Apple Inc. has set new revenue records in India for the September quarter, bolstered by strong iPhone and Mac sales under the leadership of CEO John Ternus. Meanwhile, Indian jewellery brand Giva closed a significant $100 million fundraising led by Multiples Alternate Asset Management, signaling robust growth in the consumer and retail sectors.
- Apple achieves September-quarter revenue records in India and globally.
- Giva raises $100 million to expand retail and manufacturing.
- Mac and Services revenue hit all-time highs despite supply constraints.
What happened
Apple reported record-breaking revenues in India during the September quarter, according to CEO John Ternus in his first earnings call following his appointment. The company saw record sales not only in India but also across both developed and emerging markets worldwide. The success was driven particularly by iPhone sales, which reached a September-quarter high and contributed to Apple’s best fiscal year for upgraders globally.
In addition to hardware, Apple’s Mac and Services business lines also achieved all-time revenue highs in India despite ongoing supply constraints. Mac revenue increased 24% year-over-year, propelled by demand for the MacBook Neo and MacBook Pro models. Overall, Apple posted a 12% year-over-year increase in total revenue reaching $114.5 billion for the quarter ending September.
Why it matters
Apple's record performance in India underscores the country’s growing importance as a key market for global tech giants, illustrating strong consumer demand despite supply chain challenges. A rising middle class and increased smartphone adoption are boosting hardware upgrades and service subscriptions, positioning India as a vital growth engine for Apple.
Meanwhile, Giva’s successful $100 million funding round led by Multiples Alternate Asset Management highlights significant investor confidence in India's domestic consumer brands and the gem and jewellery sector. The funds will enable Giva to scale its retail footprint, manufacturing, and leadership capabilities, reflecting a broader trend of rapid growth and innovation in Indian direct-to-consumer startups.
What to watch next
Apple's ability to sustain supply chain stability and continue expanding Mac and Services revenues in India will be critical to maintaining growth momentum. Monitoring how Apple adapts to local market dynamics and competition will provide insights into its long-term positioning in South Asia.
For Giva, upcoming developments include the pace and geographic reach of its retail expansion, advances in manufacturing capacity, and how it leverages lab-grown diamonds and silver products to capture consumer demand. Additionally, the impact of this funding round on competitive dynamics in India’s jewellery market warrants close observation.