Top 5 tech and startup stories of the day

Apple is seeking to assemble all iPhones sold in the US in India by next year, the Financial Times reported. This and more in today’s ETtech Top 5.

Also in the letter:
■ ED quizzes Gensol cofounder
■ Amazon's Rs 350 crore infusion
■ Creators’ offline bet
Apple aims to source all US iPhones from India in shift away from China: FT report

Apple plans to assemble all iPhones sold in the United States in India by next year, according to a Financial Times report citing sources familiar with the matter.

What’s happening:

• The shift from China follows US President Donald Trump’s decision to impose 145% “reciprocal tariffs” on Chinese imports.
• Apple has steadily expanded its manufacturing footprint in India through contract partners Foxconn and Tata Electronics.
• In March, Foxconn — Apple’s largest manufacturer in the country — exported smartphones worth $1.31 billion, its highest-ever monthly shipment value.

Tell me more:

• The report added that in response to Trump’s tariff announcement, Apple expedited shipments of India-made iPhones to the US to avoid the increased duties on Chinese products.
• According to the International Data Corporation, the US accounted for roughly 28% of Apple’s 232.1 million global iPhone shipments in 2024.
• India currently faces a 26% tariff, which has been temporarily paused as New Delhi and Washington negotiate a bilateral trade agreement.

Also Read: India first to seal trade pact terms with Trump 2.0 as talks set to begin

Bigger picture:

• Apple’s push into India is part of a broader supply chain diversification strategy that is progressing faster than many investors had anticipated.
• The FT report added that the company aims to manufacture all of the 60 million-plus iPhones it sells annually in the US in India by the end of 2026.

Alphabet Q1 results: Profit surges on AI, cloud business, despite legal challenges

Alphabet, Google's parent company, reported a sharp rise in first-quarter profit on Thursday, fuelled by strong performance in its cloud computing and artificial intelligence (AI) divisions.

Financials:

• Net income: $34.54 billion, up from $23.66 billion a year ago.
• Revenue: $90.23 billion, a 12% year-on-year increase.
• Cloud unit revenue: Rose 28% to $12.3 billion.
• Ad revenue: Grew 8.5% to $66.89 billion, accounting for 75% of its total

After the announcement, Alphabet's shares jumped over 5% in pre-market trade on Friday.

What else: Alphabet also unveiled a $70 billion share buyback and raised its dividend by 5%.

Growing concerns:

• President Trump’s trade tariffs are creating economic uncertainty, impacting Google and other Big Tech firm.
• Google faces intensifying competition in AI-driven search, with challengers like OpenAI and Perplexity gaining traction.
• The company remains embroiled in multiple antitrust battles. A ruling in August 2024 deemed its search monopoly illegal, and a recent decision reinforced its dominance in online advertising technology. This was reiterated by a US judge on April 19.

ED searches premises linked to Gensol, quizzes Puneet Jaggi
(L-R), Anmol Singh Jaggi and Puneet Singh Jaggi, cofounders, Gensol Engineering

The Enforcement Directorate (ED) on Thursday conducted searches at premises linked to Gensol Engineering and questioned its cofounder, Puneet Singh Jaggi, in connection with alleged violations of foreign exchange regulations, sources told ET.

Driving the news:

• The case under the Foreign Exchange Management Act (Fema) stems from findings in an interim order issued by the Securities and Exchange Board of India (Sebi), sources said.
• Earlier this month, Sebi barred Gensol Engineering promoters Anmol and Puneet Jaggi from accessing capital markets over allegations of fund diversion and document falsification and ordered a forensic audit.

More details: According to sources, authorities traced Puneet to a hotel in Delhi, and brought him to the ED’s office for questioning. His brother Anmol is reportedly in Dubai.

Read ETtech’s in-depth coverage of the Gensol-BluSmart crisis:

• BluSmart bond holders may invoke immediate repayment provisions
• BluSmart hires Grant Thornton to conduct audit; company’s losses more than doubled to Rs 470 crore in FY24
• Exclusive: BluSmart crisis likely to draw Sebi heat on unlisted bond market
• Eversource may tap Gensol lenders to buy BluSmart EVs
• Crisis-hit BluSmart’s 500 staffers await clarity on their salary dues
• BluSmart crisis: Green mobility’s red flag is giving HNIs bond blues
• How the Jaggi brothers misled investors and lenders while being cleantech poster boys
• BluSmart cab services stay suspended in Delhi-NCR, Bengaluru, Mumbai as cofounder under Sebi lens
• Gensol promoters quit board; BluSmart begins shutting ops
• BluSmart's ride into the sunset: Timeline of events at the cab-hailing EV firm

Amazon infuses Rs 350 crore into India payments business amid growing competition

Ecommerce giant Amazon has infused Rs 350 crore into its fintech arm, Amazon Pay India, as it continues to lag behind dominant players like PhonePe, Google Pay, Paytm, and Navi.

Investment details:

• Amazon Pay India has issued 3.5 crore equity shares to its parent firms—Amazon Corporate Holdings Private Limited and Amazon.com—via a rights issue.
• This latest funding round follows earlier capital infusions of Rs 300 crore in November 2024 and Rs 600 crore in June 2024.

Market position: According to the latest figures from the National Payments Corporation of India (NPCI), PhonePe and Google Pay currently command 85% of the Unified Payments Interface ( UPI) market.

In contrast, Amazon Pay holds just 0.6% of the market and has slipped to eighth place in transaction volumes as of March 2025, down from sixth a year earlier.

Strategic partnerships: To widen its service offerings, Amazon Pay has teamed up with platforms such as BookMyShow, MakeMyTrip, RedBus, IRCTC, and Kuvera, expanding into movie and travel bookings and wealth management.
Creators step it up for a real connect

Indian content creators are moving beyond brand partnerships, exploring direct, experiential formats such as exclusive meetups and immersive programmes to gain greater control and diversify their income.

What’s happening:

• From book-reading retreats in scenic Kasauli to invite-only podcasting getaways and pole fitness workshops in Vietnam, creators are turning to real-world experiences as monetisation tools.
• The aim is to convert passive followers into active participants while tapping into new revenue streams.

Future outlook:

• The shift away from brand dependency is fueling innovative models focused on unique, follower-centric experiences. New platforms like Supersquad have emerged to support this evolution, helping creators launch tailored events for their communities.
• "We enable creators to build their community experience brand crafted around their personality and niche," Akash Kadyan, founder of Supersquad, said.