Category Archives: Business

Ahead of Union Budget 2026, KoinX Report Highlights Growing Disconnect Between Crypto Trading Outcomes and Tax Liabilities

As India prepares for the Union Budget 2026, the domestic crypto industry is seeking a more outcome-aligned tax framework, including rationalisation of the capital gains tax rate, allowance for loss offsets, and a re-evaluation of the tax deducted at source (TDS) mechanism.

These recommendations are strongly supported by India’s Crypto Tax Story 2025, the annual report released by KoinX, a crypto taxation and portfolio-tracking platform. Based on anonymised data from nearly seven lakh Indian users with crypto transactions in FY 2024–25, the report offers a data-led assessment of how current tax rules translate into real investor outcomes.

The report finds that while the current 1% TDS has strengthened transaction-level reporting and compliance, it has also led to significant capital lock-in due to upfront deductions. Since TDS is applied to every transaction irrespective of gains or losses, it functions more as a volume-based compliance mechanism rather than a profit-linked tax, resulting in widespread refund dependency.

Commenting on the findings, Punit Agarwal, Founder & CEO, KoinX, said:

“TDS primarily serves as a reporting mechanism to enhance compliance and transaction visibility, not as a financial burden—excess amounts are refunded at the time of ITR filing, making it budget-neutral in the long run. We strongly advocate reducing the rate to 0.1% across the industry to unlock capital tied up in upfront deductions, particularly for high-frequency traders who drive the bulk of volumes yet face refunds in over 30% of cases. A uniform reduction would ease liquidity pressure, discourage migration to offshore platforms, and retain reporting effectiveness without weakening oversight.”

Key TDS Findings (FY 2024–25)

• Over 30% of TDS deducted exceeded users’ final tax liability

• Nearly half of TDS-paying users ended the year with net capital losses

• Less than 5% of traders accounted for 87% of total TDS collections

This skew highlights that while high-activity traders contribute a disproportionate share of TDS, thin trading margins mean both active and retail participants face liquidity constraints—albeit at different scales.

Capital Gains: Profits and Losses Tell a Different Story

On capital gains, the report flags a sharper misalignment between trading outcomes and tax liability. Investor results for FY 2024–25 were almost evenly split:

• 50.91% of users reported net capital gains

• 49.09% of users reported net capital losses

Despite this balance, taxable capital gains were significantly inflated due to the non-allowance of loss offsets. As a result, investors who ended the year with overall losses were still liable to pay tax on isolated profitable transactions.

“Nearly half of investors reported net losses, yet paid tax on individual gains because loss offsets are blocked. Across asset classes, the principle is simple—no net gain means no capital gains tax. Excluding crypto from this logic distorts incentives, undermines fairness, and risks pushing legitimate activity offshore,” Agarwal added.

Budget 2026 Implications

Through India’s Crypto Tax Story 2025, KoinX aims to provide policymakers and stakeholders with empirical inputs to evaluate capital gains rationalisation, loss-offset provisions, and the design of compliance mechanisms.

Ahead of the Union Budget 2026, the findings underscore the need to balance revenue considerations with capital efficiency, tax neutrality, and administrative simplicity—especially as retail participation in digital assets continues to expand.

Ramco Systems Delivers Stable Q3 FY26 Results

Chennai, INDIA, Jan 30:  Ramco Systems, a global enterprise software company offering next-generation SaaS-enabled platform and products, today announced the results for the third quarter of the financial year 2025-26.

For the quarter ended December 31, 2025 (Q3: 2025-26), the global consolidated income of Ramco Systems Limited stood at USD 20.35m (Rs. 180.02cr). The EBITDA for the quarter stood at USD 5.24m (Rs. 46.43cr) at 26%. With the recent changes in the Labour Code, after considering a one-time exceptional item of USD 2.43m (Rs. 21.5cr), the net profit after tax for the quarter stood at USD 0.36m (Rs. 3.26cr).

Results at a Glance:

Financial Highlights:

• Quarterly Order Bookings stood at USD 10.62m
• Recurring revenue remained stable at USD 11.29m
• With the Unexecuted Order Book at USD 149.74m, Ramco maintains a stable base for future execution and revenue realization
• Maintained a cash balance of USD 11.77m as of December 31, 2025

Business Highlights:

• Added marquee customers and deepened partnerships with existing clients:
  • A leading global IT services and consulting company selected Ramco to standardize payroll across multiple Middle Eastern markets, creating an AI-ready payroll foundation for insight-driven decisions.
  • A global real estate investment and fund management firm adopted Ramco Payce to scale and govern payroll for its Australian workforce
  • A multinational healthcare services and solutions provider chose Ramco to unify payroll across India and the Philippines
  • A US-headquartered defense contractor providing helicopter MRO services selected Ramco Aviation Software to provide end-to-end lifecycle coverage across its operations
  • An aviation charter services provider from Australia chose Ramco Aviation Software to modernize its operations
  • A world leading provider of jet and turboprop engines expanded its relationship with Ramco by choosing Ramco Payce for its payroll function across Southeast Asia, India, and the Middle East
  • A leading integrated media company in Asia selected Ramco Payce to unify and modernize its payroll ecosystem
• A global logistics company went live with Ramco Logistics Solution, transforming its fleet management operations across Australia, Indonesia and the Philippines
• Ramco Payce is certified as a Workday Global Payroll Connect (GPC) partner. This integration of Ramco’s multi-country payroll with Workday’s Human Capital Management (HCM) delivers seamless, accurate and scalable solutions for global enterprises.
• Recognized at the HR Vendors of the Year 2025 Awards, winning Best Payroll Software and Best Payroll Outsourcing Partner across Malaysia and Singapore

Abinav Raja, Managing Director, Ramco Systems, said, “As we progress through our modernization journey, we are expanding our technology teams with next‑generation talent. This focus would further enable us to accelerate product shipment, enhance quality, and deepen our AI and agentic capabilities. These steps are positioning us to deliver greater value to customers as we scale.”

Sandesh Bilagi, President & COO, Ramco Systems, said, “We have maintained steady revenue performance and sustained net profitability for yet another quarter. Project delivery remained on track, with our teams ensuring consistent go‑lives across engagements. Customer engagement quality has improved significantly, translating into stronger relationships and greater value delivery. With this operational rhythm firmly in place, our focus will now be on accelerating order closures in the coming quarters.”

TRG Group Launches OneMart at TRG The Mall, Redefining Smart Shopping in Greater Noida West

Greater Noida West, Jan 30: TRG Group, a leading name in commercial real estate, has announced the launch of OneMart, its first modern retail destination, at TRG The Mall in Greater Noida West. Conceptualized as a modern, convenient, and customer-centric shopping destination, OneMart aims to deliver a seamless and value-driven shopping experience under one roof for families, working professionals, and the rapidly growing local community.

Spanning over 20,000 sq. ft., OneMart offers an extensive assortment of more than 10,000 SKUs across 8–12 core categories, catering to every household need. The product range includes food and groceries, fresh fruits and vegetables, beverages, packaged foods, personal care products, household essentials, kitchen and utility items, cleaning products, as well as seasonal and festive goods. The store also features a wide selection of private-label products, ensuring quality offerings at competitive prices.

Designed to enhance customer convenience, OneMart integrates contemporary retail services such as home delivery, loyalty programs, fast express checkout, and specially curated value packs. The store layout emphasizes effortless navigation with broad aisles, clearly labeled sections, effective product zoning, modern lighting, and dedicated “Value Deals” zones—reinforcing the concept of true one-stop shopping.

Commenting on the launch, Mr. Pawan Sharma, Managing Director, TRG Group, said:

“The launch of OneMart at TRG The Mall marks a significant milestone in organized retail for Greater Noida West. Our vision is to create a retail destination where convenience, quality, and affordability come together. OneMart is designed to make shopping easy, enjoyable, and rewarding, and we are confident it will set new benchmarks in smart retailing through its enhanced in-store experience and customer-focused approach.”

Strategically located within a 600-acre high-rise township catchment area, TRG The Mall serves a rapidly expanding population of over 5 lakh residents and establishments. As an anchor store, OneMart is expected to drive strong daily footfall, strengthen the mall’s tenant mix, and positively impact surrounding retail activity—positioning TRG The Mall as a prominent lifestyle and entertainment hub in the region.

OneMart further elevates the shopping experience through digital billing, app-based shopping assistance, digital price tags, and real-time inventory updates. By combining affordability, quality, and advanced retail technology, OneMart is set to redefine the standards of smart shopping in Greater Noida West.

HDFC ERGO successfully conducts 3rd edition of State Insurance Quiz Junior Grand Finale in Tamil Nadu and Puducherry

Chennai, January 30: HDFC ERGO General Insurance Company, India’s leading private sector general insurer, successfully conducted the grand finale of the third edition of the State Insurance Quiz Junior– Tamil Nadu & Puducherry Chapter 2026.

After a series of exciting preliminary and semi-final rounds, the grand finale witnessed a spirited contest among eight top-performing teams. Team Srinuprasad and Ajesh from GHSS Kalkulam, Kanniyakumari, emerged as the champions of the quiz competition. Sibidharshan and Nikil from GHSS Palapatti, Namakkal, secured the first runner-up position, while Monisha and Anushya from GHS Vanavareddy, Kallakurichi, finished as the second runners-up. The winning team was awarded a cash prize of ₹1.5 lakh, while the first and second runners-up received ₹90,000 and ₹60,000 respectively. The remaining five teams were each awarded a cash prize of ₹30,000.

This year’s quiz witnessed an overwhelming response, attracting over 1,070 teams from Tamil-medium Government schools across 42 districts, a significant rise from the 530+ teams that participated in the second edition of the state level quiz last year.

Speaking about the initiative, Parthanil Ghosh, Executive Director, HDFC ERGO General Insurance, said, “Building financial confidence at a young age lays the foundation for a resilient future. As the lead insurer for Tamil Nadu and Puducherry, we remain deeply committed to strengthening insurance awareness at the grassroots and increasing the adoption of insurance products. What began as a modest initiative—State Insurance Quiz Junior–Tamil Nadu & Puducherry Chapter—with participation from just over 100 schools has grown to more than 1,070 teams in three years, reflecting the rising curiosity and understanding of insurance among students across the states. The success of the 2026 edition reaffirms the impact of this initiative and strengthens our resolve to continue nurturing financially aware and empowered young citizens.”

Since 2016, HDFC ERGO has been organising Insurance Quiz Junior on a national level to spread insurance awareness among next generation, engaging over 25 lakh students across Bharat. Building on this legacy, the company introduced the first-ever Insurance Quiz Senior for undergraduate students in 2025, drawing participation from 1,100+ students across 140+ cities.

As part of its broader insurance awareness efforts in the region, HDFC ERGO also concluded the 3rd edition of ‘Kapitu Varaam’ (Insurance Week) in collaboration with 29 non-life insurers. The initiative aimed to enhance public understanding of motor, health, home, shopkeeper and MSME insurance through multiple outreach activities, including pamphlet distribution, newspaper inserts and awareness drives across high-footfall locations, collectively facilitating ~ 17 lakh interactions.

Col Saurabh Sanyal Takes Charge as Secretary General of ASSOCHAM

New Delhi, Jan 29: Col Saurabh Sanyal (Retd.) has assumed charge as the Secretary General of ASSOCHAM, India’s oldest Apex National Chamber of Commerce and Industry, representing over 4.5 lakh direct and indirect members across industry, trade, and services.

With over four decades of experience spanning government, the corporate sector, and industry chambers, Col Sanyal brings extensive expertise in policy engagement, institution-building, and stakeholder collaboration.

“It is an honour to lead an institution of ASSOCHAM’s legacy and national relevance,” said Col Sanyal. “ASSOCHAM will continue to serve as a constructive and trusted partner of the Government of India, focusing on impactful policy advocacy, strengthening member capabilities, and contributing to India’s socio-economic development.”

Col Sanyal has previously served as ASSOCHAM’s Deputy Secretary General during 2019–2020, bringing with him a deep understanding of the Chamber’s operations and strategic priorities.

Welcoming the appointment, ASSOCHAM President Mr Nirmal Kumar Minda said,

“Col Sanyal’s leadership and wide-ranging experience will significantly enhance the Chamber’s engagement with policymakers and improve value delivery to members. His appointment aligns with ASSOCHAM’s focus on the five pillars of Make in India, MSME, Ease of Doing Business, Digital Economy, and Sustainability & Environment.”

Wondrlab Network Appoints Ishaan Balvani as Creative Lead – Digital

Mumbai, India, Jan 29: Wondrlab Network, India’s platform-first marketing network, today announced the appointment of Ishaan Balvani as Creative Lead – Digital. In his new role, Ishaan will spearhead digital-first creative thinking across the network, strengthening Wondrlab’s focus on culture-led full-funnel storytelling, brand relevance, and integrated digital solutions.

Ishaan will report to Hemant Shringy, Chief Creative Officer and Managing Partner, Wondrlab Network.

Before joining Wondrlab, Ishaan was with FCB Kinnect, where he served as Group Creative Director. During his tenure, he played a key role in building impactful digital narratives, leading integrated campaigns for marquee brands, and mentoring creative teams across platforms. Some of the campaigns and brands Ishaan has worked on include HDFC Bank’s “Vigil Aunty – End of Scam Sale”, which won at Kyoorius, secured a Grand Prix at The One Show, and earned a Cannes Lions award. He has also played a pivotal role in TATA.ev, contributing to the launch of multiple vehicles and campaigns such as “Perfect Roads” for Harrier.ev, along with award-winning work including recognition at Kyoorius and The One Show for the #PerryPowerfulPunch campaign.

His portfolio further includes high-impact campaigns for Flipkart, including SASA LELE and Big Bang Diwali, along with work across marquee brands such as Disney+ Hotstar, Durex, Amul, Amazon, Google, Lodha Group, Aditya Birla Capital, and Standard Chartered, spanning categories from finance and e-commerce to entertainment and FMCG.

In this capacity, Ishaan will collaborate closely with strategy, technology, and media teams to translate insights into impactful digital ideas, ensuring creative output is deeply rooted in culture while delivering measurable business outcomes.

Commenting on the appointment, Hemant Shringy, Chief Creative Officer and Managing Partner, Wondrlab Network, said,

“Ishaan brings a rare combination of creative depth and digital instinct. His ability to think in platforms, culture, and ideas makes him a strong addition to our creative leadership. As brands navigate an increasingly complex digital ecosystem, Ishaan’s leadership will help us deliver sharper, more meaningful work.”

Speaking on joining Wondrlab, Ishaan Balvani, Creative Lead – Digital, Wondrlab Network, said,

“Wondrlab’s integrated and platform-first approach really stood out to me. It’s a network that’s building for where brands and culture are headed, not where they’ve been. I’m excited to collaborate with teams across the network to create digital work that is relevant, impactful, and truly connected to people.”

Archies Partners with Shark Tank–Backed Sudathi to Launch ‘TereSangForever’ Valentine’s Campaign

New Delhi, Jan 29: Archies, India’s iconic gifting brand renowned for helping people express emotions and celebrate relationships, has partnered with Sudathi, one of India’s most affordable saree brands, to launch a special Valentine’s Day cross-collaboration campaign titled “TereSangForever”. Rooted in nostalgia and the warmth of cherished memories, the campaign brings together Archies’ legacy of heartfelt gifting and Sudathi’s elegant ethnic fashion to celebrate renewed love, enduring companionship, and meaningful connections that stand the test of time.

The “TereSangForever” campaign is rooted in emotional storytelling and nostalgia, focusing on relationships that grow stronger over time. Through co-created digital content, curated gifting moments, and interactive giveaways, the collaboration positions the saree as a renewed symbol of love and commitment, paired with Archies’ timeless expressions of affection.

Sudathi will spotlight a thoughtfully curated range of sarees from Banarasi, Kanchipuram, and Paithani silks to cotton, chiffon, and georgette, crafted for celebrations, festive occasions, and everyday elegance. Complementing this, Archies will showcase its signature gifting portfolio, reinforcing how thoughtful gestures continue to play a meaningful role in modern relationships. A key highlight of the collaboration is a co-branded Valentine’s Day giveaway, offering prizes that pair a Sudathi saree with an Archies gift, encouraging deeper engagement and cross-brand discovery. Exclusive discount codes from both brands further enhance consumer participation.

Commenting on the collaboration, Hanisha Gandhi and Varun Moolchandani, Executive Directors, Archies, said,

“At Archies, love and emotions have always been at the core of our brand. With TereSangForever, we wanted to move beyond fleeting celebrations and bring the focus back to relationships that truly last. Partnering with Sudathi allows us to blend thoughtful gifting with timeless ethnic fashion, creating a Valentine’s Day narrative rooted in nostalgia, commitment, and meaningful expression.”

Sharing his thoughts, Viren Lathiya, Co-Founder, Sudathi, said,

 “Sarees have always symbolised grace, emotion, and enduring bonds. Through TereSangForever, we are delighted to collaborate with Archies to reimagine the saree as a renewed expression of love this Valentine’s Day. This partnership beautifully blends tradition with modern relevance, making high-quality sarees more accessible and meaningful for today’s evolving relationships.”

Archies and Sudathi aim to redefine Valentine’s Day celebrations by blending gifting and fashion into a powerful expression of love that truly stands the test of time.

EKA Mobility Signs Strategic MoU With HPCL to Develop Green Mobility Infrastructure at HPCL Retail Outlets

New Delhi, Jan 29: EKA Mobility and Hindustan Petroleum Corporation Limited (HPCL) signed a Memorandum of Understanding (MoU) to collaborate on advancing sustainable mobility solutions and green energy initiatives across the country.

The partnership brings together EKA’s expertise in electric commercial vehicles and HPCL’s extensive nationwide energy and retail infrastructure to jointly develop, pilot, and scale innovative solutions across electric mobility, charging infrastructure, battery swapping, green hydrogen, and sustainable logistics

As part of the collaboration, EKA and HPCL will work towards leveraging HPCL’s extensive fuel retail network to develop charging infrastructure for commercial electric vehicles, including battery swapping stations where required.

HPCL is one of India’s largest state-owned oil and gas corporations, operating over 24,400 Retail Outlets nationwide and running over 5,300 Electric Vehicle Charging Stations under HP e-Charge brand.

The MoU holds strategic significance as India accelerates its transition toward green transportation. HPCL’s existing Retail Outlet footprint provides a strong platform for accelerated EV charging infrastructure deployment and seamless nationwide expansion.

The cooperation with HPCL represents the next step in the collective efforts of Eka Mobility, a leading Indian electric commercial vehicle manufacturer, to build a comprehensive EV ecosystem encompassing manufacturing, charging infrastructure, after-sales services, green hydrogen and sustainable logistics. This is regarded as an important foundation for realizing the goal of widespread electric vehicle adoption and promoting sustainable transportation in the world’s third largest automotive market.

MediBuddy Strengthens Presence with New Indore Office

MediBuddy Expands National Footprint with New Indore Office;  City Emerges as Company’s Second-Largest Hub 

Jan 29: MediBuddy, India’s leading digital healthcare company, has expanded its national footprint with the launch of another new office in Indore, further strengthening its presence across key growth markets beyond metro cities. Located at the Brilliant Summit  building in the Vijaya nagar area & managed by IndiQube, the new office marks an important milestone in MediBuddy’s expansion strategy, underlining its focus on decentralised growth, regional talent development, and operational scale. MediBuddy serves over 30 million users across India for their healthcare needs like Doctor consultations, Lab tests, Medicines, visioncare,  second opinion and concierge services for surgery, home healthcare and many other services.

Indore’s rapid emergence as a technology and talent hub in central India made it a strategic choice for MediBuddy’s next phase of growth. The company began building its presence in the city just eight months ago, and the launch of this office reflects the pace and confidence with which MediBuddy is expanding in the region. Today, the Indore office is home to 400+ employees, expanding teams across technology, operations, and customer experience—enabling delivery of healthcare services across the country for users across the country. 

The IndiQube workspace has been designed to foster collaboration, innovation, and a growth-oriented environment. With this addition, MediBuddy now operates at 10 locations across India, with Indore emerging as its second-largest office after Bengaluru—a testament to the company’s long-term commitment to the city and its talent ecosystem. The Indore office will support the company’s innovation roadmap and strengthen its ability to deliver accessible, and seamless healthcare at scale.

Commenting on the expansion, Satish Kannan, Co-founder and CEO, MediBuddy, said,

“As we continue to scale our healthcare ecosystem, expanding our capability centers in an emerging city like Indore is a key part of our long-term strategy. This office strengthens our operational capabilities while allowing us to tap into a strong talent pool that can contribute meaningfully to our growth journey .”

Adding to this, Enba, Co-founder & CTO, MediBuddy, said,

“Our expansion in Indore reflects MediBuddy’s commitment to building a distributed, future-ready workforce. By investing in regional ecosystems, we are not only creating employment opportunities but also ensuring that innovation and decision-making happen closer to where our users are.”

Over the years, MediBuddy has evolved into one of India’s most widely used digital healthcare platforms, serving millions of users annually. Its end-to-end services—from consultations and diagnostics to medicine delivery and post-care support— are enabled by a nationwide network of 140,000+ doctors, alongside hospitals, diagnostic centres, and pharmacies, delivering coverage across more than 99% of India’s PIN codes.

With this latest expansion, MediBuddy continues to deepen its regional presence, reinforce its operational strength, and reaffirm its commitment to building inclusive, sustainable growth opportunities across India.

Union Budget 2026 can strengthen private credit and finance for sustainable growth