Happy Thursday! Mid-sized IT firms are realigning leadership teams as AI-driven changes force a rethink. This and more in today's ETtech Morning Dispatch.Also in the letter:■ Lenskart, Ola Electric Q4 financials■ Reliance startup roll-up■ Oister Global launches new fundMid-tier IT firms revamp leadership teams as AI reshapes sector Mid-sized IT services firms are reshuffling their leadership teams as AI-driven growth pressures push them to rethink how they operate, deliver services, and engage with clients.For instance: Since late March, companies including Cyient, Sonata Software, Birlasoft, Coforge and Mastek have announced changes across finance, operations, delivery, technology and human resources leadership roles, reflecting wider churn in the sector.Sonata Software appointed Rajashekar Dutta Roy as CEO, Suresh HP as COO and Manu Swami as CTO.Birlasoft roped in Vikram Puranik as COO and Arun Rao as CHRO.Cyient appointed Shrinivas Kulkarni as CFO. Why this matters: Industry executives and analysts say the changes signal a broader shift as companies prepare for AI-led business models and tougher competition.“The leadership movements we're seeing reflect a broader reinvention underway across the IT services sector rather than firm-specific stress,” said Nitin Bhatt, technology sector leader at EY India.Industry outlook: Mid-cap IT service providers outpaced tier-I firms this fiscal on revenue growth, but that is not all. They also face pressure on margins as AI-led deflation weighs on contract pricing. Also Read:IT's revenue per employee up in productivity winRBI's new draft guidelines have digital wallets feeling the pinch Payment companies are bracing for a major business setback as the Reserve Bank of India (RBI) plans stringent guidelines for mobile wallets or prepaid payment instruments (PPIs).Driving the news: The digital payments industry is planning a response to the RBI's draft guidelines, which the sector regulator made public on April 22. The industry believes that the rules in their current form could be disastrous, as it grapples with revenue-generation challenges in its core payments business.Giving context: Last month, the RBI issued draft master directions for PPIs, which are used for low-value transactions. Some of the major points:Lower limits for P2P transactions and cash loading into walletsStopping the usage of wallets for cross-border paymentsStringent KYC requirements for full-service wallets.Semi KYC wallets are only for the payment of goods and servicesWhat next? Industry insiders said that the RBI wants banks to play a bigger role in digital payments. After UPI, the regulator appears to be encouraging banks to open more wallets and offer this service across multiple use cases. The industry has been trying to share its concerns through back-channel conversations with the RBI, but as of now, nothing much has moved.Also Read:Payments companies see PoS pause on war-related imports squeezeLenskart's Q4 revenue jumps 46% on volume expansion Peyush Bansal, CEO, LenskartEyewear retailer Lenskart logged a strong March quarter, powered by higher volumes and new customers across India and overseas, even as profits edged lower.March quarter snapshot:Revenue: Rs 2,515 crore versus Rs 1,725 crore a year ago.Profit after tax: Rs 203.6 crore, down from Rs 220 crore a year earlier.Eyewear units sold: 7.9 million, up 24.3%Total expenses: Rs 2,308 crore, up 35%For FY26:Operating revenue: Rs 8,988 crore, up 32% from FY25Profit: Rs 500 crore, up 68%Double-click: Net profit looked weaker on a quarterly basis because last year's March quarter included a one-time Rs 167 crore goodwill gain. Stripping that out, underlying profitability has strengthened.The company added more customers, with quarterly transacting customers up 28% YoY to 4.3 million in Q4. In India, the average selling price climbed nearly 16% as shoppers traded up to premium products, the company said.Also Read:Lenskart to step up AI push in FY27, targets scale-up in eye tests, automationOla Electric's Q4 loss narrows 42.5% to Rs 500 crore Bhavish Aggarwal, CEO, Ola ElectricElectric two-wheeler maker Ola Electric narrowed its March-quarter loss on the back of lower costs, but topline pressure remains intense.March quarter (Q4 FY26):Net loss: Rs 500 crore vs Rs 870 crore a year earlierRevenue from operations: Rs 265 crore from Rs 611 crore a year earlier (down 56.6%)Full year FY26:Consolidated net loss: Rs 1,833 crore vs Rs 2,276 crore in FY25.Revenue from operations: Fell sharply to Rs 2,253 crore from Rs 4,514 crore a year ago.Also Read: Ola Electric infuses Rs 2000 crore in EV and cell manufacturingAmagi swings to black in first results since listing, posts Q4 net profit of Rs 34.3 crore (L-R) Baskar Subramanian, Srividhya Srinivasan & KA Srinivasan, cofounders, AmagiCloud streaming and media technology company Amagi swung to black in FY26, in the SaaS firm's first quarterly results since listing in January.Number-wise: For the March quarter:Net profit: Rs 34.3 crore against a loss of Rs 10.6 crore a year ago. Revenue from operations: Grew 28.5% to Rs 396.9 crore from Rs 308.9 crore a year ago.For full year FY26: Net profit: Rs 71.7 crore against a loss of Rs 68.7 crore last year.Revenue from operations: Up 29.5% to Rs 1,505.6 crore from Rs 1,162.6 crore last yearETtech Infographic: Reliance's startup roll-up: hits & misses Reliance and its subsidiaries have acquired or backed internet-first brands across furniture, pharmacy, edtech, innerwear, AI, quick commerce, drones, retail technology, and consumer products between 2018 and 2026. Here's a closer look at them. Other Top Stories By Our Reporters Rohit Bhayana, cofounder, Oister GlobalOister Global launches new fund: Investment firm Oister Global on Wednesday launched ACE Fund III, a Rs 500 crore secondaries-focussed vehicle, as demand for secondaries grows on the back of delayed IPO exits.Peak XV joins Primer's funding round: Peak XV Partners has joined a $100 million fundraise by London-headquartered global payments infrastructure startup Primer, the latest in a string of overseas bets by India's largest venture capital firm.Global Picks We Are Reading■ The Zuckerbergs are hiring a lifeguard but calling it a ‘beach water person’ (Wired)■ The UAE's OPEC exit frees up oil wealth as it bets big on AI (Rest of World)■ Inside Anduril and Meta's quest to make smart glasses for warfare (MIT Technology Review)