By Team Ys

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$10 billion lost in combined market capitalisation—that’s what Indian IT firms lost in one day in the aftermath of the H-1B visa fee hike.

On Monday, the Nifty IT index, the second-heaviest sector on the benchmarks, tumbled 3%, with nine of its 10 constituents in the red. IT heavyweights Infosys, TCS, Tech Mahindra, and Wipro declined about 2.2%-3.1%, leading the Nifty 50 losers.

In fact, the Indian rupee fell further and closed at 88.3075 against the US dollar. India was the largest beneficiary of H-1B visas last year, accounting for 71% of approved visa holders.

Here’s how Chinese employees—who account for 11.7% of the H-1B visas last year—felt the pinch.

ICYMI: Can the new H-1B visa rules grab the best global talent?

Elsewhere, word on The Wall Street Journal is that US President Donald Trump is expected to approve a deal for TikTok through an executive order, declaring that it satisfies the requirements of law later this week.

According to Bloomberg, Oracle would recreate and provide security for a new US version of TikTok’s algorithm under the deal, likely involving multiple American investors, including Oracle’s Larry Ellison, Fox Corp’s Rupert and Lalchan Murdoch, and Dell Technologies’ Michael Dell.

Who will be TikTok’s new American parent?

In today’s newsletter, we will talk about

H-1B visa fees’ impact on students
PhonePe sees sharp rise in revenue
Making electric vehicles accessible

Here’s your trivia for today: Which failed gaming console shares a name with a planet in our solar system?

H-1B visa fees’ impact on students

For many students, the American dream has become a lot more difficult to achieve with the recent H-1B visa cost hike. While students planning to study abroad have some serious decisions to make, there is no cause for panic, say experts in the field of higher education.

It all boils down to picking the right course and universities with good job links and a strong placement record. If possible, they must opt for STEM degrees, they advise.

Study plan:
The United States has introduced a $100,000 fee—a 50-fold hike—on new H-1B petitions for employers, a move the White House says will apply to new filings and not existing H-1B holders or renewals.
Experts suggest students pick courses in specialised fields with advanced skills such as AI, data science, cybersecurity, electrical and electronics engineering, biotechnology, advanced finance, and analytics.
Such courses not only improve employability but also make students more attractive to large companies to absorb the higher sponsorship cost, according to experts.

Startup: OnFinance AI
Amount: $4.2M
Round: Pre Series A

Startup: All Things People
Amount: Rs 7 Cr
Round: Seed

PhonePe sees sharp rise in revenue

IPO-bound fintech giant PhonePe has reported a sharp rise in revenue for the year ended March 31, 2025 (FY25), even as losses persisted. Revenue from operations climbed 40.5% to Rs 7,114.9 crore in FY25, compared with Rs 5,064.1 crore a year earlier. Including other income, total income rose 33.4% year-on-year to Rs 7,631.4 crore.
Key takeaways:
PhonePe’s net losses narrowed 13.5% to Rs 1,727.4 crore from Rs 1,996.2 crore in FY24.
The results come as the company edges toward a long-awaited listing. Its performance contrasts sharply with that of rival Paytm, which has been grappling with a regulatory clampdown.
With its IPO on the horizon, PhonePe is still spending heavily on technology and customer support, where costs jumped 67.1% in FY25.

Making electric vehicles accessible
EVeez (EVs made easy) is based in Gurugram and currently has operations in 17 cities, including Amritsar and Bengaluru. The startup’s goal is to make electric two-wheelers affordable and easy to access, especially for gig workers who are quick to adopt new technology but often face financial or job-related challenges.

The startup operates on a B2B2C model, serving individual customers and platform partners. Currently, it’s working with 5,000 users and 50 B2B clients, which include Flipkart, Rapido, Uber, Zomato, and Swiggy.

News & updates

Ad game: Netflix and beverage giant AB InBev have inked a global marketing partnership, one that will make its beer brands title sponsors of Netflix programming and live events, while bringing Netflix IP to live activations and packaging around the world.
New CEOs: Oracle named insiders Clay Magouyrk and Mike Sicilia as co-CEOs, replacing Safra Catz, who was named vice chair of the board after 11 years at the helm. In his current role, Sicilia oversees cloud-based industry-specific applications and AI solutions across healthcare, financial services and retail, while Magouyrk manages Oracle’s underlying cloud infrastructure platform that powers these applications.
Typhoon: Thousands have been evacuated in the Philippines as super typhoon, Ragasa, described by regional authorities as potentially “catastrophic”, makes landfall in the country’s northern region. It is expected to barrel west towards southern China. Ragasa, packing 230km/h wind gusts, made landfall over Panuitan Island in the Philippines.

Which failed gaming console shares a name with a planet in our solar system?

Answer: Sega Saturn.

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