Exchanges struggle as crypto winter sets in following a big drop in prices

The sudden shift in market sentiment from exuberance to fear has led to exchanges resorting to a combination of short- and long-term measures to manage working capital.

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Exchanges struggle as crypto winter sets in following a big drop in prices

The sudden shift in market sentiment from exuberance to fear has led to exchanges resorting to a combination of short- and long-term measures to manage working capital.

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B2C credit management platform CheQ raises $10 million in funding led by Venture Highway

CheQ is backed by angel investors such as Naveen Kukreja, the chief executive of PaisaBazaar, and Shailaz Nag, the founder of Dotpe, among others.

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Sony takes a leap into PC gaming gear with new Inzone brand

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Twitter India given ‘last chance’ to follow IT rules

Social media platform Twitter may lose intermediary immunity if it fails to comply with rules by July 4

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Smear campaigns rife on Twitter; Byju’s defers Aakash deal payments

But Meesho isn’t the only company that has been the target of a Twitter smear campaign in recent months – Easemytrip and even Sequoia have faced similar attacks.

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Tech supply chain player Redington on digital pivot to ride cloud wave

Redington, which supplies Apple iPhones as well as other electronic devices and software in India and other key markets, has been implementing a "pivot" that would rearrange its business channels dependent on brick-and mortar formats to digital streams.

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B2B digitisation platform Sourcewiz raises Rs 20 crore in funding

Angel investors including Aniket Deb, the cofounder of B2B packaging firm Bizongo; Wami Capital, the family office of Transworld Group, and Rohit Kapoor, global chief marketing officer of Oyo, also participated in the round.

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Meta, Ministry of Tribal Affairs to digitally skill 10 lakh tribal youth in India

The tech giant, Meta launched the second phase of the 'Going Online As Leaders' (GOAL) programme that will aim to digitally upskill, connect and empower 10 lakh youth and women from the tribal communities in India.

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CSC services via India Post on slow lane

The partnership between India Post, which functions under the Department of Posts of the Ministry of Communications, and the CSCs, a special purpose vehicle of the Ministry of Electronics and Information Technology (MeitY), was established earlier this year.

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Private market correction still in infancy, much more to come: Alpha Wave’s Navroz Udwadia

Keeping the downturn in mind, the fund will look to make more early-stage bets, just the way others like Tiger Global are doing in India.

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B2B lending platform Progcap raises $40 million in funding

Existing backers Creation Investments, Tiger Global Management and Sequoia Capital led the round, with Google joining in as a new investor.

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Early stage gets funds as late stage still in ‘funding winter’

​Seed and Series A investments rose 88% and 22%, respectively, in January-March over the same period in 2021, data from Venture Intelligence that was shared with ET showed.

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Clampdown & unclear policy, crypto exchange founders leaving India

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States race to woo Foxconn as EV, Chip fab plan take shape

​​A senior bureaucrat who was part of his state’s delegation that met Liu said, “it was an opportunity to understand Foxconn’s priorities on its India manufacturing agenda, and their work plan.” Noting that the Taiwanese major is “looking at a basket of products; EVs is one among them, advanced communication equipment is another, and there are several more,” he told ET.

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Payments Council seeks government help post RBI’s fintech order

The council - under the Internet and Mobile Association of India (IAMAI) - said wallets that comply fully with know your customer (KYC) norms should be treated on par with bank accounts, and that they should be allowed to disburse credit.

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Reliance, PremjiInvest, CP Group, Swiggy look to bid for Metro India unit

The Tata Group and private equity fund Bain Capital are evaluating the $1-1.5 billion buyout opportunity but are yet to firm up any plans, said the people mentioned above.

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Influencers cry foul over delayed pay at Trell; 100 more staff leave firm amid troubles

About 100 employees of Trell have also voluntarily left the company over the last two months, a source familiar with the developments said.

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Loco launches ‘Legends’, India’s first NFT platform for esports

The platform, Loco Legends, will partner with 50 of India’s most popular e-sports teams and allow fans to buy and trade in virtual collectibles, not unlike how sports fans buy merchandise and collectibles for their favourite sports teams in the real world.

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NASA’s return to the Moon starts with launching a microwave-size cube

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Apple AirPods Pro 2 could get updated H1 chip, heart rate detection: Report

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Celsius Network hires advisors to prepare for potential bankruptcy - WSJ

The New Jersey-based cryptocurrency lending company froze withdrawals and transfers earlier this month due to "extreme" market conditions, in the latest sign of the financial market downturn hitting the cryptosphere.

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US tech industry frets about handing data to states prosecuting abortion

The concern reflects how the data collection practices of companies like Alphabet Inc's Google, Facebook parent Meta Platforms Inc and Amazon.com Inc have the potential to incriminate abortion-seekers for state laws that many in Silicon Valley oppose.

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The rise of the 0.5 selfie

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Crypto exchanges hunker down as everything goes wrong in India

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Senators seek update on US security review of TikTok

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Infosys sees tremendous growth opportunities in the post-pandemic era

Infosys expects to drive digital and technology-led transformation for its clients, with demand for such services forecast to remain strong even amid global business disruptions.

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Edtech unicorn Unacademy’s consolidated loss widens to Rs 1,474 crore in FY21

Unacademy's revenue from operations rose to Rs 337 crore in FY21 from Rs 65 crore in the previous fiscal year.

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Blinkit acquisition to add significant addressable market for Zomato: CEO Deepinder Goyal

Blinkit’s proprietary tech platform, the scale of business, and relationships with third-party brands and sellers are key to Zomato.

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Vedantu’s consolidated net loss widens to Rs 604.28 crore in FY21

The Tiger Global-backed startup’s employee benefit expenses increased by 4.6 times to Rs 407.4 crore in FY21 against Rs 88.3 crore in FY20, , according to filings sourced from business intelligence platform Tofler.

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Apple and Android phones hacked by Italian spyware: Google

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Apple and Android phones hacked by Italian spyware, Google says

Milan-based RCS Lab, whose website claims European law enforcement agencies as clients, developed tools to spy on private messages and contacts of the targeted devices, the report said.

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VC firm Fundamental VC launches maiden fund; target corpus of $130 million

The sector-agnostic fund will invest in pre-seed and seed rounds across consumer internet, healthcare, insurance, financial services, Software as a Service, gaming, and artificial intelligence, a senior executive told ET.

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Fintech firms want six-month extension from RBI; Ola’s EV sales slump

After another meeting on Thursday, the industry has decided to seek a six-month extension from the RBI. One fintech founder told us investors are “really spooked”.

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D2C oral beauty, wellness brand Perfora raises $1 million in funding led by Sauce

Perfora will use the funds to build its team, introduce a range of innovative oral care solutions, strengthen its brand positioning, and expand distribution.

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Fintech firms want six-month extension to comply with new RBI mandate

“This is very critical as other RBI guidelines like the one on co-branding cards came in advance, giving time to companies to react. Monday’s note on non-bank prepaid payments instruments (PPIs) is effective immediately,” one of the people involved in the discussion said.

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Ola Electric’s scooter sales show signs of slowing down

The Softbank Group-backed company, which aims to produce 10 million scooters a year, had moved to the new payment model on May 28. Earlier, customers could only make part payments through four separate windows which opened on specific dates.

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Non-English content moderation: Meta Oversight Board flags lack of investment

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Fintechs to ping ministry and RBI, but new rule has govt’s support

In a one-page circular, issued on Monday, RBI had directed all non-bank pre-paid payment instruments (PPIs) to stop loading credit lines onto their products.

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Private equity fund Oaks Asset Management raises Rs 1,000 crore in funding

The final close of the new fund is expected by the end of next month. Last year, OAKS Asset Management had launched its second private equity fund to invest in consumer startups and mid-size companies in India.

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Card-based fintech in dire straits with PPI lending ban

Some partner banks of these card-based fintech firms may also stop supporting their bank PPIs to these platforms after seeking a clarification from the RBI, the people said.

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'Enough space in private network business for telcos, tech to co-exist'

“I don’t expect to see circle-level 5G deployment right away. There is space for both telcos and non-telcos on the table because at the end of the day both are deploying a new technology and will need to collaborate with different technology vendors for it,” said telecom expert Mahesh Uppal.

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RBI stance on fintech has government backing

Government officials told ET that the RBI order, published late Monday, came after commercial lenders had raised concerns with the banking regulator over likely rule breaches by fintech companies.

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Cashify raises $90 million in funding led by NewQuest, Prosus

Cashify will use the funds to double down on marketing, open more refurbishment facilities, and expand offline stores.

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Meta and other tech giants form metaverse standards body, without Apple

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RBI’s new mandate sparks confusion among fintechs; Foxconn may make EVs in India

The regulator’s directive quickly sparked confusion and frustrations among fintech startups, which told us the RBI appears to be giving banks full control over innovation in the fledgling sector.

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TCS case may throw spotlight on job terminations in IT industry

Earlier this month, the Principal Labour Court in Chennai, under presiding officer C Kumarappan, asked India’s largest IT services provider by revenue to reinstate Thirumalai Selvan Shanmugam with continuity of service, back wages and all other attendant benefits after a seven-year trial.

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Taiwanese electronics giant Foxconn looks at manufacturing EVs in India

At present, in addition to an exclusive facility — outside Chennai — manufacturing Apple’s phones, Bharat FIH, formerly known as Rising Stars Mobile India, a Foxconn Technology Group Company operates another unit nearby, which manufactures phones for Chinese brands including Xiaomi.

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RBI circular leaves fintech firms dazed and confused

The banking regulator believes that fintechs, unlike traditional lenders, lack sufficient capital and credit underwriting capabilities, said a person familiar with the matter.

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CBI Probe: Biocon denies bribery charges, says it followed due process of law

The Bengaluru-headquartered company, in a statement, said it is governed by a strong code of conduct and condemns any acts of corruption and violation of rules by way of offering or paying bribes or undue favours, either directly or indirectly.

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Oracle Cloud Infrastructure expands distributed cloud services with OCI dedicated region

The new services will help customers meet strict latency, data residency, and data sovereignty requirements that are key to many IT modernization efforts. It will also allow Oracle to offer customers nearly 100 services within their premises, which were earlier available only to public cloud consumers.

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Amazon announces Doug Herrington as CEO of Worldwide Amazon Stores

Doug Herrington joined the company in 2005, went on to launch AmazonFresh in 2007, and has led the company's North American consumer business since 2015.

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Cloudflare puts up detailed blog about outage that hit several websites briefly

Users attempting to access certain websites got '500 Internal Server Error' message and many took to social media to report the disruption. The services were restored after the brief disruption.

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Alibaba's India unit filed 'fabricated' documents with regulators: Probe

The investigations revealed that after the incorporation of Alibaba Cloud in March 2017, its Indian-origin partner resigned and the company was transferred to Chinese nationals. It has also found that certain information shared by the company's representative with the RoC in July 2021 was "untrue", they said.

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Edtech BrightChamp eyes M&As for growth

The acquisitions will likely be across India, the United States, the UK, the Middle East and Southeast Asia.

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Dailyhunt is going global by expanding into Middle East, North Africa markets

Media executive Shekhar Iyer has been appointed director and general manager of VerSe Innovation, Middle East and North Africa (MENA).

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Cashback drives surge in WhatsApp Pay transactions on UPI

The service, since it started giving cashbacks to users actively over the past couple of weeks, has resulted in a significant surge in daily transaction numbers – to 2-3 million payments per day up from a few hundred thousand till recently, people briefed on the matter said.

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Gaming firms turn focus to acquiring studios to boost growth

The Indian video games industry will be valued at over $2 billion by 2023, according to GlobalData. Such a lucrative opportunity is the biggest motivation for tech companies to acquire or invest in gaming studios, said Guha.

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TCS could roll out chip based e-passports by the end of 2022

TCS will refresh existing facilities and systems (including hardware), build new solutions for the issuance of e-passports and improve the citizen experience with solutions like biometrics, chatbots and auto-response among others as they go through the passport application process.

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DoT extends production-linked incentive scheme for telecom by one year

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India fines Reliance for not promptly disclosing 2020 Facebook deal

In April 2020, Meta's Facebook invested $5.7 billion in Reliance's Jio Platforms, aiming to allow WhatsApp to offer payments services to millions of small businesses. The deal helped billionaire Mukesh Ambani's Reliance slash its heavy debt load.

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