revenue declined and expenses moderated. The fintech company reported a net loss of Rs 41.92 crore in Q1 FY26, compared to a loss of Rs 6.61 crore in the same period last year—a more than sixfold increase, as per consolidated financial statements.
Revenue from operations fell 20.7% year-on-year to Rs 271.36 crore from Rs 342.26 crore a year ago. Total income declined 18.6% to Rs 281.61 crore from Rs 345.82 crore in Q1 FY25. Read more.
iPhone sales in India hit quarterly high, fuelling Apple’s record quarter
Apple recorded double-digit growth in iPhone sales in India, setting a new revenue record for June in the country. The surge contributed to the tech giant’s strongest global quarterly performance in 14 quarters, driven primarily by surging iPhone demand.
Although Apple’s sales in India span multiple channels, the company has made no secret of its growing focus on retail in the country. In April 2023, Apple opened its first two flagship stores in Delhi and Mumbai, marking a major milestone in its India strategy. It plans to expand further with four stores in Pune, Bengaluru, Delhi-NCR, and Mumbai.
“In retail, we continue to find opportunities in emerging markets to connect with even more customers… We couldn’t be more excited to open new stores in the UAE and India later this year,” Apple CEO Tim Cook said during the earnings call. Read more.
Other news
TVS Electronics expands into enterprise AIDC market
TVS Electronics has entered the enterprise-grade Automatic Identification and Data Capture (AIDC) segment with a comprehensive portfolio of hardware and solutions, expanding beyond its traditional retail offerings.
The company’s AIDC range includes handheld mobile computers, high-definition and rugged barcode scanners, industrial-grade label printers, rugged tablets, and mobile printers. The new suite targets industries, including manufacturing, logistics, retail, healthcare, and ecommerce.
TVSE’s Tumakuru facility will support production of AIDC hardware, helping reduce lead times and costs. The company has also partnered with ISVs and system integrators to ensure complete solution deployment—from consultation to support.
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Hexaware appoints Shantanu Baruah as global head of healthcare, life sciences, and insurance
Hexaware Technologies appointed Shantanu Baruah as President and Global Head of Healthcare, Life Sciences, and Insurance (H&I).
Baruah brings over 25 years of experience in the healthcare and life sciences industry. He previously served as the executive vice president at HCLTech, where he led the healthcare vertical and expanded business in the Americas. In his new role, he will be based in New Jersey and will oversee global strategy, growth, and client initiatives across the vertical.
Stellaris-backed Kombai launches AI coding agent for front-end developers
Kombai, a domain-specific AI agent for front-end development, launched an AI coding agent for front-end developers with backing from Stellaris Venture Partners and Foundation Capital.
Kombai operates on a freemium model with weekly free token allocations. The company plans to onboard over 100,000 developers globally over the next year. The tool is designed to outperform generic coding agents in front-end tasks and is aimed at becoming the go-to assistant for front-end developers globally.
Its AI agent integrates directly into popular IDEs such as VS Code, Cursor, and Windsurf, and supports tasks ranging from UI creation to code refactoring and Figma-to-code conversions. It currently supports React, with plans to expand to other frameworks, including Vue, Svelte, Laravel, and React Native.
Mphasis partners with Flagstar Bank for infrastructure expansion
IT solutions provider Mphasis has partnered with Flagstar Bank through the setup and launch of a new data centre, marking a key milestone in the US bank’s 18-month digital transformation programme.
The partnership aims to enhance Flagstar’s operational resilience, security, and scalability, with Mphasis bringing its domain expertise in financial services technology and hybrid cloud infrastructure to support the initiative.
Flagstar’s new data centre is designed to modernise its legacy infrastructure, strengthen risk management, and enable cost efficiencies while delivering more agile and responsive services.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
