The Ministry of Electronics and Information Technology (MeitY) has decided to revoke the ban orders passed on February 6 after reviewing the apps and meeting with industry players. This is a huge relief for digital lenders Kissht, LazyPay, Buddy Loan, Faircent, and CashTM. We appreciate MeitY and the Indian government's decision to revoke Kissht's block order. In response to Moneycontrol's inquiries, Kissht cofounder Ranvir Singh stated, "The Government has shown unrelenting support in ensuring that credible and fully compliant apps such as Kissht continue to work toward greater financial inclusion in the country." "Since 2017, we have served over 8 million Indians, and we anticipate serving many millions more in the years to come." With the intention of doubling our customer base in 2023, Kissht continues to provide hassle-free credit," Singh added.
Freshworks, a software-as-a-service major listed on Nasdaq, reported consolidated revenue from operations of $498 million for the full year 2022, an increase of approximately 34% from the previous year. The company's annual recurring revenue (ARR) for the year 2022 was more than $500 million, primarily due to new business wins. The business reported revenue of $133 million for the fourth quarter that ended in December 2022, which was up nearly 26% from the previous year. “We are seeing that Freshworks' value proposition resonates more than ever in this environment, as businesses are seeking greater value for their IT spend. During the company's February 8 announcement of fourth quarter results, Chief Executive Officer Girish Mathrubootham stated, "In Q4, we added approximately 1,800 new customers to our growing base and ended up with more than 63,400 total customers."
In the third quarter of FY23, India's top four IT companies hired 1,940 net employees, down 93% from the previous quarter. In comparison to the first quarter, when 52,842 new employees were hired, Tata Consultancy Services, Infosys, Wipro, and HCLTech had a net addition rate of 28,836 employees. The IT industry is facing a cautious demand environment, challenging conditions in certain verticals in major markets like North America and Europe, and a slowdown in discretionary spending. As a result, the trend of adding new employees is decreasing. Top IT executives maintained that this is not the case, despite the fact that a trend of hiring that slows down is frequently interpreted as a sign of lessening demand. Wipro reported a reduction of 435 employees, while TCS reported a decrease of 2,197 employees from the prior quarter. The headcount at the end of a quarter for both businesses was lower than the previous quarter for the first time in ten quarters.
We compiled the financial terms that received the most above-average interest on Investopedia throughout the year, reflecting both headlines and market events, as is our annual custom. We have a front-row seat to the topics and terms that generated the most interest in 2022 because our website has over 25.000 articles and more than 13 million monthly readers. The highest term of the year in 2022 can be attributed to Elon Musk. A defense tactic employed by public company directors to prevent activist investors, rivals, or other potential acquirers from acquiring a significant amount of the company's stock and assuming control is known as the poison pill. Musk made an unannounced offer to acquire Twitter on April 14, 2022, for $54.20 per share.