Companies grapple with costs, complexity of overlapping cybersecurity laws

India's digital economy faces increasing compliance burdens due to overlapping cybersecurity laws from various regulatory bodies. Companies are challenged with inconsistent requirements in breach reporting, audits, and vulnerability assessments. Experts call for harmonization under a single governance body to reduce complexity and costs, especially urging the Data Protection Board under the DPDP Act to take on this role.

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Small language models set to be the next big thing in AI

Large language models (LLMs), SLMs can generate human-like language but are trained on smaller datasets with fewer parameters. They are said to be easier to train and use, consuming less computational power, more cost-effective, and better suited for specific tasks. The year 2024 saw launches of a slew of lightweight models, from Microsoft’s Phi family of SLMs to Google’s Gemma and a smaller variant of Meta’s Llama model.

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Wipro says Applied Value Technologies Pte transaction to be completed by January 31

Wipro announced that the acquisition of Applied Value Technologies is now expected to be completed by January 31, 2025. Although transactions for Applied Value Technologies, Inc. and Applied Value Technologies B.V. were finalised by December 16, 2024, the one for Applied Value Technologies Pte Ltd was deferred from the initial deadline of December 31, 2024.

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ISRO takes last flight of the year with SpaDeX Mission

ISRO launched the Space Docking Experiment (SpaDeX) aboard the PSLV-C60 rocket. The mission carried two small spacecraft, Chaser and Target, into a 470 km orbit. This mission aims to develop and demonstrate satellite docking and undocking. Successful docking will place India among elite space-faring nations. The fourth stage repurposed as PSLV Orbital Experimental Module will deploy 24 scientific experiments.

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Year in Review: SaaS firms tackle funding dip and a slump amid AI disruption

India's SaaS industry is facing challenges such as slowing demand, cautious investor funding, and the impact of AI. Funding levels remain below 2022, with valuations corrected sharply. Companies are focusing on AI-driven solutions and innovation to navigate these difficulties. Domestic and global market opportunities, cloud migration, and AI adoption provide growth potential for the industry.

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Jio brings data playbook to build out accessible and affordable AI

Jio Platforms is working with Nvidia to create affordable AI services and applications. They aim to provide these solutions through GPU-as-a-service at competitive prices. Jio is also building a large AI data centre in Jamnagar for both internal and commercial use. Green energy will help reduce operational costs and make AI more accessible.

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Foxconn’s $230 million ‘home’ for workers at Tamil Nadu plant complete

Foxconn has completed its $230-million project to build dormitories for workers in Tamil Nadu. An audit is currently being conducted. The dorms, located in Sriperumbudur, will house 18,000 workers, mainly women. This initiative follows a government housing project for 18,720 women employees. Enhanced worker accommodation is expected to boost Foxconn's operational efficiency in India.

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Musk effect: Behind Trump's changing stance on H-1B visas

Trump supports immigration visas for high-skilled workers amid H-1B visa controversy, backing Elon Musk. Despite restrictions during his first term, he now acknowledges the US engineering talent shortage. Trump emphasises the economic contribution of foreign graduates from US universities. Online racist remarks against Indian-origin CEOs and Musk's response highlight ongoing tensions.

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Brands ride ‘quick’ sleigh as quick commerce dons the Santa hat

The Christmas gifting season saw a 20-30% sales boost for D2C brands in categories such as personal care, desserts, eatables, and activewear, driven by convenience, personalization, and premium offerings. Quick commerce platforms like Zepto, Blinkit, and Swiggy Instamart, among others, played a key role in fuelling gifting-focused sales, enabling last-minute purchases, according to several brands.

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AI no longer flavour of the season but a reality at scale; 2025 to see AI turn into business value

AI has evolved from a trend to a key business tool, enhancing efficiency and creating new roles. While it drives innovation, concerns about its impact on jobs, data ownership, and liability persist. As AI scales across industries, companies are focusing on upskilling talent to bridge the gap between technology and business strategy.

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OpenAI details plans for becoming a for-profit company

In a company blog post published Friday, OpenAI said it planned to restructure as a public benefit corporation, or PBC, which is a for-profit corporation designed to create public and social good. OpenAI rivals like Anthropic and Elon Musk's xAI use a similar structure.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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AI specialists hit pay dirt as talent war rages

Companies will compete aggressively to hire AI talent, increasing salaries by 15-20% in the next 12-18 months. AI demand is expected to double by 2027. Firms must offer competitive packages, upskilling, and career opportunities to attract top AI professionals. Salaries for AI jobs are already 30% higher than traditional IT roles.

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Centre eyes January start to India AI datasets collection, aggregation

The ministry of electronics and information technology also plans to allow the trained data to be used by domestic startups and companies to build application programming interfaces, which can interact with the language models built on top of the database and provide specialised services, a government official said.

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OpenAI responds to former researcher Suchir Balaji's death

OpenAI has extended its full support to the family of former researcher Suchir Balaji, who was found dead in his San Francisco apartment. Balaji had previously raised concerns about the company's use of copyrighted content for training AI models. His whistleblowing efforts had gained attention amid lawsuits against AI companies for copyright violations.

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Tata Sons may infuse fresh funds into ecomm arm only by mid-2025

Tata Sons plans to infuse capital into its ecommerce business, Tata Digital, only by mid-2025, with a focus on internal funding and debt until then. The strategy emphasizes growth, better execution, and sustainable profitability, with BigBasket eyeing an IPO and significant growth in standalone revenues for FY24.

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Cloud kitchen firms cut their losses to cook up healthy numbers

India's cloud kitchen startups achieved revenue growth and reduced losses in FY24 by managing expenses. However, high inflation may impact margins this fiscal year. Rebel Foods, Curefoods, Biryani by Kilo, and Freshmenu showed significant improvements. Zomato and Swiggy's food delivery GOV also grew, with a positive industry outlook despite rising costs.

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Women in tech; IT hiring revival

India's tech industry has seen a surge of women leaders. This and more in today’s ETtech Morning Dispatch.

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Nvidia dominates GPU offerings in government’s Rs 10,000-crore AI mission

The government initiative aims to make available 10,000 GPUs to support IndiaAI Mission, benefiting startups, researchers, students and academicians. AS Rajgopal, chief executive of NxtGen Datacenter and Cloud Technologies, one of the bidders told ET, “We have made the INDIAai bid with three hardware platforms – AMD (MI325X, MI210), Nvidia(L40S, H100, H200) and Intel Gaudi-2.”

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No wonder! Women blast through global tech's glass ceiling in India

The global capability centre (GCC) boom in India has helped women to assume leadership positions. About 25% of the women employed in the technology sector are in GCCs and the figure is expected to rise to 27% by 2027, industry data shows. Kumar Rajagopalan, vice president at staffing firm Dexian said that while the trend of appointing women to leadership positions is noteworthy, it cannot stop there.

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Meta is in a spot of bother as ChatGPT comes to WhatsApp

ChatGPT creator OpenAI has launched its own WhatsApp account. This is likely to impact Meta AI’s reach, especially in markets such as India, Brazil and Mexico, which are among the largest user bases for WhatsApp and the mainstream communication medium for businesses.

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Microsoft works to add non-OpenAI models into 365 Copilot products, sources say

Microsoft is integrating internal and third-party AI models into its Microsoft 365 Copilot. This aims to reduce dependence on OpenAI and cut costs. The company is working to customize other open-weight models for better efficiency. Microsoft tracks these efforts closely, aiming for cost-efficiency and potentially passing savings to customers.

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VCs bullish on AI startups in India despite a fall in funding

Indian AI startups saw a funding dip in 2024, but deal volume increased, with a focus on application-layer ventures. Investors are optimistic about this trend, particularly for applications targeting the US market, mirroring the enterprise software sector. While foundational models remain a US stronghold, India sees opportunities in infrastructure and applications, despite challenges in talent acquisition and rapidly evolving technology.

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GST on Rides: Platforms, unions push for review of levy on SaaS model as CBIC escalates it to GST Council

The GST Council delays a decision on the GST levy for ride-hailing apps. Companies and driver unions seek clarity on the SaaS model's tax implications. Uncertainty looms over future investments and driver earnings. AAR rulings create confusion about GST applicability. Discussions continue regarding GST on fares paid outside the platforms.

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Top tech trends to watch out for in 2025

As we step into 2025, the convergence of innovation, societal needs and global challenges is set to redefine industries across the board. From autonomous AI agents to custom AI and clean tech solutions, transformative trends are poised to unlock unprecedented opportunities. Here’s predicting five key technologies that will shape the future over the next 12 months.

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The (Mona) Lisa Effect: AMD's transformation since CEO Su's takeover

In the chip-making business, AMD was languishing as Intel hogged the limelight, and market share, for most of the last 50 years. But the chipmaker’s fortunes have turned around since Lisa Su took over as CEO 10 years ago. In 2014, AMD's share in the data-centre chip market was negligible; however, today, the company has achieved stronger margin growth and ranks second only to Nvidia in the graphics processing unit (GPU) market.

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Accel nears close of new India fund at $650 million

Accel India has secured $650 million for its eighth fund, while its global growth fund has raised $1.35 billion. A portion of this will be invested in pre-IPO rounds of Indian startups, bringing Accel's total India commitments to nearly $3 billion. This move comes as several Accel-backed companies, including Bluestone, are preparing for IPOs.

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Google Layoffs: Sundar Pichai announces major job cuts in these top roles amid threat from OpenAI

Google has announced major job cuts in managerial roles, CEO Sundar Pichai said in an all-hands meeting on Wednesday. Google's CEO said it had cut managers, directors, and VPs by 10% as part of its efficiency drive. The company has been boosting efficiency by reducing layers and reorganizing teams. The move comes amid threats from OpenAI and other AI rivals.

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Bill Gates in India: When Microsoft founder got candid with IIT Delhi students | Rewind 2024

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Rs 14,000 crore semiconductor investments in pipeline at Orvakal: Andhra industries minister

Andhra Pradesh anticipates a potential Rs 14,000 crore investment in the semiconductor sector at Orvakal industrial park. An Indo-Japanese company is interested and met with IT minister Nara Lokesh. The company finds Orvakal conducive for investment and is expected to finalise a deal with chief minister Naidu in January 2025.

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Andhra Pradesh gearing up to tap AI extensively for administrative efficiency

Andhra Pradesh is embracing Artificial Intelligence to revolutionize governance. The state government, in collaboration with Google, aims to streamline public services and improve accessibility for citizens. Initiatives include a unified search bar for all government services and the development of a state-owned ChatGPT. Blockchain technology will simplify the delivery of essential certificates digitally, enhancing transparency and efficiency.

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An uphill task for new stockbrokers as Sebi cracks down on excessive speculative trades

Despite regulatory hurdles impacting established brokers, new wealth-tech startups are entering the Indian stock market. Founders cite market under-penetration and economic growth as justification for their ventures, focusing on long-term investors and educational resources. However, high retail investor losses and a changing regulatory landscape pose significant challenges.

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P2P payments being evaluated for UPI One World: sources

The UPI One World service, currently used by foreign travellers in India for merchant transactions, may soon expand to include interpersonal payments. This change would allow travellers to pay small vendors and individuals using UPI. However, challenges remain, including the need for physical KYC and limited awareness of the service.

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Fintech startup Curie Money raises $1.2 million from India Quotient, others

Fintech startup Curie Money secured $1.2 million in seed funding to enhance its mutual fund-backed banking app. The platform, partnered with Yes Bank and ICICI Prudential, offers users up to 7.3% CAGR on savings through liquid funds and UPI transactions. The app recently launched with 1,000 beta users and aims to revolutionise personal finance in India.

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Deep-tech startups must explore alternative funding options, says VC report

Indian deep tech startups have seen a 5.3x increase in average seed check size over the past eight years, fueled by government initiatives and VC confidence. However, alternative funding is crucial to navigate initial challenges. While the sector is nascent, fostering exits is vital for building investor trust and driving future growth.

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Space Bill draft to be put up for stakeholder consultation in Q1 of FY26, says IN-SPACe chairman

This bill is envisioned to cover international and national obligations, define offences and subsequent punishments, barrier of entry for private companies, and liability for damages caused. Pawan Goenka, chairman of IN-SPACe, said that the venture capital fund announced in the Union Budget for space startups will also become operational by the first quarter of the next fiscal year.

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We plan to have a significant ramp up in India: Krafton CEO CH Kim

The CEO said that the company has invested up to $170 million in gaming and gaming adjacent industries as well as consumer industries that are based on IT and tech. They are planning to invest $140 million more in the future as well. It is also increasing its focus on proprietary games in India, such as BGMI, Bullet Echo India, Road To Valor Empires, and others.

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SoftBank's Masayoshi Son unveils $100 billion US investment plan

SoftBank CEO Masayoshi Son will invest $100 billion in the US. The investment will create 100,000 jobs. It will focus on artificial intelligence. Earlier, Son also visited India and he met with Prime Minister Modi and entrepreneurs. SoftBank saw an $8 billion profit last quarter.

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Exotel’s FY24 loss narrows to a third, operating revenue up 6%

Exotel, a cloud telephony provider, narrowed its FY24 net loss to Rs 39 crore while achieving Ebitda profitability in the last two quarters. The company prioritized operational efficiency and product development, including AI offerings, over rapid expansion after integrating acquisitions. Exotel projects 100% Ebitda growth for FY25, driven by improved sales execution and expansion in markets like the Middle East.

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Big-bracket investments push states to create social infrastructure

Indian states are bolstering social infrastructure around large electronics manufacturing facilities to support the growing workforce. Initiatives include housing, shopping complexes, recreational spaces, and essential amenities, mirroring successful models in China and Taiwan. This aims to attract investment and enhance the sector's growth.

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India’s power surge

The country’s electronics manufacturing sector is set to be strengthened through a major government initiative that will spur the components ecosystem. Experts maintain that India's next step would be to work on increasing the domestic value addition and develop the almost non-existent electronic component supply base. Let's take a closer look at this initiative and what this entails going forward.

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Who was OpenAI whistleblower Suchir Balaji who was found dead in his San Francisco apartment?

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US lawmakers tell Apple, Google to be ready to remove TikTok from app stores on January 19

A US House committee has given Alphabet and Apple a January 19 deadline to remove TikTok from their app stores if a court-ordered divestiture isn't completed. Lawmakers urged TikTok CEO Shou Zi Chew to sell the app, citing national security concerns and the need to protect 170 million American users from potential influence by the Chinese Communist Party.

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Google to appeal Turkish competition authority decision

Google plans to appeal a $75 million fine imposed by Turkey's competition authority. The regulator alleges Google abused its dominant position in the ad server market. Google argues the decision ignores the competitive landscape, where ad buyers and sellers have numerous options. The company maintains its commitment to supporting Turkish businesses, publishers, and users.

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One Card secures $25.5 million from QED Investors, BTV, Peak XV Partners and Z47

FPL Technologies has raised $262 million in equity funding over multiple funding rounds. The fresh funds will be used for enhancing its technology infrastructure and invest in the development of new products by collaborating closely with regulated entities like banks.

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Intel executives say a manufacturing spinoff is possible

Intel's interim co-CEOs acknowledged the possibility of selling the company's manufacturing operations if its new 18A chipmaking technology fails next year. This comes after the recent ouster of former CEO Pat Gelsinger and a significant drop in the company's value. While Intel is separating its manufacturing division financially, the executives remain uncertain about a complete split.

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Supreme Court won't decide Nvidia securities fraud case after all

The Supreme Court dismissed a securities fraud lawsuit against Nvidia, citing it had been a mistake to take up the case. The justices expressed difficulty evaluating the technical arguments and left in place an appeals court decision allowing the case to proceed. This follows a similar dismissal in a case against Facebook.

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Legitquest raises $660,000 in ongoing round from existing investors InfoEdge, WaterBridge Ventures

Legal tech startup Legitquest has secured $660,000 in funding from InfoEdge and WaterBridge Ventures, aiming to close the round soon. The company, founded in 2017, develops a generative AI assistant for legal professionals and has seen 250% year-over-year growth. Legitquest boasts a vast legal data repository and has promoted Rajan Batra to co-founder.

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S&P Global downgrades Intel's credit rating on slow recovery, management changes

The departure of CEO Pat Gelsinger, who was critical to the Intel's integrated manufacturing strategy, also adds uncertainty to the execution of the company's turnaround plan, S&P Global said. Gelsinger's departure came well before the completion of his four-year roadmap to restore the company's lead in making the fastest and smallest computer chips, a crown it lost to Taiwan Semiconductor Manufacturing Co.

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GrowX Ventures launches Fund-II, aims to raise Rs 400 crore

Within the B2B space, the New Delhi-based firm will focus its investments on sectors such as semiconductors, defence technology, space technology, alternative materials and advanced manufacturing. It will also explore opportunities in fintech, healthtech and supply chain/logistics.

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GCCs may receive sops to set up units in tier-2 and 3 towns

India is planning a new policy to boost global capability centres. The policy will offer incentives like tax breaks. It aims to attract GCCs to smaller cities. The government wants to develop large and small GCCs. The GCC market is expected to grow significantly. The policy will also focus on talent development in areas like AI.

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China opens investigation into Nvidia over potential antitrust violations

The inquiry, a rare move by Beijing, comes a week after the Biden administration expanded curbs on the sale of advanced U.S. technology to China. In the days since, the Chinese government announced that it would ban the export of several rare minerals to the United States and imposed sanctions on more than a dozen U.S. defense firms and defense industry executives.

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Digital lenders struggle to grow profit amid high expenses

New-age non-banking finance companies (NBFCs) witnessed declining profits in the September quarter. Increased borrowing costs and tighter lending conditions, particularly in the unsecured loan segment, impacted profitability. While some NBFCs maintained flat profits, others reported losses, prompting concerns about a potential shift back to informal financing channels for some borrowers.

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Reverse flip in cart, Flipkart plans IPO delivery in 12-15 months

Flipkart, India's leading e-commerce giant, is gearing up for a landmark IPO within the next 12-15 months. The Walmart-owned company has initiated the process by shifting its domicile to India, aiming for a public listing by late 2025 or early 2026.

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Open dialogue and collaboration can drive regulations that ensure safety and foster crypto innovation: Bitget COO Vugar Usi Zade

Bitget's COO, Vugar Usi Zade, revealed plans to secure Indian government approvals and open a local office by New Year. Zade discussed Bitget's India growth strategy, the potential impact of the Trump presidency on crypto, and the evolving role of crypto in a post-AI world, emphasizing the importance of balanced crypto regulations and highlighting Dubai's emergence as a crypto hub.

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Advanced AI chips cleared for export to UAE under Microsoft deal

The US government has authorised the export of advanced artificial intelligence chips to a Microsoft-operated facility in the United Arab Emirates. This approval is part of Microsoft's closely scrutinized partnership with the Emirati AI company G42.

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Bluesky is different from X for now

On social media, the political is personal; migrating Bluesky users are signaling political separation from an increasingly conservative X and giving up on the idea of a town square that holds all voices simultaneously.

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Paytm to add Rs 2,364 crore to its kitty through sale of PayPay shares

On Saturday, in a stock exchange filing, the Noida-based fintech announced that the shares will be transferred to SoftBank Vision Fund 2. The deal values PayPay at 1.06 trillion Japanese yen (approximately $7 billion). This comes after Paytm divested its entertainment and ticketing business Paytm Insider to Zomato for Rs 2,048 crore.

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AI triggers boom in flexi-work options for technology professionals

Skilled tech professionals, particularly in AI, are increasingly choosing freelance work, commanding high hourly rates on platforms like Upwork and Appen. Indians are prominent, offering competitive rates while demand for AI skills like data annotation and training surges. This shift allows workers flexibility and higher earnings compared to traditional employment.

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Walmart, Amazon holiday spending rise as Target, Best Buy stumble, data shows

Walmart, Shein, and Temu achieved record-breaking Black Friday and Cyber Monday sales, outperforming struggling retailers like Target and Best Buy. Amazon also saw strong growth, driven by popular items like Fire TVs and Shark vacuums. Temu and Shein experienced double-digit percentage growth, while Best Buy faced sales declines despite investor optimism.

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View investment in senior care ventures as long-term, says Zerodha’s Nithin Kamath

Zerodha CEO Nithin Kamath advocates for long-term investments in senior care, emphasizing steady growth over rapid scaling. He highlighted the need to destigmatize senior care and raise awareness, particularly beyond the affluent. Kamath's firm recently invested $13 million in Primus Senior Living, reflecting his commitment to the sector's potential amid India's increasing life expectancy.

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Jewellery retailer Bluestone plans to raise Rs 1,000 crore in fresh capital

Bluestone’s board has approved an IPO to raise Rs 1,000 crore, with filing expected soon. Proceeds will fund offline store expansion. Founded in 2011, it reported Rs 1,265.8 crore revenue in FY24 and aims to grow its retail footprint to 400 stores.

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Meta pushes zero-carbon energy strategy with solar deal

Meta inked deals with Invenergy for 760 megawatts of solar power across four US states, boosting its renewable energy portfolio to over 1 gigawatt. This move supports Meta's goal of 100% renewable energy operations, fueled by increasing energy demands from AI adoption. The solar facilities are expected to be operational between 2024 and 2027.

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OpenAI chief 'believes' Musk will not abuse government power

Musk, an OpenAI cofounder who later departed the company, is currently suing Altman's firm and Microsoft, claiming they shifted from the project's original nonprofit mission. "I may turn out to be wrong, but I believe pretty strongly that Elon will do the right thing," Altman said. "It would be profoundly un-American to use political power to hurt your competitors and advantage your own businesses."

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Swiggy’s Instamart pushes for higher average order value; analysts say metric's growth key to improve profitability

Swiggy Instamart's average order value (AOV) of Rs 499 has come in low compared to its competitors like Blinkit and Zepto. Although the company has indicated that its AOV is in an upward path, analysts have emphasised the need for the quick commerce platform to push this metric to sustain revenue momentum and maximise profitability.

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Allen Institute held talks to acquire Unacademy valuing edtech firm at $800 million in a cut-price deal: sources

The Bengaluru-based Unacademy, valued at $3.4 billion in 2021, will likely be merged with Allen; founders expected to exit. The edtech company has around $160 million of cash in the bank but revenues have been flat after the highs of Covid-19 even as its pivoted to an offline model.

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Judge faults Apple for withholding documents in Epic Games case

A US judge ruled that Apple misused attorney-client confidentiality to avoid disclosing documents in Epic Games' lawsuit regarding App Store practices. Apple must release withheld documents, as attorney-client privilege claims were deemed improper for certain business decisions. This ruling follows accusations by Epic of Apple's non-compliance and broad privilege claims.

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EU Commission commits Euro 4.6 billion to support clean tech projects

The European Commission is set to invest Euro 4.6 billion in decarbonisation technology and clean hydrogen projects, using funds from the EU Emissions Trading System. The funding includes Euro 3.2 billion for net-zero technologies and Euro 1.2 billion for renewable hydrogen production, under the EU's Innovation Fund.

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PB Fintech gets board approval to set up healthcare business

PB Fintech, parent company of Policybazaar, received board approval to establish PB Health Services, a wholly owned subsidiary focused on healthcare services. This move aims to bridge the trust gap between insurers and hospitals, enhancing claims settlement experiences for Policybazaar's health insurance customers. The announcement previously impacted PB Fintech's share price negatively.

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Black Friday weekend sales grow 17-18% on year for ecommerce players

Direct-to-consumer brands and ecommerce marketplaces saw a 17-18% rise in Black Friday order volumes compared to last year, with beauty, wellness, personal care, and home decor driving sales. Gross merchandise value grew over 24%, boosted by festive excitement. Higher average order values were noted in wearables, fashion, and electronics. India embraced the trend with growing consumer interest.

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Apple accused of silencing workers, spying on personal devices

Apple faces a lawsuit accusing it of illegally monitoring employees' personal devices and iCloud accounts while restricting discussions about pay and working conditions. Filed by Amar Bhakta, the suit claims Apple requires software installation on personal devices, enabling access to private data. Apple denies the allegations and asserts its commitment to employee rights.

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ETtech Explainer: Behind PhonePe call to end third-party deals

PhonePe will offer payment solutions directly to merchants, ending partnerships with payment aggregators like Juspay. This move may help merchants save on transaction fees. Juspay, with a new license, will provide full-stack services. The move reflects a trend of payment aggregators building in-house routing technologies for direct merchant integrations.

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IT outlook is positive, weakness in stock price to be temporary, say analysts

India's $254 billion software services industry sees temporary weaknesses in stock prices likely caused by US inflation concerns but maintains a positive outlook. Experts predict business growth and an uptick in technology spending as the economic policies of the Trump administration clarify and rate cuts commence.

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"Cybercrime, AI misuse featured prominently": PM Modi after attending DGP/IGP conference

PM Narendra Modi attended the DGP/IGP conference in Bhubaneswar and discussed national security challenges, urban policing, and new-age threats like cybercrime and AI misuse. He emphasized the importance of SMART policing, modernizing forces, and harnessing AI. PM Modi also recommended holding a National Police Hackathon and highlighted the need for improved port security.

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Australia PM Albanese says Musk pushing agenda for X in social media ban criticism

The prime minister also indicated that he is open to discussions with Musk regarding the ban. This ban is one of the more difficult regulations to roll out, targeting tech giants. While the government believes that this is good move, the X owner believes that this is a way to control "access to the Internet".

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UPI reigns supreme in digital payments kingdom

While UPI grew the fastest among all merchant payments modes, credit cards saw a 35% increase in transactions in October to 433 million transactions, compared to around 320 million a year ago, data released by the Reserve Bank of India (RBI) showed.

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Engineering sustainability for enduring success: Navigating the path to industry 5.0

The time is ripe for engineering services providers and their end customers to broaden the use of renewable energy, drive water conservation measures, reduce carbon emissions, and develop Net Zero products. A continued commitment to sustained R&D into smart engineering products and solutions will go a long way in underscoring a commitment to a greener, cleaner, and better world.

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Curbing cyber fraud: RB(A)I wants more banks to join hunt for mule accounts

The Reserve Bank Innovation Hub is collaborating with banks to use its Mulehunter.AI tool to detect financial fraud through mule accounts. This AI-powered tool has already shown better accuracy and efficiency than manual methods. The initiative aims to enhance technology in the banking sector and prevent cyber fraud, aligning with the government's emphasis on digital literacy.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Major Canadian news media companies launch legal action against OpenAI

In a statement, Torstar, Postmedia, The Globe and Mail, The Canadian Press, and CBC/Radio-Canada said OpenAI was scraping large swaths of content from media to help develop its products.

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Govt for fair AI development; Google in CCI crosshairs

Happy Friday! The government is leading multiple projects to foster responsible growth of AI. This and more in today’s ETtech Morning Dispatch.

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MeitY, DoT at work on projects for fair AI development

The ministry of electronics and information technology (MeitY) and the department of telecommunications (DoT) are spearheading multiple initiatives to ensure the responsible development of artificial intelligence (AI) as it becomes ubiquitous across sectors and daily life.

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German government plans billions of euros in new chip subsidies: report

The subsidies are expected to be about 2 billion euros ($2.11 billion), Bloomberg reported, citing two people who attended an event about the funding plans.

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New venture capital firm Kenro scouts for secondary deals

Piyush Gupta, former MD of Peak XV Partners, has announced the launch of his investment firm Kenro Capital. The fund will scout for minority stakes in growth-stage companies across sectors in India and Southeast Asia.

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Stellaris Venture Partners closes third fund at $300 million

Stellaris, a backer of Mamaearth and Whatfix, intends to use the fund to invest in 25-30 startups across sectors such as consumer technology, enterprise software, artificial intelligence and financial services. Ritesh Bangliani, cofounder of Stellaris said that the size of the third fund was in line with what it had planned.

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Romanian telecoms regulator calls for TikTok suspension pending election probe

The deputy head of Romania's telecoms regulator will start the official process of suspending social media platform TikTok across Romania from Thursday pending an investigation into the part it played in Sunday's first round of the presidential election, he was quoted as saying on Wednesday.

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Orange signs deal with OpenAI to get access to pre-release AI models

Orange will become the first telecoms firm in Europe to have direct access to OpenAI's models.

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Ecommerce in competition with quick commerce

Many prominent ecommerce firms like Flipkart, Nykaa, Myntra and FirstCry have increased their offering of same-day deliveries in metros and teir-1 cities. Even as brands are approaching quick commerce platforms for fast deliveries, they working with third-party logistics firms and trying out their own quick delivery models.

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India probes Google Maps after three deaths

Google said Tuesday it was assisting Indian authorities probing the deaths of three men who reportedly drove off an incomplete bridge while following a route on Google Maps. The driver followed Google Maps into taking the route, the Hindustan Times newspaper said Tuesday, quoting police officials.

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Elon Musk uses X to push his preferred political picks. Trump isn't always swayed

In several high-profile cases, however, Musk backed people who either lost out on the roles or withdrew from consideration, suggesting some early limits to the Republican mega donor's influence even as he has emerged as one of Trump's most powerful allies.

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Intel expects reduced US grant after winning defense contract

Intel anticipates a reduction in its initially planned $8.5 billion US chip subsidy due to a $3 billion Pentagon deal. The final grant is expected to exceed $7.5 billion, with the reduction stemming from the Pentagon contract being funded from the CHIPS Act allocation. This comes amid Intel's struggles with declining margins and layoffs, despite significant investments.

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Elchemy secures $5.6 million in funding Prime Venture Partners, others

Elchemy, a cross-border specialty chemical distribution platform, has secured $5.6 million in funding. The Mumbai-based startup will use the funds to expand its team in the US, enhance its technology, and invest in supply chain solutions. Elchemy connects international buyers with speciality chemical suppliers in India and Southeast Asia, simplifying the sourcing process.

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Beyond Appliances raises $2 million in round led by Fireside Ventures

Dharana Capital and angel investors Livspace cofounders Saurabh Jain and Ramakant Sharma, Design Cafe founder Shezan Bhojani and former chief executive of TTK Prestige Chandru Kalro also participated in the funding round for the kitchen appliances startup. The funds will be used for R&D and to increase manufacturing capabilities.

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Startup BonV Aero drives drone innovation with support from STPI

BonV Aero, a deeptech startup, develops logistics drones for the defense sector. After supplying 20 drones to the Indian Army and achieving 300% growth in FY24, it raised $1.6 million on the US television show Meet the Drapers. It launched Air Orca, an autonomous logistics drone platform, with investor Tim Draper. Incubated under STPI’s Leap Ahead program, the startup benefited from mentoring and funding initiatives that support tech innovation in India’s tier-2 and tier-3 cities, fostering grassroots entrepreneurship.

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Emerging details of Chinese hack leave US officials increasingly concerned

Chinese hackers, linked to China’s Ministry of State Security, infiltrated US telecommunications networks for over a year, compromising sensitive data, including surveillance targets. The sophisticated breach exploited outdated systems, raising concerns over national security. A White House meeting emphasized urgent upgrades despite potential disruptions. The hack revealed vulnerabilities in American infrastructure, sparking debates on accountability and highlighting escalating US-China cyber tensions.

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Chinese hackers preparing for conflict, US cyber official says

Their activities include gaining access to key networks to enable potential disruptions such as manipulating heating, ventilation and air-conditioning systems in server rooms, or disrupting critical energy and water controls, US officials said earlier this year. Beijing routinely denies cyber operations targeting US entities.

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When AI's output is a threat to AI itself

All this AI-generated information can make it harder for us to know what's real. And it also poses a problem for AI companies as they develop more and more powerful models, which involve digesting volumes of data so vast that they are approaching the size of the internet itself.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Meme lord Musk, pro crypto Trump fuel fresh mania

Goatseus (GOAT) is the world’s first AI meme coin which was created by a self-controlled AI agent called Terminal of Truths which autonomously promotes the coin by posting on community platforms. GOAT has seen a 68% increase over the past month and touched an all-time high five days ago, placing it among the fastest currencies to cross $1 billion market cap within a month of launch.

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Demand for prompt engineers stalling as companies seek broader skill sets

The industry is seeing a plateauing in the demand for prompting engineers. But compared to the last three quarters, there is a slight rise in the active demand. More and more employers are looking for candidates with skill sets across the AI spectrum including broader understanding of foundational models and large language models, AI ethics, responsible AI, security and governance, data and cloud AI services.

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Government notifies amended forex rules for startups

India's amended Foreign Exchange Management Regulations 2024 simplify opening foreign currency accounts for DPIIT-recognized startups, aligning with the extended definition of startups (10 years, ₹100 crore turnover). The RBI also permits non-residents to hold interest-bearing accounts in INR or foreign currency.

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Mutual help: AssetPlus and ZFunds receive venture capital support

According to two people in the know, ZFunds is in talks with Elevation Capital to lead a Rs 25 crore equity funding round, which will be its first institutional funding round. AssetPlus, which had previously raised equity funding from Rainmatter and InCred, has secured Rs 50 crore in another institutional funding round led by Eight Roads Ventures, a global investment firm backed by Fidelity.

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Rapido to soon launch airport pool taxis to Bengaluru airport

Mobility players flagged excessive GST on batteries. Assets and vehicles should be efficiently utilised while creating employment opportunities should remain a priority, they said.

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WhatsApp becomes more business friendly, offers service messages for free

Until now, service messages - such as customer queries on order status, flight ticket rescheduling, etc. - on WhatsApp were charged Rs 0.25 in India. SMS costs Rs 0.12-0.15, while Google's RCS (rich communication services) is priced Rs 0.20-0.25. The latest move is the second rate cut announced by WhatsApp in six months.

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Quick commerce taps identity verification companies to curb frauds amid ramp-up

Gig economy workers have always been required to submit identity documents before joining a platform, but companies such as Swiggy, Zepto, Blinkit, and Zomato are now increasingly collaborating with ID verification firms that utilise advanced technology to authenticate these documents and assess applicants’ behavioural patterns during their assignments.

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It takes a village to raise an AI world

AI startups are leveraging local talent, cost efficiency and regional diversity to drive innovation. ET decodes the how and why of this mushrooming trend. The e-learning segment is among the early adopters of GenAI and Kochi-based Mohammed Hisam understands that very well. The founder and CEO of Entri, a vernacular-language platform for job seekers, aims to bridge the skill gap among the regional workforce and AI assistance can unlock new opportunities, Hisam said.

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Information technology gets its mojo back with big September wins and October momentum

In the month of September alone, the main IT players signed a total of 26 deals which also includes deals by domestic tech firms such as Infosys, Cognizant and Accenture.

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Orders pile up for online platforms in Delhi NCR, but delivery staff stay away due to bad weather

Zomato is offering incentives for deliveries during smog, while Amazon is providing N95 masks and reporting a fourfold rise in air purifier demand amid severe pollution in the north. "Earlier, I used to deliver 30-35 orders a day, but now it's gone up to 45-50," said a delivery partner working at Zepto. At night, deliveries take 5 to 10 minutes longer than usual because of the smog, he added.

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AI domain trade rakes in big bucks

Registrars such as GoDaddy allow investors to buy, sell or auction domains that have a high probability of being acquired for a substantial value.“Starting in late 2022, GoDaddy saw a notable increase in the number of .ai domain name registrations as a company--a trend that spiked in May 2023 and continues to drive strong interest,” the company told ET.

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Thomas E. Kurtz, creator of BASIC computer language, dies at 96

Thomas E. Kurtz, co-pioneer of the BASIC programming language, dies at 96. In the 1960s, he and John Kemeny developed BASIC and the Dartmouth Time-Sharing System, transforming computer access and education. BASIC simplified programming and guided later software development, Bill Gates being one of its notable beneficiaries.

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Building India's 'iPhone city': Lessons from Zhengzhou's transformation

Zhengzhou evolved from a modest industrial center into a powerhouse after Foxconn's 2010 entry, aided by massive social infrastructure supporting over 200,000 employees. India's ambitions to replicate this model hinge on robust social infrastructure, such as housing, healthcare, and education. States like Tamil Nadu are pioneering industrial housing, but experts stress a need for better facilities, policies, and talent-friendly ecosystems to attract global investment and drive sustainable growth.

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India well-positioned to preserve heritage in LLMs: Amazon CTO

Werner Vogels believes that the nation’s blend of technology, culture and government collaboration puts it in a strong position to lead the development of culturally aware AI.

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COP29: UAE announces developing world's first ChatGPT tool for agricultural community

The announcement came today at the UAE Pavilion at COP29 which hosted an exciting array of events focused on the transformative role of technology, collaboration, and data in accelerating decarbonisation and driving the energy transition around the world, particularly through agricultural innovation and hydrogen development

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T-Mobile hacked in massive Chinese breach of telecom networks: report

The Federal Bureau of Investigation (FBI) and the U.S. cyber watchdog agency CISA stated that China-linked hackers intercepted surveillance data intended for American law enforcement agencies following breaches of an unspecified number of telecom companies. Hackers linked to a Chinese intelligence agency were able to breach T-Mobile as part of a prolonged campaign to spy on the cellphone communications of high-value intelligence targets.

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What is Bluesky, the fast-growing social platform welcoming fleeing X users?

​While it remains small compared to established online spaces such as X, it has emerged as an alternative for those looking for a different mood, lighter and friendlier and less influenced by Musk.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Boat sets sail for $300-500 million IPO with bankers on board

This comes as Boat’s revenue fell 5% in FY24 to Rs 3,285 crore, while it halved losses to Rs 70.8 crore. Sources said there’s a consolidation underway in the sector and that the recent Diwali season lifted sales after several muted quarters. Boat recorded positive earnings before interest, taxes, depreciation, and amortisation (ebitda) in FY24.

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Quick commerce is eating into kirana sales, says report

“After Covid, a lot of customers have experimented with online grocery and there is a buyer base who is ready to pay for convenience. So, once these companies were able to solve two things — one is the supply chain, second is the fulfilment rate — that is where quick commerce picked up and now more and more customers are looking for convenience,” Satish Meena, an adviser at Datum Intelligence, told ET.

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FirstCry arm GlobalBees logs 55% jump in FY24 revenue; adjusted Ebitda zooms 154%

According to Supam Maheshwari, cofounder and CEO, the growth is the result of an increase in demand for direct-to-consumer (D2C) products.

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Siemens AG looks to ride AI data centre wave

Chief Technology Officer, and Chief Strategy Officer at Siemens AG, Peter Koerte said, “Data centres are growing significantly, double-digit around the world.”

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Pavestone marks final close of tech fund at Rs 816 crore

The firm which initially targeted raising Rs 600 crore revised it to Rs 900 crore after raising the corpus twice through the green shoe option. Pavestone plans to invest in several early growth-stage business-to-business technology companies with an average cheque size of $5-10 million.

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Swiggy delivers best major listing in 10 years

“We are very excited for the next phase of our journey as a company,” said Sriharsha Majety, cofounder and CEO, Swiggy, in a press conference following the listing ceremony at NSE. “As for the profitability, even in the build-up to the IPO, we have talked about how the food delivery business has already gotten profitable and we expect that to continue at a steady clip.”

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Apple overtakes Samsung in Q3, clocks record shipments

The iPhone 15 and iPhone 13 models were the most popular, according to IDC. Record shipments led to Apple cornering majority share in the smartphone market in value terms, widening the gap with Samsung. Apple's revenue share in the market stood at 27.2% while Samsung's share stood at 15.2%.

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Razorpay’s funding venture to invest in early-stage B2B companies

Razorpay Venture Investment Programme, as it is named, will scout for opportunities in sectors like fintech, travel, healthcare, hospitality, retail and ecommerce. But the company intends to invest only in business-to-business (B2B) startups. The Reserve Bank of India-licensed payment aggregator believes that India will see 10-15 B2B unicorns getting created over the next five years.

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Nykaa’s Q2 net profit climbs 66% to Rs 13 crore; revenue up 24%

The company is making deliveries quicker without significant investments that could affect profitability or revenue margins, Anchit Nayar, chief executive of Nykaa Beauty, told analysts during a post-earnings call. Nykaa’s high order value will allow this quick-delivery segment to remain profitable without diluting margins or requiring large capital outlays, he said.

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Agile mid-sized IT uses AI, pricing to bag bigger deals

Companies like Persistent Systems, Sonata Software, and LTTS are leveraging AI to attract more vendor consolidation deals, aided by their agility and competitive pricing. These firms now often land larger contracts that were previously reserved for top firms, with an increasing focus on custom solutions. The trend reflects stronger demand and AI-driven innovation, enabling these companies to capture a greater market share in outsourcing.

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To AI or not to AI, that’s the question for academic book publishers here

The Indian Reprographic Rights Organization (IRRO) which represents 113 global and Indian publishing houses like Pearson, Oxford, S. Chand etc. said, it is cautious of these factors as AI companies are approaching the body for content outsourcing rights.

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ID verification company Equal bags $10 million in first institutional raise

Equal is building a platform which helps businesses streamline their know your customer (KYC) processes and prevent fraud, thereby assisting in regulatory compliance through integration with about 50 identity databases.

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Elon Musk moves all X lawsuits to Texas court: WaPo reports

Experts see this as a strategic move to shield X from increasing criticism, particularly over election misinformation and claims of conservative bias. Musk's political ties, including his support for Donald Trump, further underscore his legal strategy, with a Trump victory potentially reducing regulatory pressure on X.

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‘India has become an AI hub for startups’

Morgan Stanley, a major US investment bank, is exploring AI-based collaborations with Indian startups. With over 8,000 tech professionals in India, it leverages this talent for global operations. Its AI tools, “Assistant” and “Debrief,” developed with OpenAI, streamline advisor tasks by reducing administrative calls and aiding meeting summaries. Despite the wide impact of AI, Morgan Stanley continues expanding its workforce in India.

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Elon Musk is positioning X behind the new Trump presidency

Musk, who owns X, posted on the platform about politics more than 400 times between Tuesday and Friday, celebrating Trump's victory and talking about the causes that the president-elect should take up in office.

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Google Photos launches new updates page to track activity in shared albums

Google Photos is rolling out a new feature aimed at enhancing how users track and engage with changes in their shared albums.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Need child tracking data for their safety: Meta’s Antigone Davis

“We also use the tracking of behaviour to determine how to resource our systems. The way I can describe it is how they use the behaviour of electricity users at the grid level to determine where to surge power and where to pull it back so everybody has their light on,” Davis said in a interaction with ET.

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Xerox signs $1 billion IT services deal with TCS and HCLTech

The development comes months after both TCS and HCLTech announced expansion of their deals with the Connecticut-headquartered company. Its new deal with HCLTech is worth $590 million for five years, while that with TCS is for $490 million over seven years, Xerox said in its filing with the US Securities and Exchange Commission this week.

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Haldiram Bhujiawala secures Rs 235 crore from Pantomath's Bharat Value Fund; sells minority stake

The funds will be used to expand Haldiram’s manufacturing capabilities and enter new markets. BVF, which recently launched its third fund with a corpus of Rs 2,500 crore, invests in profitable, growth-stage companies. Haldiram Bhujiawala is its sixth investment.

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Backpacker hostel chain The Hosteller raises Rs 48 crore in round led by V3 Ventures

Founded in 2014, it plans to expand from 2,500 to 10,000 beds across India within 18 months, focusing on property expansion and customer acquisition. Operating in 60 locations, The Hosteller targets new markets in Odisha, West Bengal, and the northeast. It reported Rs 55 crore revenue in FY 2024, aiming for Rs 100 crore this fiscal year.

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Boldfit gets Rs 110 cr investment from Bessemer Venture Partners

The startup backed by cricketer KL Rahul will use the funds to enhance product innovation and expand its brand presence. The brand sells its products on ecommerce marketplaces, quick-commerce platforms and through its own D2C channel. It plans to open offline stores within the next 12 to 18 months.

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Tessolve to buy German chip designer for Rs 400 crore

This acquisition aims to position Tessolve as a leading design firm capable of delivering advanced turnkey solutions, particularly in System on Chip (SoC) designs for AI, automotive, and data center markets. The move will also strengthen Tessolve’s European presence with new facilities in Germany and the Netherlands.

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Alarm bells at wearables companies as slump extends to this fiscal

India’s wearables market has been on a downturn for over a year, affecting major brands like Boat and Boult. Boat reported a 5% revenue drop in FY24 but halved its losses, while Boult’s profits shrank despite a 40% revenue increase due to expansion efforts. Smartwatch demand remains low, with a 10% decline in Q2 shipments. Meanwhile, the true wireless audio segment grows, driven by budget-friendly features and quick-commerce expansion.

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GCCs ping class of 2025 to build their tech talent pipeline

GCCs gained popularity in campus placements in the last season — for the Class of 2024 — when they stepped in to partially fill the gap left by a sharp drop in IT/ITeS hiring. These companies say they are now seeing many more campuses reach out to them. The main draws: attractive salaries, benefits and career growth.

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India now a focus market for Reddit, says CEO Steve Huffman

Reddit registered an India subsidiary in August this year and started leveraging the influencer connect to gather users – it hosted AMA (ask me anything) sessions with Shark Tank’s Namita Thapar and actors Pankaj Tripathi and Manoj Bajpayee.

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Magicpin slashes platform fee to Rs 5 per delivery

"We can find a balance towards the welfare of our delivery heroes and our customers during festive seasons. Hence, here is a magicpin promise to let more people enjoy the festive season. magicpin's platform fees slashed by 50% of competition to Rs 5 only for the rest of the year," Magicpin founder and CEO Anshoo Sharma said on social media platform X.

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An 'interview' with a dead luminary exposes the pitfalls of AI

The technology-enabled resurrection of the dead poet was part of a novel experiment by Off Radio Krakow, an arm of Poland's public broadcasting system in the southern city of Krakow. The aim was to test whether AI could revive a moribund local station that had "close to zero" listeners, according to the head of public radio in Krakow.

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You are under digital arrest! How fake cop scams draining victims’ bank accounts

Victims of online scams are finding themselves in the grip of fake cops, leading to empty bank accounts. As the battle against cybercrime intensifies, experts tell that individuals and agencies must step up efforts to combat these threats.

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Tech giants are set to spend $200 billion this year chasing AI

Wall Street recently criticised major tech firms for their AI spending, but Amazon, Microsoft, Meta, and Alphabet plan to invest even more, exceeding $200 billion this year. These companies are securing chips and building data centers to support AI, aiming for future profitability despite current high expenses.

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Coursera sees spike in GenAI course demand, India leads enrolments

Raghav Gupta, Coursera's Managing Director for India and Asia Pacific, highlighted that while overall online learning growth has slowed compared to the pandemic boom, genAI courses have surged, with enrollments reaching 950,000—a 1600% year-over-year increase.

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Walt Disney forms business unit to coordinate use of AI, augmented reality

The newly formed Office of Technology Enablement will be led by Jamie Voris, who spearheaded development of Disney's app for the Apple Vision Pro mixed reality device, according to an email seen on Friday by Reuters.

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Cognizant Q3 profit up 2.8% sequentially; full year guidance revised up

The Nasdaq-listed technology major saw its third quarter revenue growing by 4% sequentially at $5 billion. On a year-on-year (YoY) basis, the revenue was up 3%.

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Amazon denies duping US consumers over Alexa's recording practices

Amazon said in a federal court filing on Wednesday in Seattle that the consumers had failed after years of litigation to show it engaged in unfair or deceptive practices.

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Country Delight raises Rs 200 crore in debt from Alteria Capital

Earlier this year, it raised around Rs 164 crore in equity funding from Singapore’s sovereign fund Temasek, giving it a valuation of $804 million as of July 31. The direct-to-consumer fresh foods brand will use the fresh funds to drive its expansion, brand marketing efforts and capacity addition.

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Catwalk goes canine in this festival season pet gala

The evolving pet parenting culture in India is driving a surge in the pet fashion market. This festive season, sales of pet fashion items like sherwanis, kurtas, lehengas, and accessories have doubled. Brands are competing for a share of this growing market, which is expected to reach Rs 500 crore in the next five years.

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Musk’s xAI seeks $40 billion valuation in new funding round

The funding discussions are early, said the person, who asked not to be identified discussing private information, and the details could still change or the talks could fall apart.

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Google ad change could affect millions of small businesses

Google Local Services ads run locally and are a big way that small businesses market their goods and services. Ads appear on the top of Google search results.

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Amazon India units post moderate growth, cut losses in FY24

While Amazon’s India marketplace unit is yet to file its audited financials with the Registrar of Companies (RoC), earnings of the three arms indicate a slowdown in Amazon’s India business amid increasing competition from rivals like Flipkart and Meesho.

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Edu-wealth startup Zinc raises $25.5 million from Nexus Venture Partners, others

The Singapore-headquartered company founded by the former PayU Credit chief Prashanth Ranganathan plans to use the funds for product innovation, expand its offerings and obtain financial licences to help families save and invest for their children's global education.

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Tatas to enter red-hot quick commerce space with ‘Neu Flash’

Joining Flipkart and Reliance Industries, salt-to-software conglomerate Tata Group is set to enter the ever-growing quick commerce sector as customer demand rages in metros. People in the know said Tata’s ecommerce venture Neu will enter the fast delivery segment branded as Neu Flash. It will be rolled out to select users offering grocery, electronics and fashion.

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AI companies need to be worried about cyber threats, model pollution

Artificial intelligence companies, including OpenAI, Microsoft, and Meta, are increasingly concerned about protecting their large language models (LLMs) from cyber threats. The focus is on protection, recovery, data portability, and data intelligence and working with other security companies to provide comprehensive solutions.

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TSMC suspended shipments to China firm after chip found on Huawei processor, sources say

This move comes amid ongoing U.S. restrictions on Huawei, which is prohibited from accessing U.S. technology. TSMC, as a major supplier to Huawei, is under scrutiny to ensure compliance with these restrictions.

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Swiggy IPO valuation at $11.2 billion; BlackRock, CPPIB, SBI MF, others subscribe to anchor book

Swiggy is gearing up for a significant IPO valued at $11.2 billion. The IPO will include a substantial secondary share sale by existing investors like Accel, Elevation Capital, and Norwest Venture Partners, alongside a primary capital raise.

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Our robot stories haven't prepared us for AI

A Florida teenager who took his own life had a particularly intense relationship with a chatbot named Dany, after Daenerys Targaryen from "Game of Thrones." He said he was in love with her, talked to her constantly, and raced to his room at night to be with her—all unbeknown to his parents and his human friends.

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Meta Platforms to use Reuters news content in AI chatbot

Meta AI, the company's chatbot, is available across its services including Facebook, Whatsapp and Instagram. The social media giant did not disclose whether it plans to use Reuters content to train its large-language model.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Apple's Q3 China smartphone sales slip, Huawei's soar

Apple's iPhone sales in China fell slightly by 0.3% in Q3 2024, while Huawei surged by 42%, capturing a 15.3% market share. Apple's market share dropped to 15.6%, as Vivo led with 18.6%. Huawei's Mate 60 series and Pura 70 model intensified competition. Overall, China’s smartphone sales rose 3.2%.

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Apple supplier Jabil eyes expansion; Ixigo, Go Digit financials

Apple supplier Jabil plans to expand operations in India, one of the world's fastest-growing markets for iPhones. This and more in today’s ETtech Morning Dispatch.

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Healthify raises $20 million in round led by Khosla Ventures, LeapFrog Investments

Claypond Capital, Manipal Group chairman Ranjan Pai’s family office, also participated in funding for the health and wellness startup, formerly known as Healthifyme. To date, the company has raised $125 million in primary equity.

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NPCI curbs on unauthorised use of UPI IDs by fintech companies

NPCI has shot off a letter to banks and fintechs asking them to refrain from using the UPI system for any form of service other than payment settlements and account validation. Fintech startups use the UPI ID to find out the name of the customer, the status of the bank account, alternate UPI IDs, and also verify the mobile number of the customer.

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Uber India bets big on two and three-wheeler markets; needs push for EV fleet: India president

According to Prabhjeet Singh, given the right price points and service levels, the Indian market will see deeper adoption of shared mobility.

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Infosys to establish an AI lab in London; Wipro partners with UK’s Wealthtime

The firm said the London Living Labs and the AI Lab are housed within Infosys’ new premises spread over 25,000 square feet with a capacity for 200 employees. The office marks an important milestone in Infosys’ journey of over 25 years in the UK.

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Even Healthcare raises $30 million in funding led by Khosla Ventures

The round saw participation from other US-based investors such as Founders Fund, 8VC and Lachy Groom. The company plans to use the funds to launch hospitals in Bengaluru and scale up patient care to become a fully integrated healthcare provider.

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Avaana logs final close of $135-million climate fund

This fund aims to invest in 20-25 early-stage companies working on solutions for energy transition, supply chain, resources, industrial decarbonization, and food systems.

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Paytm receives approval from NPCI to onboard new UPI users

Paytm parent firm One 97 Communications said on October 22 that the National Payments Corporation of India (NPCI) has given approval to the company to onboard new UPI users.

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AI startup Neysa raises $30 million in funding round led by NTTVC, others

The company's founder Sharad Sanghi, said the funds will be used for scaling up infrastructure and fuel research and development to democratise access to scalable AI solutions. The startup expects a growth of 200-300% next year, aiming to almost treble its revenue.

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Ola Electric says resolved 99% of customer complaints

The CCPA issued a show cause notice to Ola Electric last month for alleged violations of consumer rights, misleading advertisements, and unfair trade practices. The notice came amid increased customer complaints against Ola’s after-sales service, software glitches, and hardware issues with its two-wheelers.

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Dairy tech firm Stellapps raises $26 million in a mix of equity and debt

Stellapps, a dairy technology solutions startup, will use the funds for expanding Stellapps' mooMark business, which focuses on contract manufacturing and private-label dairy operations. Founded in 2011, the Bengaluru-based firm is a farm-to-consumer dairy digitisation service provider.

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India's chip industry: From stalled to successful

Despite a slow start, India’s semiconductor ambitions have seen major milestones. Now more widespread initiatives are needed for this momentum to continue.

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Boom time for spiritual apps: Diwali set for surge in user activity

Online devotional platforms see business booming this month amid burgeoning demand for new offerings launched during Navratri.

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Google granted request to pause order on Play store overhaul

San Francisco-based US District Judge James Donato made the decision on Friday as part of an antitrust lawsuit against Google brought by "Fortnite" maker Epic Games. Google argued that Donato's October 7 injunction would harm the company and introduce "serious safety, security and privacy risks into the Android ecosystem."

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Quick commerce’s burning brighter as players add more fuel

Zomato's decision to raise additional funds via QIP, despite holding $1.5 billion in cash, has sparked intrigue in the quick commerce sector, with some viewing it as a strategic move to overshadow Swiggy's impending IPO. The slug of capital that will be needed to sustain growth in the high-burn quick commerce sector is resembling the trajectory of ecommerce a decade ago.

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P2P startups look to overhaul biz, processes amidst RBI crackdown

Peer-to-peer lending startups are still coming to terms with the latest observations on the sector released by the RBI on August 16. At the same time, they are also dealing with regulatory action against violations. Many P2P platforms are working on restricting withdrawals and also overhauling their entire product journey to abide by stringent RBI rules on the sector.

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MeitY extends deadline for Rs 10,000 crore GPU tender to Nov 12 amid industry concerns

The tender aims to establish public AI cloud infrastructure with more than 10,000 GPUs through a public-private partnership. Some companies raised concerns about energy efficiency requirements, but the tender remains unchanged for now.

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India recognised as source of cost-effective digital applications in Global South: IT Secy

Today, in many international fora, India has been recognised as a digital power, S Krishnan, secretary at the Ministry of Electronics and Information Technology (MeitY), said at a virtual address to the Nasscom Future Forge 2024 event held in Bengaluru.

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Eldercare startup Primus Senior Living raises $20 million from General Catalyst, others

General Catalyst brought in $7 million, while Zerodha cofounder Nikhil Kamath and investment firm Gruhas invested the remaining $13 million. Primus delivers healthcare, wellness, lifestyle, and social engagement services to elders at their homes.

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Samsung workers call off strike: TN labour dept

Under the agreements among the parties, workers would not be victimised for participating in the strike, the department said. Workers said they would cooperate with the management fully and would not do any such acts "prejudicial to the interest of the management".

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Footwear startup Yoho bags Rs 27 crore, eyes offline and international expansion

The funds will be used to support growth initiatives, research and development, marketing efforts, recruitment, and offline expansion. It last raised Rs 20 crore in October 2022. “Our core target audience is 28 to 40 years old, who like colour and style, value comfort, and don't just go for fashion,” cofounder Prateek Singhal told ET.

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Furniture rental startup Rentomojo nears Rs 200 crore FY24 operating revenue

Rentomojo reported a 60% rise in operating revenue to Rs 193 crore in FY24. Controlled rise in expenses during the year saw net profit surge more than threefold to Rs 22 crore last fiscal from Rs 6 crore in FY23.

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CCPA directs Ola to provide customers refund options

The Central Consumer Protection Authority (CCPA) has also observed that Ola is not issuing invoices for auto rickshaw rides on its app, which it termed an unfair trade practice.

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Bits & Bytes: Tesla unveils robotaxi, pledges it ‘before 2027’

Tesla's self-driving robotaxi will be fully electric and cost under $30,000. Musk also revealed humanoid robots called 'Optimus' that could perform menial tasks and offer companionship. Meanwhile, the lawsuits allege that TikTok's addictive design features, like endless scrolling and push notifications, harm children's mental health. Meta has introduced AI tools called "Meta Movie Gen" for automatically generating, editing, and adding sound effects to videos.

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Cost, integration and scalability: Hurdles for Open RAN in India

While the technology could reshape the telecom landscape in the country, challenges related to cost, integration and scalability continue to present significant near-term hurdles.

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Zomato independent director Gunjan Soni steps down from board

Gunjan Soni, currently the chief executive of Southeast Asia focused fashion retailer Zalora Group, has formerly been a senior executive at Myntra, Jabong, Star India and McKinsey. She was appointed to Zomato's board prior to the company's July 2021 initial public offering.

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Apple accused of restricting workers' slack, social media use by US labor board

​​ This is the second time the NLRB has hit Apple with a complaint this month. Last week, the agency accused the company of requiring employees nationwide to sign illegal confidentiality, nondisclosure, and noncompete agreements and of imposing overly broad misconduct and social media policies.

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Maharashtra opens Rs 800 crore centre to fight cybercrime

The Rs 800 crore facility, located in Navi Mumbai, will house over 150 experts to protect the state's residents. The center will leverage advanced technologies like AI and blockchain to address various types of cyber threats, including malware, deepfakes, and cryptocurrency scams.

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India drives TCS growth buzz

Tata Consultancy Services (TCS) reported a 5% increase in net profit for the second quarter, driven by a large deal with BSNL. Despite cautious spending from clients in key markets, TCS saw signs of improvement in financial services in North America. CEO Krithivasan expressed optimism about the future, suggesting that the second quarter of FY25 could be better as macroeconomic uncertainty eases.

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Good Glamm Group completes buyout of feminine hygiene brand Sirona for Rs 450 crore

In 2022, Good Glamm announced the purchase of a partial stake in Sirona for Rs 100 crore. The all-cash deal had faced legal scrutiny after founders and investors of Sirona issued notices to Good Glamm for not finalising the acquisition as per their original agreement.

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India's AstroSat and NASA's Space observatories capture dramatic eruptions from stellar wreckage around a massive black hole

Indian and American astronomers have observed a rare event where a massive black hole is tearing apart a star and using the debris to pummel another star or black hole. This discovery, made using NASA's space observatories and ISRO's AstroSat, provides insights into the connection between two previously separate mysteries.

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India leads AI app downloads with 21% share globally

Chatbot apps such as ChatGPT, Microsoft Copilot, Google Gemini are the most downloaded AI apps along with image/video editing and play apps. However, most Indian users use these apps for free.

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Payments firm Tonetag looks to bag $50 million from Iron Pillar, others

Tonetag is in talks with growth-stage investment firm Iron Pillar for a fresh equity round of around $50 million. Other investors are expected to join the round as well. The round will be a mix of primary and secondary capital, where some of Tonetag’s early investors will partially or fully exit the company.

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AI tech shift leading to remarkable transformation: Worldwide Amazon Stores CEO

Speaking at the 'Delivering the Future 2024' event where Amazon announced a major AI push into multiple areas of ecommerce for the US markets, Doug Herrington said AI infusion and enhancement is not just enabling lower costs and improved quality, but also leading to innovative experiences.

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Data centres are wary of sustainability push in govt’s AI mission GPU tender

As per the new clause introduced by the Ministry of Electronics and Information Technology (MeitY) in a corrigendum to the bid issued in the last week of September, a bidder must confirm that the PUE for the data centres from which AI services on cloud would be delivered is not more than 1.35.

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Legal AI company EvenUp valued at over $1 billion in latest funding round

Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire and B Capital Group also participated in the round, which brought the company's total fundraise to $235 million, EvenUp said.

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Fraud check: Infosys candidates need to check system for info

Infosys, India’s second-largest software services company, has stopped sending job offer letters and attachments via email. Instead, new recruits will access their job application details by logging into the company’s internal system.

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Ola Electric slapped with show cause notice over consumer complaints and service deficiencies

The central government has issued a showc ause notice to Ola Electric for multiple consumer complaints. These complaints involve service delays, misleading ads, and unfair practices. Ola Electric has been asked to respond within 15 days. The company's stock fell nearly 9 per cent today. The company reported a significant net loss despite revenue growth.

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Samsung signs MoA with some workers at Chennai facility; agrees to a slew of demands

The company has also agreed to expanding the operation of air conditioned buses by next year from only five routes currently to all 108 routes.

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Soon, you will be able to travel from Bengaluru airport to Cantt Station in 40 min: minister

Vaishnaw, who is minister for railways, information broadcasting and information technology, took the train ride from the airport to the Cantt station, where he reviewed the progress of ongoing projects and some planned ones. V Somanna, minister of state (railways) and Lok Sabha member from Tumakuru, will be leading the project that will take the railway line into the sprawling airport.

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ETSA 2024 | For startups, right talent is human capital, not just human resource: Lenskart CEO Peyush Bansal

India needs to attract and retain the right talent to be able to take its startups to the global stage, Bansal pointed out.

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Marriott to open tech accelerator in Hyderabad next year

Marriott International is setting up a tech accelerator in Hyderabad, opening in early 2025. This will be its first overseas global capability centre. The centre aims to leverage Hyderabad's technology talent, focusing on software engineering, infrastructure, operations, and cybersecurity. Marriott's expansion in India includes 153 hotels with 84 more in the pipeline.

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Conservative think tank targeting NASA employees' communications about Elon Musk, Donald Trump

The Heritage Foundation has filed numerous Freedom of Information requests with NASA to uncover internal discussions about Elon Musk and Donald Trump. This effort aims to identify civil servants opposing Trump's agenda and assess whether NASA is hindering private companies like Musk's SpaceX.

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Brazil's top court says X paid pending fines to wrong bank

Brazil's Supreme Court postponed its decision to allow social media platform X, owned by Elon Musk, to resume services in the country, as the company did not transfer pending fines to the correct bank. X has been suspended since August for failing to comply with court orders related to hate speech moderation and proper legal representation.

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Winners of The ET Startup Awards 2024 to be feted today, and other top stories this week

It’s D-day! Top entrepreneurs, policymakers, and investors will come together in Bengaluru today to honour the stars of Indian entrepreneurship at the tenth edition of The Economic Times Startup Awards (ETSA) 2024.

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ET Startup Awards 2024: The stars of startup world to shine today

​​Ashwini Vaishnaw, union minister for railways, information and broadcasting, electronics and IT, will be the guest of honour at the glittering ceremony. Winners and nominees, past and present, will be among the elite speakers. Watch out for full coverage of the event in ET's pages.

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ET Startup Awards 2024: Lenskart eyes $200 million factory as revenue run rate hits $1 billion

Omnichannel eyewear brand Lenskart, which bagged the top honours at ET Startup Awards (ETSA) 2024, is witnessing stellar online growth backed by its boost to local manufacturing and resulting speedy delivery. “We’re just getting started,” chief executive Peyush Bansal told us, detailing the company’s new manufacturing plant in south India, selling made-in-India products in international markets, and more.

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Consumer-lending fintechs steal show with surging numbers

Fintech firms in consumer lending such as Navi, Kreditbee, Moneyview, and Fibe reported strong profits and revenue growth in the last financial year, recovering from Covid-related challenges.

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AI helping companies make more money, adding up to 20% to profits: report

Generative AI is the prime mover of the current wave of technological change and companies leveraging on AI can make remarkable profits up to 20%.

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ET Startup Awards 2024: it’s an all-star cast of speakers in milestone year for ETSA

Nandan Nilekani, a digital public infrastructure (DPI) evangelist, will delve into the past decade of India's tech and startup ecosystem and look ahead at what’s in store for the new economy amid groundbreaking technological innovations and the maturing of the country’s startup ecosystem.

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Big IT expects growth momentum to continue in September quarter

India’s software service providers will report their July-September quarter results in the coming week, and analysts expect them to be better than the first quarter on the back of deal revival and an improvement in business sentiment in North America.

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Away from spotlight, healthcare throws big lifeline to IT sector

India's IT companies have found a resilient growth engine in healthcare. This contrasts with the sluggish performance of financial services, retail, and hi-tech, which have faced headwinds for nearly two years.

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IT’s fresher hiring may double in FY25 on demand rebound

After a sluggish period, the IT sector is set for a significant recovery in fresher hiring, with projections indicating a nearly 100% increase in entry-level hires this year compared to the last. Several big IT firms have already announced plans to resume campus hiring and expand their workforce.

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Edtech startup Adda247 buys placement preparation platform PrepInsta

With this buyout, the startup has acquired four companies so far, the others being StudyIQ, a UPSC preparation platform in 2021; Veeksha, an augmented reality/virtual reality learning modules platform in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm in July this year.

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ESTA 2024: ClaimBuddy wins by easing insurance claims pain for all

ClaimBuddy won this year’s Best on Campus category at The Economic Times Startup Awards, for aiming to solve the major issue of making the health insurance claim process more transparent and efficient. “ClaimBuddy is a commitment to ensure that patients receive the care they need without the added stress of navigating complex insurance processes," said Khet Singh Rajpurohit, cofounder of the company.

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UAE establishes global leadership in artificial intelligence, high-tech innovation

The UAE has ramped up AI and tech investments to secure a prosperous, sustainable future, forging global partnerships in line with its vision, where technology and AI are key pillars, international company leaders told Emirates News Agency (WAM).

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AI is for everyone: A path to inclusive innovation

Artificial intelligence is shaping the future of several industries. But its power must be balanced with environmental and ethical stewardship

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Bits and Bytes: Meta unveils glasses pitched as smartphone rival and more

According to CEO Mark Zuckerberg, the bulky, black-framed prototype called ‘Orion’ is able to overlay holographic images on a wearer’s field of vision and is ultimately intended to rival the smartphone. “The right way to look at Orion is as a time machine,” Zuckerberg said.

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Small companies can now chase India's giant AI dreams

Sunil Gupta, chief executive of Yotta Data Services, which has placed a purchase order of 16,000 H100 GPUs from Nvidia and went live with 4,000 H100 GPUs a few months ago, concurred. “By lowering turnover thresholds and introducing greater flexibility in AI compute infrastructure requirements, the government has made it easier for a diverse range of players including and especially the startups in the AI services space to contribute to this mission.”

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Tiger Global conducts due diligence of Zepto dark stores as it eyes quick commerce

US investor Tiger Global is showing strong interest in Zepto, a quick commerce startup valued at $5 billion. The firm is conducting due diligence at Zepto's dark stores and engaging with the company for potential future funding. Zepto is also in talks for an IPO next year, aiming to capitalize on India's growing quick commerce sector.

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Cisco opens manufacturing facility in Chennai

Cisco has partnered with Flex for building the Chennai factory to produce advanced telecom technologies. The facility will initially focus on Cisco’s Network Convergence System (NCS) 540 Series of routers, representing the first phase of the company’s multi-year investment plan.

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WeWork’s Rs 1,200-crore deal collapses; ETSA Bootstrap Champ winner Boult

Happy Friday! Bankruptcy-hit coworking firm WeWork Inc.’s plan to exit the India unit via a secondary stake sale has fallen through. This and more in today’s ETtech Morning Dispatch.

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ETSA 2024 | ‘Bootstrap Champ’ Boult is marching to beat of its own drum

Boult, a brand known for wearables and electronic devices, prioritizes profitability over market share. Founded by brothers Varun and Tarun Gupta, Boult has grown rapidly without external capital. The company plans to diversify its product range and expand its offline presence while maintaining strong financial health.

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India can be intelligence capital of the world: Nvidia's Vishal Dhupar

Dhupar believes India is witnessing a growing adoption of accelerated computing infrastructure but needs more investments. To compete effectively in the AI race and become an AI powerhouse, India must invest heavily in building its computing capabilities, including servers, storage, and networking, he says.

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X releases its first transparency report since Elon Musk's takeover

Social media platform X, formerly Twitter, has published its first transparency report since Elon Musk's acquisition. The report reveals that nearly 5.3 million accounts were suspended and over 10.6 million posts were removed or labeled for violating platform rules in the first half of the year.

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SaaS fintech firm Zaggle picks up 26% stake in Mobileware Technologies

This investment of Rs 15.6 crore will let Zaggle leverage Mobileware’s expertise and infrastructure to strengthen its payment offerings, which are now used by over 80 banks and 20 fintech firms. These payment offerings include UPI, IMPS, AePS, BBPS, and its proprietary API banking platform, TransXT.

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ETSA 2024: Haqdarshak takes government schemes to the needy via consultants

Haqdarshak was picked by the elite jury of The ET Startup Awards as the winner of the Social Enterprise category, which recognises a startup that best embodies the ‘double bottom-line’ model of combining profit and public good.

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Operational tech roles log 20% surge in demand

Infrastructure projects, particularly the government's smart city initiative, have spurred an 11% rise in OT hiring, Sharma said. The focus on process automation and regulatory compliance in the chemical and pharmaceuticals sector resulted in an 8-10% growth in OT positions. Smart manufacturing and autonomous vehicle technologies in the automotive sector led to a 12% increase.

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ETSA 2024: Need stronger collaboration between private investors and govt to support deeptech startups: BrainSight AI founder Laina Emmanuel

As part of a series of interviews with the winners of The Economic Times Startup Awards 2024, ‘Top Innovator’ award winner BrainSight AI’s founder Laina Emmanuel talks about the firm’s journey so far.

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Indian educators to procure 1,000 AI-powered EdTech innovation

Domestic and international companies including Roombr, Microsoft, HP, Samsung, LG, BenQ, Up Grad, Teachmint, Viewsonic, Philips, and several others showcased latest innovations in AI, education technologies, drones, educational supplies, IoT, robotics, AV equipment, lab equipment, infrastructure, AR, and VR and more.

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Hopes of earnings revival lift Indian tech firms’ valuations

Analysts say despite subdued revenue growth across the $250 billion Indian IT industry, valuations are getting a heft from an anticipated revival in demand in key clientele regions – the US and Europe. Expected business revival, deal wins and focus on margin improvement in the past 2-3 quarters has further pushed up the momentum.

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Bits & Bytes: Meta beats lawsuit over Apple privacy

In a decision, US District Judge Yvonne Gonzalez Rogers also rejected claims that Meta concealed former COO Sheryl Sandberg’s use of company resources on personal matters, including her wedding and her book Lean In.

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Top startup and tech stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories from this week. Let’s take a look.

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Michelin to lay foundation stone for passenger car tyre facility at TN plant

"India is a very big market and (there are) many Indias within India," Gaganjot Singh, president and managing director - Africa, India and Middle East at Michelin, said. "We cater to the premium segment (and) we believe that we are achieving a critical mass in the premium segment, which is now going to grow significantly in the years to come."

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Indian Space Station will enable research in Bioastronautics, biological research, drug discovery: Isro Chairman

The four projects approved by the Union Cabinet on Wednesday that includes Chandrayaan-4, Venus Orbiter Mission, a New Generation Launch Vehicle, and building the Bharatiya Antariksh Station (an extension of the Gaganyaan programme) has an outlay of around Rs. 22,000 crore, said the Indian Space Research Organisation (Isro) Chairman S Somanath.

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Aye Finance set to secure Rs 250 crore in a fresh round

Once the deal is closed, Aye Finance’s net worth would reach Rs 1,250 crore, on the basis of which it can raise further debt from its lending partners. Founded in 2014, the lender focused on small and medium enterprises is backed by Alphabet’s growth fund Capital G, Elevation Capital and others. Its initial investors are not participating in this round.

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Bengaluru suffering, says Piyush Goyal; comment unwarranted, retorts Patil

The union minister’s comments were “unwarranted,” as Bengaluru is globally renowned for its technology and startup ecosystem, MB Patil told ET. The two ministers sparred on the microblogging site after Goyal’s comments at an event in Delhi on Monday went viral.

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While doubling India headcount, Salesforce also facilitated 65,000 internships: Arundhati Bhattacharya

Bhattacharya said, “We have an MOU (memorandum of understanding) with AICTE for providing 200,000 internships, of which we have already done 65,000. So these internships are for three months - one and a half months virtual, one and a half months on the ground, in location.”

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Banks step up vigil on fraudulent account opening via digital banking channels

“Some of the largest banks in the country could be processing around Rs 300-400 crore worth of fraudulent transactions through mule accounts on a monthly basis; for mid-tier banks, the amount could be around Rs 50-100 crore," a senior banker with a private sector bank said on the condition of anonymity.

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Meme-based dating app Schmooze raises $4 million in round led by Elevation Capital

The newly raised funds will be used for growth and expansion as well as to enhance its AI engine. “We've realised that the power of content in unifying people and understanding if they can vibe together is immense and universal. While we began with memes, we’re quickly expanding to other forms of content,” Anurag said.

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Livspace to file for domicile flip from Singapore for IPO in 2025-26

Ikea-backed Livspace is set to become the latest startup to file for flipping its domicile to India from Singapore and has secured the board’s in-principle approval for the same, founder Ramakant Sharma told ET. The home decor startup plans to launch its initial public offering (IPO) by the end of 2025 or early 2026, but the timeline is subject to change.

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Snap unveils fifth Gen AR glasses Spectacles at Snap Partners Summit 2024

This comes days ahead of rival Meta set to showcase its AR glasses at the Meta Connect conference and Apple Inc having set the stage for its AR glasses that have reportedly been under development.

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Lightspeed may lead $50-60 million round in healthcare company Qure AI

Venture capital fund Lightspeed will lead a $50-60 million investment in Qure.ai through its growth fund. Sources said the VC fund will invest around $20-25 million in the AI company and is looking to buy some secondary shares as well.

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Infosys, Wipro to start fintech hubs in GIFT City’s IFSC under Techfin framework

Both companies have taken large office spaces within the International Financial Services Centre (IFSC) to set up their operations under the TechFin framework, through which they will focus on services aligned with financial technology catering to their global clients.

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Tally is at work on new accounting platform for small businesses

Bengaluru-based Tally Solutions, a software solutions provider for small businesses, is planning a larger financial services play, intending to get into financial reconciliation, credit offerings, and an integrated tax filing service.

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Apple’s watch series 10: a powerhouse that goes beyond monitoring

Series 10 boasts of Apple’s largest and most advanced display. It has 30% more screen area, a 40% brighter display, which improves visibility and readability, and an OLED screen that’s very power-efficient. Series 10 is also the thinnest Apple Watch ever, at 9.7 millimeters. A metal back integrates the antenna into the housing, improving cellular performance and maintaining 50-metre water resistance.

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Apple’s watch series 10: a powerhouse that goes beyond monitoring

Series 10 boasts of Apple’s largest and most advanced display. It has 30% more screen area, a 40% brighter display, which improves visibility and readability, and an OLED screen that’s very power-efficient. Series 10 is also the thinnest Apple Watch ever, at 9.7 millimeters. A metal back integrates the antenna into the housing, improving cellular performance and maintaining 50-metre water resistance.

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Winners of ET Startup Awards 2024; and other top stories this week

We at ETtech were neck-deep preparing for the past few months to bring to you the tenth edition of The Economic Times Startup Awards (ETSA). We reached out to more than 150 of the country’s top entrepreneurs, investors and other stakeholders to compile a list of the best entrepreneurial talent. Then we distilled it to arrive at the final nominees.

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‘Sachet’ covers now guard against cyber fraudsters using AI

A recent study by Deloitte said that India’s cyber insurance market worth $50–60 million in 2023 is expected to grow at an annual rate of 27–30% in the next five years.

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EU break-up order to Google unlikely for now

European Union regulators are due to issue a decision in the coming months after antitrust chief Margrethe Vestager last year threatened to break up Google's lucrative adtech business.

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ET Startup Awards 2024 | Best on Campus: ClaimBuddy stays on pulse to take home campus star prize

The startup that provides digital infrastructure to hospitals for processing insurance claims and assists patients in getting faster pay-outs was praised for its mission to improve a massive pain point for users.

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UPI features like ATM withdrawals, circle likely to hit debit cards hard

Among the popular retail payment methods, debit cards have been on a significant decline over the last few years, but now with UPI being built for all forms of retail digital payments, some of the core use cases of these cards will also be challenged.

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Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners

Returning investors Burman Family Office and Shantanu Agarwal, among others, participated. The startup, now valued at $125 million, had earlier raised $4 million in September 2022, in a round led by the Burman Family Office at a $20 million valuation. The fresh funds will be used to scale its platforms Invictus and One Digital.

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Ex-Google executive said goal was to 'crush' competition, trial evidence shows

The statements underscored the US Department of Justice's claim that Google has sought to monopolize markets for publisher ad servers and advertiser ad networks, and tried to dominate the market for ad exchanges which sit in the middle.

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ET Startup Awards 2024: Nominees for Startup of the Year

The ET Startup of the Year will be characterised by breakthrough innovation, top-class execution and fast-paced growth. The quality of the founding and management team was an important component in decision making.

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Govt fast-tracks approval process for overseas-headquartered startups' mergers into Indian arms

Experts said the move will mainly benefit startups set up by Indians, which are headquartered overseas but now want to move back to India through such amalgamations to better tap the country’s robust growth prospects. Reverse flipping typically refers to such homecomings.

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Quick commerce war expands into battle for leadership talent

Poaching is rampant and Rs 2-3 crore salaries plus millions in stocks are on offer for top talent as the likes of Swiggy Instamart, Zepto, Blinkit and Flipkart focus on beefing up their leadership teams in the face of intensifying competition, recruiters and industry folks said.

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Not enough cabs to meet rising demand: Uber India president

While Uber and Ola continue to dominate app-based taxi service in India, they are facing increasing rivalry from newer players such as WestBridge Capital-backed Rapido, which recently closed a $200-million funding round, BluSmart, Namma Yatri and InDrive among others.Uber has more than 1.1 million active drivers on its platform in India and the number is growing continuously, Prabhjeet Singh, president of Uber India and South Asia told ET.

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Apple unveils new iPhone built for AI

Apple on Monday announced a new iPhone built for generative artificial intelligence as it seeks to boost sales and show it is keeping up in the technology race. "Apple Intelligence" is a new suite of software features for all devices that was announced in June at the company's annual developers conference, where it also announced a partnership with ChatGPT-maker OpenAI. "For years, artificial intelligence and machine learning have been essential in delivering so many of the features and experiences you love," Cook said.

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India’s Semicon Mission likely to get a fiscal helpline for 8 years

Instead of the current 50% incentive, the next phase of the ISM may bring down the incentives for outsourced assembly and testing and assembly, testing, marking and packaging units to less than 30% on a pari-passu basis, another official said.

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ET Startup Awards 2024: Nominees for Comeback Kid

This award celebrates failure and recognises those who have survived to tell the tale. It will be given to entrepreneurs who rebuilt or launched a more successful business.

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They had thriving lives on X, until Brazil banned it overnight

Rodrigues had come to rely on X as she built her career. It was where she connected with artists, found gigs and promoted her work. So she was crestfallen when, with just hours of warning, Brazil's Supreme Court blocked the platform last weekend after its owner, Elon Musk, refused to comply with court orders to suspend certain accounts.

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Apple's upcoming iPhone will catapult tech trendsetter into age of AI

Apple is set to unveil the iPhone 16, its first model tailored specifically for artificial intelligence. The new features include enhanced Siri capabilities and on-device AI processing. This launch aims to rejuvenate iPhone sales and position Apple as a leader in consumer AI technology.

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A vast majority of young professionals fear AI disruption: survey

With artificial intelligence becoming more pervasive, insecurities over job displacement have emerged as a major concern. A survey finds artificial intelligence and machine learning to be the most sought-after skills in FY25, as many seek to upskill to remain relevant.

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Zepto in talks with investment banks for potential IPO next year

The Mumbai-based startup is also talking to domestic investment banks for a potential listing of shares by August next year, one of the people said. Swiggy, the parent of Zepto’s rival Instamart, is also readying to hit the public market later this year with a $1.25 billion IPO. Its other bigger competitor, Blinkit, is owned by Zomato, a listed company since 2021.

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Broadcom shares slump as revenue target disappoints investors hoping for big AI boost

Broadcom posted big declines in revenues from its broadband and non-AI networking divisions on Thursday, while a hike in its forecast for AI chip sales failed to impress growth-hungry investors who have driven a more than 35% increase in its shares so far this year.

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Tax authorities seek $101 million in Byju's insolvency process

Backed by General Atlantic, Byju's was valued at $22 billion in 2022, but has seen its fortunes dwindle due to many regulatory issues and more recently a dispute with U.S. lenders who are demanding $1 billion in unpaid dues, triggering the company's insolvency that led to an assets freeze.

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Maharashtra says Tower-Adani to set up $10 billion semiconductor unit

The Maharashtra cabinet has approved a $10-billion investment by a Tower Semiconductor-Adani Group joint venture to establish a semiconductor chip manufacturing unit in Taloja, Panvel. The project will have an initial capacity of 40,000 wafer starts per month, expanding to 80,000 WSPM in the second phase.

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Telangana doubles down on AI focus with its Global AI Summit

At the heart of Telangana's AI strategy is the establishment of the AI City, a 200-acre hub near Hyderabad, dedicated to AI research, development, and application. He said the project would place Telangana at the epicentre of global AI innovation, offering cutting-edge compute facilities, expansive data lakes, and robust connectivity.

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