Key Takeaways
May 2, 2026 · 2 min read · By Rishabh Bhardwaj
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AI-assisted, human-reviewed · Our editorial standards
Apple reported strong double-digit growth in India across iPhones, iPads, and Macs, even as the broader Indian smartphone market contracted. CEO Tim Cook singled out India as a source of excitement, signalling that the company sees the country as a durable growth engine rather than a short-term opportunity.
The wider Indian smartphone market is in a downturn, which makes Apple's performance stand out. Most handset makers are seeing volumes shrink as consumers hold off on upgrades. Apple, by contrast, is pulling in first-time buyers, people moving into its ecosystem for the first time rather than switching from one iPhone to another. That dynamic is important: it expands the base of users who may go on to buy services, accessories, and future devices.
Apple has been investing heavily in India, opening its first retail stores in Mumbai and Delhi in 2023 and ramping up local manufacturing through partners like Foxconn and Tata. That local production helps Apple manage import costs and positions it to serve Indian demand more competitively. The aspirational brand image, long a strength in premium markets, appears to be resonating with a wider slice of Indian consumers as disposable incomes rise.
Cook flagged memory chip cost increases as a headwind the company is navigating. Memory chips are a key input in every device Apple makes, and rising input costs typically pressure margins unless Apple can offset them through pricing, volume, or supply chain efficiency. No specific margin figures or price changes were disclosed, but it is a factor investors will track closely in coming quarters.
India's smartphone market is expected to be one of the largest in the world over the next decade, and Apple's early traction among new users gives it a compounding advantage, each new user added today is a potential multi-device, multi-service customer tomorrow. For Apple, strong growth in a down market is the clearest sign yet that its India strategy is working.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.