US agencies probing Tesla's use of funds for secret 'glass house' for Elon Musk

Earlier reports in July mentioned that Musk once planned a lavish glass house for himself near Tesla headquarters in Austin, Texas, worth millions of dollars.

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China's Baidu rolls out ChatGPT rival to public

China's Baidu rolled out its ChatGPT rival ERNIE Bot to the public on Thursday, in a major leap for the country's tech sector as it aims to cash in on the global artificial intelligence gold rush.

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IT sector drives strong PE interest; Dunzo delays June-July pay yet again

Data shows the number of private equity (PE) firms holding stakes in Indian IT services companies has doubled between 2019 and 2022 as investors eye safe bets, and such companies have demonstrated a tried-and-tested business model and profitability. This and more in today’s ETtech Morning Dispatch.

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DevOps startup Facets.cloud raises $4 million in funding

Facets’ platform streamlines all the cloud deployment processes into one generative internal developer platform.

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US restricts exports of some Nvidia chips to Middle East countries

One year ago Nvidia said US officials told it to stop exporting the same two computing chips for AI work to China. The move was seen as potentially slowing Chinese firms' ability to carry out advanced work like image recognition.

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Goldman may part-convert Pharmeasy debt to equity; P2P lenders look to diversify partnerships

Goldman Sachs is likely to convert some of its loan to online pharmacy PharmEasy into equity. Buoyed by binding commitments from existing investors, the epharnacy also plans to pay back a considerable chunk of its debt following the rights issue in September. This and more in today’s ETtech Morning Dispatch.

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Nudged by RBI, P2P lenders look to diversify partnerships

Three people in the know told ET that while the banking regulator has not spelt out any statement on the fledgling sector explicitly, back channel conversations between companies and the regulator have made many startups course correct.

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Goldman may convert part-debt into equity in PharmEasy

The online pharmacy is also in talks to restructure debt terms ahead of rights issue; share sale set to open on September 4

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X will allow political ads from candidates, parties ahead of US election

Before billionaire Elon Musk acquired the company in October, Twitter had banned all political ads globally since 2019.

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SoftBank expected to sell Zomato shares for Rs 940 crore

SoftBank’s sale of Zomato shares follows the complete exit of the New York-based Tiger Global from the company. Tiger sold 1.44% stake, or 12.35 crore shares of the Zomato on Monday for Rs 1,124 crore.

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US says it has disrupted notorious 'Qakbot' hacking network

"Qakbot malware infected more than 700,000 victim computers, facilitated ransomware deployments, and caused hundreds of millions of dollars in damage to businesses, healthcare providers, and government agencies all over the world," the US Department of Justice said a statement.

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Apple to host fall event on September 12, analysts expect new iPhones

The event will be hosted at the Steve Jobs Theater at its headquarters in Cupertino, California, according to invites from the world's most valuable company.

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AU Small Finance Bank making credit card cornerstone to attract new customers

The bank has given out more than 600,000 cards within two years of entering the segment, helping it compete with the likes of Federal and SBM India.

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India should expand manufacturing base by taking advantage of supply chain shift: Punit Renjen, incoming chairman, SAP

​​​In an interview with ET, incoming SAP chairman Punit Renjen talked about his "second innings" at SAP, and how the enterprise software major will significantly expand its India base from the current 17-18% of workforce.

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OpenAI releases ChatGPT Enterprise to target large businesses

ChatGPT Enterprise offers more security, privacy and higher-speed access to OpenAI's technology, the company said. Early customers include Block, Carlyle and Estee Lauder Companies.

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4B Networks founder Rahul Yadav files for anticipatory bail in cheating case

Mumbai Police's Economic Offences Wing (EOW) probing the matter opposed the ABA, contending that Yadav failed to join the probe on at least two occasions.

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SoftBank plans AI tour for founders to boost technology adoption

SoftBank Group Corp. will take a group of its Indian startup founders to Silicon Valley next month for an artificial intelligence tour as the Japanese investor steps up efforts to infuse its portfolio companies with the technology.

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Will make sure that X competitor to LinkedIn is cool: Elon Musk

Elon Musk on Sunday took on Microsoft-owned LinkedIn, saying he will make sure that the X (formerly Twitter) competitor to LinkedIn is cool.

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India’s late-stage tech funding stuck due to high valuations: SoftBank’s Sumer Juneja

Happy Monday! We ended last week with Zepto’s $200-million funding, a rare large-sized round which made the quick-commerce company 2023’s first unicorn. We now turn our attention to late-stage startups that are refusing to accept cuts in their valuations, something that’s keeping SoftBank’s venture capital arm at bay. This and more in today’s ETtech Morning Dispatch.

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Late-stage investing is stuck as Indian companies still at 2021 valuations: SoftBank Vision Fund’s Sumer Juneja

Juneja, managing partner, India & EMEA (Europe, Middle East and Africa) at SoftBank Investment Advisers, most of the top technology companies in India are well capitalised and have cut costs over the past year, leading to their unwillingness to opt for a down round.

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Prashanth Ranganathan’s new venture in talks for $20-25 million

Ranganathan, who left Prosus-owned PayU earlier this year, is currently on gardening leave. His new venture will likely be in the wealthtech space.

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Microsoft Launcher for Android to get ChatGPT-supported Bing Chat

Microsoft unveiled its Launcher application in 2017 to enable users to bring the Microsoft interface to their Android phones' home screen experience.

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India's digital public infrastructure to reach 50 countries in next 5 years: Nandan Nilekani

The DPIs will also play a critical role in climate adaptation and mitigation to facilitate the increasing need for cash transfers to fortify vulnerable areas and people, and emergency funding after extreme climate events like floods.

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The fight over a 'dangerous' ideology shaping AI debate

Elon Musk and OpenAI's Sam Altman have signed open letters warning that AI could make humanity extinct -- though they stand to benefit by arguing only their products can save us.

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Growing list of Indian-origin CEOs at top firms impresses Elon Musk

Currently, Sanjay Mehrotra is the CEO of Micron Technology; Shantanu Narayen is the CEO of Adobe; Satya Nadella is Chairman and CEO of Microsoft; Sunder Pichai is the CEO of Alphabet and Google; Jay Chaudhry is the CEO of Zscaler which is a cloud security company; Arvind Krishna is the CEO of IBM; Neal Mohan is the CEO of YouTube; and George Kurian is the CEO of NetApp, among the top tech giants.

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Instacart reveals IPO filing, disclosing PepsiCo investment, profitability

Grocery delivery service Instacart on Friday said its core business turned profitable after making public its filing for a long-awaited stock market launch, while also disclosing an investment from PepsiCo Inc.

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Meta faces backlash over Canada news block as wildfires rage

She described to AFP how "insanely difficult" it has been for herself and other evacuees to find verifiable information about the fires blazing across the near-Arctic territory and other parts of Canada.

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E-pharmacy draft rules: DCGI holds fresh talks with all stakeholders

The Drugs Controller General of India (DCGI) on Thursday held fresh consultations with stakeholders on the draft rules to regulate e-pharmacies, amid the Delhi High Court asking the government to inform it about the outcome of deliberations on the draft rules with stakeholders.

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Despite cheating fears, schools repeal ChatGPT bans

Tech giants and billionaires promised that the AI tools would revolutionize learning. Critics warned the bots would be more likely to undermine education, inundating students with misinformation and facilitating widespread cheating.

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Tiger Global says ex-employee targets it in misinformation attacks

Investment firm Tiger Global Management LLC, known for its early bets on tech firms like Meta and Spotify, on Friday told limited partners it was targeted in a series of misinformation attacks by a former employee, according to a letter seen by Reuters.

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Artificial intelligence will augment human ingenuity, not replace it, says Adobe CEO

Shantanu Narayen, CEO of Adobe Inc., believes that artificial intelligence (AI) will enhance human creativity rather than replace it. He warns against rushing to regulate AI and limiting its advancements. Narayen also discusses the role of Adobe India in developing AI-led products and the potential monetization opportunities arising from the AI boom. He expresses optimism about India's future, citing demographics, talent, technology, and the government's efforts in digital public goods.

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Grocery delivery app Instacart makes IPO filing public

The U.S. initial public offering (IPO) market has shown signs of revival in recent months after a drought in 2022, as markets climb on bets that the Federal Reserve could guide the economy to a "soft landing".

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Early Apple computer that helped launch $3 trillion company sells at auction for $223,000

The Apple-1 has been restored to a fully operational state and came with a custom case with a built-in keyboard, according to Boston-based RR Auction, which held the sale that closed Thursday.

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ETtech Exclusive: PayU’s global CEO, CFO likely to quit after Prosus part-sells payments business

PayU India CEO Anirban Mukherjee is now slated to directly report to Prosus chief executive officer Bob Van Dijk and may take up additional responsibility for other international markets including Turkey and Southeast Asia.

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US sues SpaceX, alleges hiring discrimination against asylum seekers, refugees

In job postings and public statements over several years, SpaceX wrongly claimed that under federal regulations known as export control laws, SpaceX could hire only US citizens and lawful permanent residents, sometimes referred to as "green card holders," the Justice Department said.

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Nvidia hits new all-time high as AI demand fuels record results

Nvidia generated revenue of $13.51 billion in the second quarter and predicted that revenue would reach $16 billion in the third quarter, the company reported late on Wednesday. Both results exceeded analyst expectations, as per Refinitiv.

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Chandrayaan 3: No eclipsing this landing as entire nation erupts in joy

A special 'Bhasma Aarti' was performed at the Shree Mahakaleshwar Temple in Ujjain for the successful landing of Chandrayaan-3 while the Sikh Sangat organised a special Ardas for the same purpose at the Gurdwara Bangla Sahib in Delhi.

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WestBridge Capital Co-Founder buys sea-view luxury pad in Mumbai’s Worli for Rs 96 cr

The apartment spread over 7,459 sq ft on the 60th floor of the tower Oberoi Three Sixty West and the deal values it at nearly Rs 1.29 lakh per sq ft, making it one of the most expensive residential transactions ever. Based on the 6,779-sq-ft carpet area, the apartment is valued at over Rs 1.42 lakh per sq ft.

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India over the moon about Chandrayaan-3; lunar landing cheers spacetech industry

As the lander of India’s Chandrayaan-3 mission touched down on the lunar surface at around 6:04 pm on Wednesday, India entered the elite club of countries that have successfully landed on the moon. The Indian Space Research Organisation’s (ISRO) second attempt at the landing was successful, making India the first country to land on the satellite’s south pole, and light up the dark side of the moon. This and more in today’s ETtech Morning Dispatch.

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India over the moon as ISRO goes the distance

After the US, Russia and China, India becomes the fourth country to make a soft landing on the moon's surface and the first to reach near its south pole.

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Nvidia rallies as Wall Street anticipates pivotal report

Nvidia's shares have more than tripled this year, with the chipmaker at the center of a Wall Street technology rally fueled by optimism about the potential of AI.

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What an incredible moment: Sundar Pichai on India's historic lunar landing

"What an incredible moment! Congratulations to @isro for the successful landing of #Chandrayaan3 on the moon," he said in a post on X.

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WeWork tapping advisers for restructuring help: report

The New York Stock Exchange (NYSE) suspended trading in WeWork's warrants on Tuesday due to "abnormally low" trading price levels and said will initiate proceedings to delist them.

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Bharat Billpay eyes a space in P2P and government pay

The NPCI-promoted organisation is a leader in electricity bill payments currently with two new categories like Fastag and loan EMIs emerging as fastest growing ones.

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CaratLane contests ED notice on alleged FEMA violation

​​The ED accused CaratLane of violating the Foreign Exchange Management Act (FEMA). The notice served on March 28, 2022, stated that FDI was not allowed in single-brand retail at the time. The notice has not been made public till now.

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Fintech firm Ramp raises $300 million at lowered valuation of $5.8 billion

The new funding is at a lower valuation from the $8.1 billion achieved by the New-York based startup in a funding round last year, a spokesperson of the company confirmed.

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Meesho aims to grow merchant base 10 times to 1.1 crore by 2027

​​​Meesho is the first e-commerce company in India to turn profitable at the group level (consolidated profit) and expects the momentum to continue, Meesho CEO Vidit Aatrey claimed.

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Dunzo’s funding plans hit a roadblock; software firms seek changes to local value addition norms

Troubled quick commerce company Dunzo, in desperate need of cash, is in talks for a funding deal with its investors. But with that comes a possible valuation cut of 50%, and some shareholders are not on board. This scuffle and more in today’s ETtech Morning Dispatch.

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Taxi companies, drivers seek SC relief ahead of LMV licence issue hearing

The Tamil Nadu Urimai Kural Driver Trader Union, a group representing 2,250 drivers in the southern state, filed a petition on July 16 to join the case, arguing that any decision that asks the drivers to apply for and get a commercial endorsement from the regional transport offices would “render such cab drivers unworkable and inoperative”.

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IT midcaps set to keep hiring momentum going in near term

While larger players are conserving resources and maintaining a cautious approach to hiring due to macroeconomic uncertainties, midcaps are focusing on bringing in more freshers to balance out employee costs.

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Markdown detour slows fresh funds delivery to Dunzo

Reliance Retail, the largest investor with 26% stake in Dunzo, is averse to the idea of slashing the valuation of the startup by nearly 50% in a fresh funding deal being stitched together by a set of existing investors.

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