MAM
Ajit Varghese heads back to Madison as partner and CEO
MUMBAI: Ajit Varghese is set to return to the world of advertising, taking the reins at Sam Balsara’s Madison as partner and chief executive officer. The move marks a homecoming for Varghese, who cut his teeth at the agency before a globe-spanning career across media and tech.
Varghese had only recently been chief revenue officer at Jiostar, the Reliance–Disney joint venture, a role he held for seven months. Before that he led ad sales for the Walt Disney Company in India (2023–24) and served as chief commercial officer at ShareChat and Moj (2020–22), where he drove a 7x revenue surge and helped turbocharge growth in Bharat-focused social media and short video.
His longest stint was at WPP, where he rose from managing director of Maxus South Asia to global president of Wavemaker, overseeing 3,000 staff across 50 markets. Along the way, he delivered double-digit bottom-line growth, launched new digital and data-driven practices, and notched a string of industry awards.
Varghese began his career at Madison in 1999, climbing to chief operating officer before leaving in 2006. Back then, he helped Coca-Cola triple its media budget in India and added marquee clients such as McDonald’s, Asian Paints, and Axis Bank.
His return signals Madison’s intent to sharpen its edge in a market that is once again in flux.
Brands
Hyundai and TVS Motor partner to develop electric three wheelers
Joint development pact targets last mile mobility with localisation push
MUMBAI: Three wheels, one big ambition and a charge towards the future. Hyundai Motor Company and TVS Motor Company have signed a joint development agreement to co-create electric three-wheelers (E3Ws), aiming to crack India’s complex last-mile mobility puzzle. The collaboration moves beyond concept talk into execution mode, building on the E3W prototype first showcased at the Bharat Mobility Global Expo 2025. The goal now is clear, design, develop and commercialise a purpose-built vehicle tailored to Indian roads, riders and realities.
Under the agreement, Hyundai will lead design and co-development, bringing its global R&D muscle and human-centric engineering approach to the table. TVS Motor, meanwhile, will anchor the product on its electric platform, leveraging deep three-wheeler expertise and local market insight. It will also handle manufacturing and sales in India, with an eye on exports down the line.
The timing is strategic. India remains the world’s largest three-wheeler market, where affordability, durability and adaptability often outweigh sheer innovation. The upcoming E3W aims to strike that balance combining advanced technology with practical features such as adaptive ground clearance for monsoon-hit roads, improved thermal management for tropical climates, and flexible interiors suited for passengers, cargo or emergency use.
A key pillar of the partnership is localisation. Major components will be sourced and manufactured within India, a move expected to strengthen the domestic supply chain, create jobs, lower costs and improve after-sales support.
The shift from prototype to production will involve rigorous testing, certification and refinement to meet regulatory standards and consumer expectations. Dedicated cross-functional teams from both companies are already in place to accelerate timelines.
At a broader level, the tie-up reflects a growing trend in mobility, global players partnering with local specialists to navigate emerging markets. For Hyundai and TVS, the bet is that combining scale with street-level insight could unlock a new chapter in sustainable urban transport, one that runs not just on electricity, but on relevance.
