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E-commerce Startup Rokt Valued at $3.5 Billion Following $335 Million Secondary Offering

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E-commerce technology firm Rokt has reached a valuation of $3.5 billion after securing $335 million in a secondary share offering. The offering was backed by prominent investors, including Tiger Global Management, Square Peg, Australia’s Barrenjoey, and SecondQuarter, with some of Rokt’s board members also participating in the deal.

Founded in 2012 in Australia, Rokt leverages artificial intelligence and machine learning to enhance the e-commerce experience by analyzing online shoppers’ behaviors and interactions with products. The company’s valuation had previously been $2.4 billion at the close of 2022, marking significant growth over the past year.

CEO and co-founder Bruce Buchanan expressed pride in the company’s progress, citing a remarkable 43% year-over-year revenue growth, which reached $600 million. Rokt has expanded globally, operating in approximately 15 markets across North America, Europe, and the Asia-Pacific region. Its clientele includes major companies like Uber, Macy’s, Live Nation, and AMC Theatres.

In a separate development, Rokt also announced a merger with customer data platform mParticle in a $300 million deal, further enhancing its growth trajectory.

TSMC Reports Record Quarterly Profit, Expects Strong Growth in Early 2025

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Taiwan Semiconductor Manufacturing Co (TSMC) has posted a record-breaking quarterly profit, reporting a 57% increase in net income to T$374.68 billion ($11.4 billion) for the quarter ending Dec. 31. This surge in profit aligns with the company’s bullish outlook for the future, as revenue jumped by 39% compared to the same period last year. TSMC has forecasted continued strong performance, with a revenue growth estimate of about 37% for the first quarter of 2025, projecting earnings between $25-25.8 billion. For the full year, TSMC expects revenue growth to be between 20% and 30%, driven largely by the demand for chips used in artificial intelligence (AI) processing.

While TSMC’s business is thriving, it faces challenges stemming from U.S. government restrictions on AI chip exports to China. The Biden administration recently announced further curbs on these exports, which could affect demand from clients. However, TSMC’s CEO, C.C. Wei, expressed confidence that the company could manage these restrictions, stating that they are currently applying for special permits for affected clients and anticipating approval. He also emphasized the company’s strong communication with both the current and incoming U.S. administrations.

TSMC’s growth is also supported by its ambitious expansion plans, including new fabs in the United States, Japan, Germany, and Taiwan. For 2025, TSMC has set its capital spending target between $38 billion and $42 billion, marking a potential 41% increase. The AI-driven boom has significantly boosted TSMC’s stock price, which surged 81% in 2024, outperforming the broader market’s 28.5% growth.

 

Tech Mahindra Focuses on Expanding BFSI Segment to Close Gap with Larger Rivals

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Tech Mahindra, India’s fifth-largest software services exporter, is intensifying its efforts in the banking, financial services, and insurance (BFSI) sector to bridge the revenue gap with its larger competitors. CEO Mohit Joshi, who took charge in December 2023 after two decades at Infosys, aims to increase the contribution of BFSI to Tech Mahindra’s total revenue from 16% to 25% by March 2027.

Focus on BFSI Expansion

Joshi acknowledges that while the company has historically relied on telecom clients for revenue, the BFSI sector represents a more lucrative and growing opportunity. India’s $254 billion IT sector sees some peers generate as much as a third of their revenue from BFSI, and Joshi intends to ensure Tech Mahindra captures a larger share of this market. “We still have a lot of room to catch up,” he noted.

Targeting Core Banking and Insurance Services

Tech Mahindra will focus on key segments within BFSI, including core banking, payments, asset and wealth management, custodian services, and insurance. These areas are among the largest technology spenders, with large banks spending over $10 billion annually on tech services, making it a crucial area of growth for Tech Mahindra. Joshi’s leadership has already strengthened the company’s BFSI division to tap into these opportunities.

Role of Generative AI in BFSI

Joshi views generative artificial intelligence (GenAI) as an enabler rather than a threat to the tech services sector. He believes that AI will increase the demand for technology services, especially in sectors like BFSI, rather than diminishing the need for developers. “GenAI is the best spokesperson for why we need more money to be spent on technology,” Joshi said, adding that the demand for developers will continue to grow due to the increased complexity of tasks.

Human Element in Customer Service

While some fear AI could replace human roles in customer service, Joshi remains skeptical about a widespread shift to AI-driven contact centers. He emphasized that for critical issues, customers will still prefer human interaction over AI solutions.