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X’s Indian subsidiary sees 90% plunge in FY24 revenue, profit as ad business falters

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Twitter Communications India Private Limited, the Indian subsidiary of Elon Musk-owned X (formerly Twitter), has seen a significant drop of about 90% in both its topline and bottomline for the financial year ended March 2024, largely attributed to a decline in its ads business.

The company reported a net profit of Rs 3.2 crore for the fiscal year 2023-24—a steep fall from Rs 30.5 crore earned in the previous year, as stated in its financial filing with the Registrar of Companies (RoC).

The social media platform recorded operating revenue of Rs 21.2 crore in FY24, a sharp decline from Rs 207.7 crore in the previous fiscal year.

The company primarily provides support services to Twitter group companies, including marketing, business planning, and assistance with research and development projects to grow the internet user community and attract advertisers in India.

The company’s reportable business segments are marketing support, research and development, and user support services. 

In the latest fiscal year, revenue from marketing support fell to Rs 4.1 crore, down from Rs 87.4 crore generated in the previous year. Research and development revenue decreased to Rs 16.3 crore, compared with Rs 113.2 crore the year before. Revenue from user support services also declined to Rs 0.7 crore, from Rs 7 crore previously.

Meanwhile, its expenses decreased by 88.9% to Rs 18.8 crore in FY24, compared with Rs 168.3 crore in FY23, according to its recent standalone financial statements.

The Indian entity offers services to Twitter International Unlimited Company in Ireland and Twitter Asia Pacific Pte Ltd in Singapore. Twitter India’s net worth increased to Rs 61 crore in FY24, up from Rs 57.9 crore in the previous fiscal year.

Last year, X laid off several employees from its ad sales department, which had around 800 employees at one point. The company also closed two offices in Mumbai and Delhi as part of Musk’s restructuring of the social media platform.

In March of this year, Twitter’s former leadership team, including ex-CEO Parag Agrawal and Chief Legal Officer Vijaya Gadde, filed a lawsuit against Musk, claiming that he dismissed them without cause and owes them severance payments totalling $128 million.

The billionaire entrepreneur closed his $44 billion acquisition of the social media firm in October 2022 following a long-drawn-out deal that took several months to close.





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Flipkart selects five startups for third cohort of Flipkart Leap Innovation Network

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Flipkart has selected five innovative startups for the third cohort of its flagship startup accelerator programme, Flipkart Leap Innovation Network (FLIN).

The cohort is introducing startups that are driving advancements across GenAI, omnichannel, analytics, and video commerce, the company said in a statement.

The selected startups— Intelligence Node, Invenzo Labs, StoryBrain, Phyllo, and D-ID— are set to run pilot programs with Flipkart to develop solutions.

“The selected startups get access to mentorship, resources, and the opportunity to execute pilot projects within the Flipkart ecosystem, scaling their solutions to meet the demands of India’s digital economy and e-commerce growth,” the company said.

Since its launch in 2022, the accelerator programme aims to accelerate the growth of the startup ecosystem in India, driving collaboration, and championing cutting-edge retail innovations. 

“Through the FLIN programme, Flipkart continues to expand its role as a catalyst for innovation within India’s startup ecosystem, providing a collaborative platform for startups to test, refine, and deploy solutions that can shape the future of e-commerce in India,” said Naren Ravula, Vice President and Head – Product Strategy and Flipkart Labs.

The programme is designed to engage with startups through commercial partnerships in Flipkart’s areas of interest. Successful startups get the opportunity to scale up to a business partnership.

Over 20 startups from the initial two cohorts have concluded pilots working closely with the Flipkart Product and Engineering teams.

The company added that four startups from the previous cohort— Anagog, Speedsize, Sangti, and Vtion— have recently concluded successful pilot projects with Flipkart.





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Thesys secures $4M funding led by Together Fund

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AI startup Thesys bags $4 million funding in a round led by Together Fund. The round also saw participation from 8VC, the company said in a statement.

The startup will use the funding to bridge the gap of user experience with AI agents. As a visual collaboration tool, the company will also provide a platform that will enable businesses to ideate, visualise, and ship intelligent experiences at scale.

“The way we engage with technology is changing faster than ever. Static interfaces simply don’t meet the demands of today’s AI-capabilities…At Thesys, we’re building tools that make it possible for businesses to adapt and thrive in this new era,” said Parikshit Deshmukh, Co-founder, Thesys. 

This evolution is about unlocking the full potential of AI-driven interactions and delivering unparalleled user experiences, he added.

“The future of AI relies as much on intuitive, adaptive interfaces as it does on backend capabilities. Thesys’ vision for Generative UI aligns perfectly with Together Fund’s commitment to enabling founders who are redefining the user experience,” said Manav Garg, Co-founder and managing partner of Together Fund.

“By empowering teams to create real-time, personalized interactions, Thesys is setting a new standard for AI-driven interfaces. We’re excited to support their journey in transforming the role of design and development tools for the next generation of AI applications,” he added.

The company, founded by Rabi Shanker Guha and Parikshit Deshmukh this year, emerged from the understanding of the need to provide support in the shift towards AI-driven interfaces, it said.

“Thesys envisions a future where all interfaces dynamically adjust to each user’s behavior, preferences, and needs—driven by what the company calls “Generative UI”. Unlike traditional static interfaces that rely on predefined paths, Generative UI uses AI to create unique, adaptive user interfaces on-the-fly, allowing businesses to provide truly personalized digital experiences,” the company added.

The company plans to launch a UI SDK that is set to enable developers to seamlessly integrate Generative UI into their applications. Additionally, post its closed beta launch, the company plans a general availability (GA) with its product within the next quarter positioning itself as the go-to product toolkit for businesses looking to stay ahead in the AI revolution.

“Thesys is pioneering a transformative shift in UI design workflows by integrating AI-driven adaptability… Their Generative UI approach aligns with our commitment to investing in technologies that drive innovation in user experiences,” said Bhaskar Ghosh, partner at 8VC.





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BrowserStack launches AI-driven Low Code Automation tool

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Software testing platform BrowserStack has rolled out Low Code Automation, a solution to simplify test automation for quality assurance teams, developers, and non-technical users. 

The newly launched solution will address challenges faced by software teams, including manual testing delays and complex automation frameworks, BrowserStack said in a statement. 

While traditional test automation requires coding expertise by often limiting non-technical testers to contribute, this tool allows user—irrespective of their technical background—to create and manage AI-driven automated tests without writing code. Users can also use BrowserStack’s cloud infrastructure for reliable test execution.

“(The AI-powered Low-Code Automation (LCA) simplifies the process of building and maintaining test automation suites compared to traditional tools like Selenium. It reduces the steep learning curve and complexity often associated with automation projects, leading to a quicker return on investment (ROI),” Chintan Doshi, Director of Product Management at BrowserStack, told YourStory

To support development teams worldwide, Low Code Automation speeds up testing cycles, boosts product quality, and enhances user experience by reducing technical barriers. 

“Citizen testers—such as business analysts, product managers, and customer support teams—can easily add validations and create automated tests with the test recorder, without requiring coding skills. This reduces their dependency on developers and QAs and empowers them to actively contribute to testing efforts,” Doshi explained.

Founded in 2011 by Ritesh Arora and Nakul Aggarwal, BrowserStack provides a cloud-based platform for developers to test websites and mobile apps across devices, operating systems, and browsers on demand.

With headquarters in San Francisco and Mumbai, the company has expanded its product line to include over 15 products, of which 10 were launched in the past 18 months.

In August, the Accel-backed firm acquired Berlin-based Bird Eats Bug, an advanced bug-reporting tool. The acquisition aims to address the existing gaps in bug reporting and streamline fragmented testing workflows.





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