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Explore other editions The festive week that was; H-1B relief for Indian students Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mail Thank you for subscribing to Daily Top 5We'll soon meet in your inbox. The festive season has led to a nationwide increase in demand for quick credit. This and more in today's ETtech Top 5.Also in the letter:■ India Quotient's latest fund■ Centre's attempt to curb deepfakes■ AI talent war loomsFestivals spark surge in quick credit The festive season has lit a fire under India's digital lending market. Spurred by GST cuts and online discounts, demand for quick credit has surged up to 50% compared to last year, fintech industry executives told us. Rising demand: More consumers now qualify for credit, with fintechs both online and offline to tap into this cohort.Fintech products such as buy-now-pay-later (BNPL) and check-out financing are gaining traction.Another digital lending platform saw a major uptick in demand for unsecured loans. Litmus test: The festive burst was seen as a litmus test for the digital lending sector, especially with the Reserve Bank of India (RBI) maintaining a tight leash on unsecured lending. But platforms reported not just higher volumes, but better profiles: a spike in applications from prime borrowers with credit scores north of 700.Also Read: Digital payments show strong uptick buoyed by wider adoption of credit during festive seasonNumber-wise: Spending data backs up the story. Unified Payments Interface (UPI) hit 750 million daily transactions last week, a significant jump from the 670 million daily average over the past month.Also Read: UPI hits record Rs 94,000 crore in daily transactions this OctoberQuick commerce gains festive momentum, ecommerce demand slows in final week As the Diwali rush peaked, quick commerce platforms became the to-go destination for last-minute festive shopping, even as border ecommerce demand lost steam.Data decoded:About 70% of the projected Rs 22,000-25,000 crore in festive-week online sales (ending Bhai Dooj) has already been achieved, as per Datum Intelligence.Several D2C brands said orders on quick commerce surged three- to five-fold during the week, thanks to impulse purchases and urgent gifting needs.Quick commerce firms rolled out dedicated Diwali sections promoting categories like puja essentials, gifting, decor, and party supplies.Here's a look at ET's festive coverage:Brands, sellers gear up for a strong finish to ecomm festive saleQuick commerce platforms go big on Diwali discounts as festive demand peaksQuick commerce reshapes festive shopping with idols, sweets, puja essentialsQuick commerce showering gig workers with festive incentives to make them stayShoppers splurge as GST cuts light up Chennai's retail hubEcommerce platforms are set for bumper salesCarts to fill up fast & how! Ecomm platforms are set for bumper salesEcomm orders shoot up as annual sale events openClash of the carts: Qcomm & ecomm in race to deliver this festive seasonAnalysts expect festive online sales to grow 30% after GST reliefGST 2.0: Ecomm sellers, brands face working capital strainFestive fireworks ahead for ecommerce firms with season sales to rise 27%US opens one more window towards H-1B; IT firms, large tech cos to get reprieve Indian IT firms and tech professionals are breathing easier after US immigration authorities announced a crucial exemption to the steep $100,000 H-1B visa fee, offering relief to students and companies hiring from US universities.Driving the news:On October 20, the United States Citizenship and Immigration Services (USCIS) said H-1B applicants switching from student visas while already in the US would be spared the new fee.The exemption also covers skilled workers on L-1 and H-1B visas, though it does not apply to amendments, status changes, or extensions made after September 21.Major H-1B sponsors, including OpenAI, Amazon, TCS, and Salesforce, are expected to benefit.Background: The Trump administration’s September rule made employers pay $100,000 to sponsor new H-1B applicants. Another proposal on the table would replace the lottery with a wage-based system, which could disadvantage fresh graduates and entry-level talent.Startup woes: The policy uncertainty has already slowed job mobility. Many H-1B holders are hesitant to switch jobs, while startup founders say this has stifled talent flow from big tech firms, adding another wrinkle to the US’s ongoing tech-talent crunch.Also Read: Why Trump’s H-1B visa fee hike is facing a lawsuit: All you need to knowIndia Quotient raises $129 million in Fund 5; expands leadership team Early-stage venture capital firm India Quotient has raised $129 million (about Rs 1,132 crore) for its fifth fund, according to a Wednesday post on the company's social media.Yes, and? India Quotient also promoted Kanika Agarrwal and Sahil Makkar to partners, joining Anand Lunia, Madhukar Sinha, and Gagan Goyal in the firm’s leadership rung.The firm's focus: Founded in 2012 by Lunia and Sinha, India Quotient has built a reputation for spotting breakout consumer and fintech startups that solve India-specific problems early. Portfolio highlights include ShareChat, Sugar Cosmetics, Lendingkart, Kuku FM, and Vyapar.Track record so far: The firm started small – its 2013 debut fund was a mere $6 million, spread across 21 companies. The following three funds (the last of which was launched in 2021) added $195 million in capital, backing around 65 startups across sectors.UnifyApps raises $50 million led by WestBridge Capital; names Ragy Thomas co-CEO (L-R) Pavitar Singh and Ragy Thomas, co-CEOs, UnifyAppsEnterprise SaaS startup UnifyApps has raised $50 million (about Rs 439 crore) in a round led by WestBridge Capital, with participation from Iconiq and others. The New York-based firm is now valued at around $200 million and has raised $81 million to date.Centre moves to regulate deepfakes, AI media; MeitY proposes amendments to IT rules The Centre has proposed new amendments to the IT Rules, 2021, aiming to bring in synthetic content such as deepfakes and AI-generated media under stricter regulation. The draft rules, released by the Ministry of Electronics and Information Technology (MeitY), are now open for public feedback till November 6.What's proposed?A legal definition for “synthetically generated information” has been introduced. It refers to content altered or created using algorithms to mimic real media.Platforms enabling the creation or modification of synthetic media must clearly label such content. Large social media intermediaries (SSMIs) must detect and mark synthetic content using automated tools and user declarations.Failure to comply will be treated as a violation of IT laws.Intermediaries who take down harmful synthetic content will continue to be protected under safe harbour rules. Why it matters? The Centre says AI-driven misinformation, impersonation, and fake content pose risks to privacy and national security. The rules seek to balance innovation with safety, while ensuring transparency and accountability from digital platforms.AI talent war looms as global tech comes talent fishing here The world's leading AI firms — OpenAI, Anthropic, and Perplexity — are setting shop in India, turning the country’s software muscle into a front-line asset in the global race to build intelligent machines.Driving the news: Hiring has quietly begun with early roles in engineering, research, product and sales. Global capability centres and tech startups – now buzzing with AI work – have become prime hunting grounds, recruitment firms told us.“AI talent is primarily engaged across bellwethers in tech services, software products, advisory, and tech startups of Indian IT,” said Kamal Karanth, cofounder of staffing firm Xpheno.Also Read: Tech majors keep count up despite one outlierYes, but: There is a catch. Senior AI talent is thin on the ground. Most professionals have entry- or mid-level exposure, experts told us. “Outside of companies like Nvidia that scoop up the cream from top engineering schools, a lot of firms will have to invest in training and build their own talent bank,” Neeti Sharma, CEO of TeamLease Digital, said.Another recruiter noted that the first wave of hiring will likely hit India's AI recruiting frontline of Bengaluru, Hyderabad, and Delhi NCR.Also Read: Big Tech continues to hire in India even as local majors downsize Explore other editions Want this newsletter delivered to your inbox?I agree to receive newsletters and marketing communications via e-mailThank you for subscribing to Daily Top 5We'll soon meet in your inbox.
