Paytm Payments Bank’s mobile wallet business hits a nadir

Regulatory actions cripple Paytm Payments Bank's mobile wallet business, leading to a significant decline in transactions and value. Competitors like Mobikwik, PhonePe, Amazon Pay, and Slice experience growth in their wallet businesses.

from Tech-Economic Times https://ift.tt/xq3aOf2

Birlasoft’s net profit grew 11.8% to Rs 180 crore

Birlasoft's Q4 saw a net profit of Rs 180 crore, 11.8% QoQ growth. Revenue stood at Rs 1,363 crore, up 1.5%. Operating margin ended at 14.7%. The firm recommended a dividend of Rs 4/share.

from Tech-Economic Times https://ift.tt/q6lD9fA

CII brings out new corporate governance charter for startups

CII launched a corporate governance charter for startups, including a self-evaluative scorecard. The tool allows startups to measure their governance progress, with score changes indicating improvements in governance practices as assessed against the scorecard from time to time.

from Tech-Economic Times https://ift.tt/fWg1vec

A gruelling IT marathon: FY24 was a turbulent year for the Indian IT sector. What lies in store for the next 12 months?

In the past two weeks of the final quarter and full fiscal 2024 earnings announcements, most IT majors failed to meet their revenue growth guidance. Many downward revisions for the year ahead were seen despite most firms bagging large deals and sitting on an arsenal of historic total contract value (TCV) wins.

from Tech-Economic Times https://ift.tt/xY2ms40

Apple intensifies talks with OpenAI for GenAI features

The two companies have begun discussing terms of a possible agreement and how the OpenAI features would be integrated into Apple's iOS 18, the next iPhone operating system, said the people, who asked not to be identified because the deliberations are private.

from Tech-Economic Times https://ift.tt/KNRAUYk

Sam Altman, Satya Nadella in US Homeland Security's AI security advisory board

The board will develop recommendations for the transportation sector, pipeline and power grid operators, internet service providers and others to "prevent and prepare for AI-related disruptions to critical services that impact national or economic security, public health, or safety."

from Tech-Economic Times https://ift.tt/7NBnYpU

US chip bans not meant to hobble China's growth, Blinken says

Since 2022, US officials have imposed sweeping controls on which computing chips can be exported to China, cutting off some sales from Nvidia, Advanced Micro Devices and Intel, among others. Those controls followed earlier bans on shipping chips to Huawei Technologies.

from Tech-Economic Times https://ift.tt/GKfr1bd

Apple renews talks with OpenAI for iPhone generative AI features: report

The companies have begun discussing terms of a potential agreement and how OpenAI features would be integrated into Apple's next iPhone operating system, iOS 18, the report said, citing people familiar with the matter.

from Tech-Economic Times https://ift.tt/ei8VnaP

Startup twists & turns on IPO street; and other top tech and startup stories this week

Food and grocery delivery company Swiggy on Friday confidentially filed its draft documents for an initial public offering (IPO) with stock market regulator Securities and Exchange Board of India (Sebi), sources told us.

from Tech-Economic Times https://ift.tt/Eo8LZYH

Mohit Gupta, Mukesh Bansal’s omnichannel fashion startup Lyskraft raises $26 million in seed funding

Former Zomato executive Gupta will steer the venture as CEO, Bansal to stay away from operations. The fashion startup will focus on offline play in the premium women's wear fashion category and expand into other lifestyle segments later.

from Tech-Economic Times https://ift.tt/xUo2vlT

FirstCry to refile IPO papers post Sebi order

FirstCry is set to withdraw its papers for an up to $500 million IPO as early as next week, after India's markets regulator raised questions over key metrics it disclosed to investors.

from Tech-Economic Times https://ift.tt/6B4FEsR

With $11 million exit pay, Delaporte joins other CEOs in costly exits

An analysis of employment contracts of top IT leaders shows that in recent years, payments to exiting CEOs at companies such as Tata Consultancy Services (TCS), Cognizant and Wipro have ranged from Rs 48 crore to Rs 92 crore.

from Tech-Economic Times https://ift.tt/4D8pdXY

Rapido announces free bike rides to voters in Bengaluru and other cities on Friday

On election day, voters can avail free rides on the Rapido app using the code ‘VOTENOW’ and exercise their democratic right, the company said in a statement. Rapido will deploy over 10 lakh captains across more than 100 cities to provide free rides on election-day.

from Tech-Economic Times https://ift.tt/i8NOHWr

Bubble tea brand Boba Bhai raises Rs 12.5 crore from Titan Capital, others

Boba Bhai, a quick-service restaurant (QSR) brand specialising in bubble tea and other food items, said it will use the capital for its plan to expand to 100 outlets within the next 12 months. "Our goal is to expand in tier-1 cities within the next six months and then go to tier-2 and tier-3 cities,” founder Dhruv Kohli said.

from Tech-Economic Times https://ift.tt/jcG9T78

Cognizant utilising acquisition strategy to further AI investments: CEO

US-headquartered IT and professional services firm Cognizant had last year announced that it would invest $1 billion over the next three years to augment its generative artificial intelligence (Gen AI) capabilities.

from Tech-Economic Times https://ift.tt/MAt7G6e

Europe emerges as hotspot for Indian IT M&As, tops buy chart

Indian IT giants are on a European shopping spree, snapping up companies at a rapid clip. Europe's booming tech sector, outpacing North America, has fueled over a dozen acquisitions since the pandemic.

from Tech-Economic Times https://ift.tt/gBEix6w

Cognizant purchases 25K Copilot Seats from Microsoft

Besides internal usage, Cognizant will work to deploy Microsoft 365 Copilot to a million users within their global 2000 clients and across 11 industries.

from Tech-Economic Times https://ift.tt/vf1XBgi

Garena to localise India ops ahead of 'Free Fire' launch

Following the government's nudge for over seven months, Garena is finally moving its game server to India to be installed in Yotta Data Services' Navi Mumbai premises, sources told ET.

from Tech-Economic Times https://ift.tt/eofAxwj

TikTok says US House bill that could ban app would 'trample' free speech

The House passed the legislation on Saturday by a margin of 360 to 58. It now moves to the Senate where it could be taken up for a vote in the coming days. President Joe Biden has previously said he would sign the legislation on TikTok.

from Tech-Economic Times https://ift.tt/kSXybil

Zomato hikes platform fee for users to Rs 5; pauses intercity deliveries

The platform fee, which is a per-order flat charge, has been hiked in Zomato's main markets like National Capital Region, Bengaluru, Mumbai, Hyderabad and Lucknow. Sources said Zomato services 2.0-2.2 million orders per day, and a Re 1 increase for a large order base could add substantially to the company’s earnings over a quarter.

from Tech-Economic Times https://ift.tt/wkt2bGQ

Talent AI-volution: Can AI adoption dent India's tech edge?

India is the tech powerhouse of the world, known for its engineering prowess. But can the widespread adoption of AI, which will lead to significant automation, dent India’s talent edge? Annapurna Roy and Beena Parmar report.

from Tech-Economic Times https://ift.tt/cDpEVIt

Startups shuffle top deck, play to ace long-term profitability game

At Third Wave Coffee, founder Sushant Goel transitioned to a board role after former KFC India head Rajat Luthra was roped in as chief executive, effective April 1. "The journey of starting up and getting the company at a certain scale is very different from taking it to the next level," said a venture investor with a global firm. "These changes are ultimately healthy in the sense that these startups are reaching a particular level."

from Tech-Economic Times https://ift.tt/z3ljgFP

Wipro Q4 net profit is down 7.8% to Rs 2,835 crore

The fourth largest Indian IT service firm, Wipro saw its headcount decline by 9.5 % in the fiscal 24. This is the third time in a decade that the IT major saw a full-year decline in its headcount, by ending the fiscal at a lower number compared to the start of the year.

from Tech-Economic Times https://ift.tt/lrATzQq

India needs financial risk coverage for commercial space launch industry

As space launches face more failures, communication issues, and debris threats, space insurance has become a recognised high-risk market. With India's growing space industry, the need for financial safeguards against launch risks is becoming increasingly crucial.

from Tech-Economic Times https://ift.tt/OGqQsln

Flipkart’s majority stake talks with Zepto fall through

The strategic sale discussions are unlikely to be revived. Quick commerce company Zepto is now in discussions for fresh funding at a likely $2.5 billion valuation. It has held talks with the likes of General Atlantic, ADIA, among others.

from Tech-Economic Times https://ift.tt/9syJXYG

Meta releases early versions of its Llama 3 AI model

The models will be integrated into virtual assistant Meta AI, which the company is pitching as the most sophisticated of its free-to-use peers.

from Tech-Economic Times https://ift.tt/tnNKGrT

RBI’s stricter KYC rules may slow merchant onboarding 90%: experts

The new rules will be applicable to existing payment aggregators such as Razorpay, Cashfree, and PayU, card payment companies, such as Pine Labs, Innoviti Payments, and MSwipe, and QR code deployers, such as PhonePe, BharatPe and Google Pay.

from Tech-Economic Times https://ift.tt/YQ6wVqU

Former Unacademy COO raises $11 million from Matrix, Lightspeed for new edtech venture

Bengaluru-based startup Beyond Odds Technologies will provide employability-led training, certification, and recruitment services in the grey-collar workforce segment. It connects employers on the demand side to its talent supply base among students.

from Tech-Economic Times https://ift.tt/4XxS1yP

Amazon to push cashierless shopping tech into more third-party stores, while backing off itself

The online retailer said about 140 stores use the system, known as "Just Walk Out," which allows customers to scan an app to enter a store and leave with their items without paying at a register. Amazon will more than double that number this year.

from Tech-Economic Times https://ift.tt/PDdeRoJ

RBI moves to regulate PoS payment players

Companies like Innoviti Payments, Pine Labs and MSwipe will be brought under regulatory cover now. The regulator said companies providing the service will need to apply for authorisation from the RBI by May 31, 2025.

from Tech-Economic Times https://ift.tt/tW82Jjf

Social media platform X withholds some political posts in India after election commission order

Social media platform X said on Tuesday it withheld some posts in India containing political speech from elected politicians, political parties, and candidates for office after the country's election commission ordered their takedown.

from Tech-Economic Times https://ift.tt/IRqF2vX

iPhone may click with Titan, Murugappa

Apple explores partnerships with Murugappa Group & Titan Company for local assembly of camera module sub-components in India, aiming to shift operations from China and strengthen the Indian supplier ecosystem.

from Tech-Economic Times https://ift.tt/BRMsOvd

Apple denies violating US court order in Epic Games lawsuit

Apple denies breaching court order on App Store, opposes Epic's contempt plea. Criticizing Epic's free tool access desire, U.S. Supreme Court rejects Apple's appeal. Meta Platforms, Microsoft, X support Epic's argument in ongoing legal battle.

from Tech-Economic Times https://ift.tt/XG9SwTx

Not participating in India would be a big miss: TCS CEO K Krithivasan

TCS anticipates growth in India with a recent BSNL deal. CEO Krithivasan focuses on new markets and expresses optimism about future IT industry demand. The company's strategic deal approach and high margins drive continued success amid market challenges.

from Tech-Economic Times https://ift.tt/woTWNSh

CaratLane’s Mithun Sacheti, Binny Bansal back Xeed as Indian founders turn big local sponsors

In India, founders like Sacheti and Bansal are funding domestic funds like Xeed Ventures. The Rs 600 crore fund, with Premji Invest's backing, invests in startups like Charcoal.inc and Kredit.pe, led by Sailesh Tulshan.

from Tech-Economic Times https://ift.tt/0gIHWRo

Apple denies violating US court order in Epic Games lawsuit

Apple denied violating court order by Epic, criticized free tools. Epic declined comment. Supreme Court declined Apple's appeal. Apple imposed 27% fee on developers. Meta Platforms supported Epic's arguments.

from Tech-Economic Times https://ift.tt/qyZlYQ1

Casting an eye on India’s Web3 landscape across crypto, gaming

India has emerged as the fastest-growing adopters of cryptocurrency investments in 2024, as on-chain value received by Indians reached $270 billion in 2024, up 60% year-on-year.

from Tech-Economic Times https://ift.tt/Qa85pyN

Skill gap in workforce, AI advancements make cyber attacks more threatening in India

India is witnessing an unpredented surge in cyber attacks. There is also a big skills gap in the cyber security workforce, and advancements in AI are making the problem more acute. While AI is a threat, it is also an opportunity. Synergy between AI and human expertise may be the key to safeguarding the country’s expanding digital ecosystems.

from Tech-Economic Times https://ift.tt/Vrzcb5D

Apple loses bid to throw out UK lawsuit over App Store fees

Sean Ennis, a competition law professor and economist, is spearheading the case, which was filed at London's Competition Appeal Tribunal (CAT) last year and alleges Apple charged developers unfair commissions of up to 30%.

from Tech-Economic Times https://ift.tt/T4KNe1Z

Employees despair as bell tolls for Paytm Payments Bank; and other top startup & tech stories this week

While the regulatory action on Paytm Payments Bank managed to bring the entire business to a standstill, its largest business partner Paytm moved on to build new relationships with other lenders. Now its CEO who had joined the bank hardly a year back is set to leave by June 26.

from Tech-Economic Times https://ift.tt/lObXCz2

Tata Neu goes live on ONDC F&B in Delhi-NCR, Bengaluru

Tata Neu, the superapp of Tata Group, also plans to reach more cities in May, sources told ET. ONDC already features two Tata enterprises on the seller side: StarQuick grocery app, and online grocer BigBasket.

from Tech-Economic Times https://ift.tt/xth425a

Marvell wins new AI chip business, but at lower margins

Marvell said it expects the AI chip business to hit $2.5 billion in sales by its fiscal 2026. Marvell helps customers such as Amazon.com design custom chips for their cloud units and competes against rivals such as Alphabet supplier Broadcomm, which has said it expects $10 billion in AI chip sales this year.

from Tech-Economic Times https://ift.tt/yfIDcta

Apple readies M4 chips for Macs, Bloomberg News reports

They will include new iMacs, a low-end 14-inch MacBook Pro, high-end 14-inch and 16-inch MacBook Pros, and Mac minis - all with M4 chips, the report said, adding that Apple's plans could change.

from Tech-Economic Times https://ift.tt/NA3JKLP

Fintechs seek clarity on digital currency tieups despite RBI blessing

Blockchain-based digital currency allows programmability of money. This means, in some cases, usage can be restricted to specific merchants only. This feature has caught the attention of the government, which is considering using it for targeted subsidy disbursements and preventing unauthorised access or misuse.

from Tech-Economic Times https://ift.tt/ErgsLeC

'Looking forward to meeting with PM Modi': Elon Musk confirms India visit

Tesla CEO Elon Musk confirmed his upcoming visit to India, expressing anticipation for a meeting with Prime Minister Narendra Modi. Reports suggest a potential announcement of the company's investment plans in the country. The news was shared by Musk on X (formerly Twitter), putting an end to speculations.

from Tech-Economic Times https://ift.tt/yhjmE9N

Meta debuts new generation of AI chip

Meta planned to deploy a new version of a custom data center chip to address the swelling amount of computing power necessary to run AI products in Facebook, Instagram and WhatsApp.

from Tech-Economic Times https://ift.tt/8JeQldN

AI compute mission best served by marketplace model, say experts

This comes just weeks after the union cabinet approved a Rs 10,371.92-crore India AI Mission. This mission looks to build and strengthen AI computing infrastructure in India of at least 10,000 graphics processing unit (GPUs) through public-private partnerships in five years.

from Tech-Economic Times https://ift.tt/SzkqOde

AI SaaS cloud platform Neysa bags $20 million from Matrix Partners India, others

Neysa, a Mumbai-based artificial intelligence (AI) cloud and platform-as-a-service startup, will utilise the fresh capital for expanding infrastructure required for strengthening its research and development team, and for sales and marketing.

from Tech-Economic Times https://ift.tt/M9SYmKP

Mutual funds, foreign portfolio investors increase stake in Paytm

Mutual funds expanded their shareholding in the March quarter to 6.15% from 4.9% in December 2023. Mirae Mutual Fund and Nippon India Mutual Fund have acquired more shares in Paytm in these three months.

from Tech-Economic Times https://ift.tt/U3FSyTZ

US court allows Google speaker imports in Sonos patent fight

The U.S. Court of Appeals for the Federal Circuit upheld a U.S. trade tribunal's decision that Google's redesigns of products, including Google Home speakers, Pixel phones and Nest Hub smart displays, were sufficient to avoid infringing Sonos' multi-room wireless audio patents.

from Tech-Economic Times https://ift.tt/Qtmlfsv

ONDC’s one-year journey touching the 50-million transactions mark

Government-backed ONDC facilitated 49.79M transactions. Namma Yatri dominates mobility orders. Top brands onboarded: Wow Momo, McDonalds, Domino's Pizza. Network growth includes sellers, participants, categories, and expanding city reach.

from Tech-Economic Times https://ift.tt/slJ3bGN

Illegal betting sites start new innings as IPL action picks up

Illegal sports betting sites like Parimatch, Betway, and 1XBet target IPL fans with discounts. E-Gaming Federation seeks government ban due to tax pilferage and national security risks. Fraudulent sites expose users to financial fraud.

from Tech-Economic Times https://ift.tt/M0xJLHP

Filter Capital hits final close of Rs 800 crore maiden fund to back growth-stage tech firms

Filter Capital closed its Rs 800 crore first fund, targeting Series B and C rounds in growth-stage companies. The Mumbai-based firm focuses on software services-linked businesses and plans to deploy capital for five years.

from Tech-Economic Times https://ift.tt/Gy1nE5Z

X challenges Brazil's 'forced' order to block certain accounts

X Corp, previously Twitter, blocked Brazil accounts under court orders, risking revenue loss. Musk vows to challenge. Orders relate to free speech crackdowns.

from Tech-Economic Times https://ift.tt/svVqzly

Prompt in progress: GenAI text-to-code tools boost productivity

Gen AI text-to-code tools hold promise of up to a 50% gain in productivity. Top IT firms are also embracing them for efficiency. But as Himanshi Lohchab and Beena Parmar find, the road to large-scale adoption is still dotted with caution.

from Tech-Economic Times https://ift.tt/0lyZNKY

Chuck Schumer says US Senate can make progress on TikTok bill

The Senate is returning to work next week after a two-week recess. The U.S. House of Representatives voted 352-65 on March 13 to give TikTok's Chinese owner, ByteDance, about six months to divest the U.S. assets of the short-video app, or face a ban.

from Tech-Economic Times https://ift.tt/gLpxhQE

Meta to start labeling AI-generated content in May

Facebook and Instagram giant Meta on Friday said it will begin labeling AI-generated media beginning in May, as it tries to reassure users and governments over the risks of deepfakes. - Biden deepfakes - Meta said its rollout will occur in two phases with AI-generated content labeling beginning in May 2024, while the removal of manipulated media solely based on the old policy will cease in July.

from Tech-Economic Times https://ift.tt/dBNitJm

Exclusive | New AI law to secure rights of news publishers: Ashwini Vaishnaw

Global AI regulation discussions intensify as companies seek fair compensation for AI data training from publishers. EU leads with strict guidelines under AI Act. OpenAI claims fair use, NYT advocates for accountability in copyright law.

from Tech-Economic Times https://ift.tt/hOVX6HI

US brokerages start Reddit coverage with doubts over turning a profit

U.S. brokerages express doubts about Reddit's profitability and meme stock potential. Bernstein rates 'underperform,' Baird 'neutral.' Reddit faces engagement challenges, struggles with ad tools and ad base growth, while shares fall below debut price.

from Tech-Economic Times https://ift.tt/8YTKfLI

Marketing software startup SingleInterface raises $30 million led by Asia Partners

SingleInterface, a marketing software startup, was founded and incubated as part of Smile Group in 2015 by Tarun Sobhani and Harish Bahl. The latter is also the founder of Smile Group.

from Tech-Economic Times https://ift.tt/AFEryY0

Good Glamm strikes JV with Serena Williams for beauty brand launch in US

The Good Glamm Group and Serena Williams partner to introduce 'Wyn Beauty by Serena Williams' in the US market, following in the footsteps of other celebrity-led beauty brands like JLo Beauty and Skims.

from Tech-Economic Times https://ift.tt/SHaKXDl

Meta's WhatsApp down for thousands, Downdetector shows

WhatsApp, owned by Meta Platforms, experienced a significant outage affecting thousands of users globally. Downdetector tracked over 17,000 incidents, with users in India, the UK, and Brazil reporting problems. Meta did not respond to requests for comment.

from Tech-Economic Times https://ift.tt/BPgqQiG

IT sector’s challenges persist in Q4; guidance for FY25 in focus

HCLTech and Tata Consultancy Services (TCS) poised to dominate Indian outsourcing industry with expectations of revenue growth acceleration in FY25 driven by higher discretionary expenses and strong deal wins in the US market.

from Tech-Economic Times https://ift.tt/2BtyP7v

Yahoo acquires Instagram cofounders' AI news platform Artifact

Yahoo acquires Artifact, co-founded by Instagram's Systrom and Krieger. Integrating AI-powered recommendation engine. Yahoo owns TechCrunch, Engadget, and Taboola. Purchased by Apollo for $5 billion.

from Tech-Economic Times https://ift.tt/nouF3Ay

Zepto in talks for $300 million raise at $2.5-3 billion valuation

Zepto eyes $300 million fundraise for $2.5-3 billion valuation, targeting Ebitda positivity with $1.2 billion sales. Blinkit's GMV surpasses $1 billion; Zomato holds $1.5 billion cash; Swiggy prepares for IPO.

from Tech-Economic Times https://ift.tt/FMfHvC9

ICEA talks to funds to set up an exchange for hi-tech India firms

ICEA leads discussions with fund houses to establish an exchange in India akin to Shanghai's Nasdaq. SEBI's pivotal role in developing an environment conducive to high-tech fundraising. Anand Lunia advocates for relaxed listing norms.

from Tech-Economic Times https://ift.tt/kwSqh2I

Behind Hume’s conversational AI with emotional intelligence

Hume AI, backed by various investors, introduces a voice AI with emotional intelligence understanding human emotions. Founded by Alan Cowen, the startup secures $50 million in funding. The AI utilizes an empathic large language model and integrates with GPT and Claude.

from Tech-Economic Times https://ift.tt/b1idNgF