Zomato gets Rs 9.5 crore tax demand, company to appeal against order

Food delivery company Zomato said it has received a tax demand from the Karnataka authorities, aggregating to Rs 9.5 crore. This is the latest of multiple orders the company has received previously; the last was Rs 11.82 crore in April.

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Satya Nadella, Sundar Pichai hail India's historic T20 World Cup victory

Tech honchos Satya Nadella, Sundar Pichai, and others hailed India's historic win over South Africa in a nerve-wrenching final of the ICC T20 World Cup at the Kensington Oval in Barbados on Saturday.

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Karnataka releases draft gig workers Bill; seeks comments from platforms, other stakeholders

Karnataka introduced draft Bill for app-based platforms to provide social security benefits to gig workers and sought public feedback. The Bill proposes fee on transactions and penalties for non-compliance. It aims to protect workers' rights and ensure basic social security. It is inspired by Rajasthan law and includes grievance redressal mechanism and prevention of illegal termination. the Bill promises welfare board, fund for gig workers. Discussions have been held with major platforms and International Labour Organisation for input.

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AI: the supercharger for India’s MSMEs

Artificial intelligence is not only reshaping India’s landscape, but also fostering economic growth through innovative tech solutions. According to Stanford University’s annual AI Index report, India saw the fifth highest investments last year in startups offering AI-based products and services.

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Amazon lures cofounders from startup Adept to bolster AI efforts

Collaborating with Rohit Prasad, I contribute to Amazon's AI advancements under CEO Andy Jassy's leadership. The tech industry closely watches as companies like Amazon and Microsoft invest heavily in AI technology, facing regulatory scrutiny. Amazon's strategic hires and focus on integrating generative AI into Alexa showcase its commitment to enhancing AI capabilities and competing with industry leaders.

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AI deals between Microsoft and OpenAI, Google and Samsung, in EU crosshairs

European Commission assesses tech partnerships for merger control compliance, focusing on potential market concentration effects. Regulators worldwide scrutinize Big Tech's dominance in AI, raising concerns about access for smaller developers. Vestager leads investigations into exclusive clauses and talent acquisitions, aiming to prevent monopolistic practices and promote fair competition.

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Ecommerce space heats up; and other top tech, startup stories this week

Welcome to another edition of ETtech Unwrapped – our weekend newsletter. It has been a packed week for ecommerce and quick commerce news. The previous weekend began with Zepto scooping up $665 million in funding, at more than double its last valuation in 2023, which is a pivotal moment for the sector.

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Food Inc eyes quicker commerce on match day

With India battling South Africa in the T20 World Cup final this Saturday, quick commerce, food delivery services, restaurants, and brands are bracing for a massive order spike. As fans cheer on the Men in Blue, bars and restaurants screening the match anticipate packed houses and a jump of 20% to 50% in online sales.

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Synopsys will help Tata Electronics design custom chips

US-based chip design company Synopsys will help Tata Electronics in multiple aspects of its fab facility—India’s first—coming up in Gujarat and its assembly and testing unit in Assam, chief executive Sassine Ghazi told ET. Ghazi also met with Tata Electronics CEO Randhir Thakur and Tata Sons chairman N Chandrasekaran in Mumbai. He held talks with Ola Cabs chief Bhavish Aggarwal in Bengaluru.

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Sellers on Flipkart facing issue in changing price, firms denies any intervention in pricing

The Walmart group firm, however, denied any role in influencing pricing on the platform and said that it is working with sellers to help them understand the new rate card policy.

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Wipro merges two North American subsidiaries, liquidates Australian unit

Wipro merged its subsidiaries Designit North America and Wipro Designit Services, effective July 1st. In a separate move, they deregistered another step-down subsidiary Attune Australia Pty Ltd on June 26.

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Aris Infra plans to raise Rs 600-700 crore via IPO

Aris Infra, a Mumbai company using technology to streamline construction material procurement, is planning an IPO to raise Rs 600-700 crore. The company has attracted investment from prominent individuals and prestigious financial institutions including Think Investments, TPG Capital, Temasek, and BlackRock.

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Amazon hits $2 trillion in valuation on AI fervor, rate cut bets

The stock rose 3.4% to $192.70, giving the e-commerce giant a market value of over $2 trillion and putting it in the same club as technology heavyweights Microsoft Corp, Apple Inc, Nvidia Corp and Alphabet.

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Hunt on for mule bank accounts; Tata Digital pause on funding

The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.

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Hackers breach BSNL again, second time in six months

This is the second tine in six month where BSNL has suffered a data breach. Athenian Technology chief executive kanishk Gaur told ET, the breach involved more than 278 GB of data from the state-owned telecom operation, including server snapshots, which can be misused for SIM cloning and potentially more severe criminal activities like extortion.

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Women-focused fintech startup Lxme raises $1.2 million from Kalaari Capital, others

Focused on women's finances, Lxme has secured $1.2 million in seed funding. Kalaari Capital led the round through its CXXO initiative, backing female-led businesses. The startup will capital for brand building and user acquisition across the country.

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Cloudphysician raises $10.5 million in funding round led by Peak XV Partners

Online healthcare and technology solutions provider Cloudphysician has raised $10.5 million (about Rs 87.7 crore) in a funding round led by Peak XV Partners, along with Elevar Equity and venture debt firm Panthera Peak. The startup will use the capital to strengthen its presence in India, enter other countries and develop its AI platform.

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Ecommerce sellers count on cash-flow gains from GST cut

Recommendations by the GST council aim to benefit suppliers on online platforms and real money gaming firms through tax changes, including a reduction in tax collected at source for electronic commerce operators.

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Byju’s challenges NCLT order restricting fund use in Karnataka High Court

Byju’s faces protests from investors over $200 million rights issue conducted at 99% discount. Lenders within consortium loaned $1.2 billion to Byju’s file bankruptcy petition in US court.

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Cool beans! cafes are having a field day this summer

National chains such as Third Wave Coffee, Chaayos, AbCoffee, and Boba Bhai have seen a notable increase in foot traffic at their cafes, particularly in northern India, despite the region grappling with record summer temperatures. These cafes are also experiencing increased demand for summer-specific items through delivery services. Also, their appeal as hubs for remote work and meetings is further boosting footfalls.

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Indian electric two-wheelers better than global counterparts, says Ather Energy cofounder

Swapnil Jain, cofounder of Ather Energy, highlighted India's potential to emerge as a global leader in EV technology and design, attributing this progress to the government's 'Made in India' initiative. Jain also expressed optimism about future EV sales. Union Minister of Road Transport and Highways, Nitin Gadkari, was also present at the event.

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Apple delays rollout of AI features in Europe

Apple on Friday said it would delay the rollout of its recently announced AI features in Europe because of "regulatory uncertainties" linked to the EU's new landmark legislation to curb the power of big tech. Apple earlier this month unveiled "Apple Intelligence," its suite of AI features for its coveted devices as it looks to reassure users that it is not falling behind on the AI frenzy.

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A pivotal event for online commerce; and other top tech, startup stories

Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.

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US lawsuit against TikTok to focus on childrens' privacy

TikTok faces challenges from Congress over data access concerns by the Chinese government and a divestiture law requiring ByteDance to sell U.S. assets to avoid a ban.

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US proposes targeted restrictions for AI, tech investment in China

The U.S. proposed rules to regulate investments in China to prevent sensitive technology development, supported by Treasury Assistant Secretary Paul Rosen.

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Premium luggage maker Eume raises Rs 15 crore in funding round led by Ashish Kacholia

Eume plans to open its first flagship store this year, starting in Mumbai and tapping the aspirational population in tier II and III cities are among the company's top priorities. The Mumbai-based luxury brand offer diverse products like luggage, vegan handbags, and accessories, among others. Eume's sales are split equally between its own website and marketplaces.

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Infosys to ring opening bell at NYSE to mark 25th anniversary

Salil Parekh and Jayesh Sanghrajka, along with other key leaders from Infosys, will ring The Opening Bell at the NYSE on June 21, 2024, marking 25 years of successful US listing and growth.

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US billionaire eyes TikTok takeover to save internet from Big Tech

Frank McCourt, a US real estate billionaire, aims to buy TikTok to rescue the internet from the clutches of major platforms that he firmly believes are destroying society and endangering children. To address the problem, McCourt is campaigning for a "new internet" which, he claims, would wrest control of the web away from major platforms like Instagram, YouTube, TikTok, or X. "These platforms have hundreds of thousands of individual attributes about each of us.

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Impact of GCC boom; Infosys staffers cling to WFH in FY24

Happy Thursday! The explosive growth in India's global capability centres (GCC) has benefited the real estate, staffing, and infra sectors. This and more in today’s ETtech Morning Dispatch.

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Infosys’ flexi stance helps staffers avail more remote work options

Infosys, India's second largest IT company, has embraced a flexible approach to returning to office post-pandemic. Employees leveraged remote working options in FY24, as per the ESG report. In FY24, 84% of Infosys employees worked remotely, compared to 75% in FY23 and 97% in 2022 during the pandemic.

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MeitY meets firms to review concerns on Digital Competition Law

Indian policymakers discussed the impact of the proposed Digital Competition Bill on data and digital markets at the MEITY meeting with industry representatives. Stakeholders had differing opinions on the regulations, with some supporting its provisions while others raised concerns about deterred investments.

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CCI approves WeWork Inc's exit from India unit

CCI approves WeWork Inc's exit from WeWork India as investors acquire stake. Co-founded by Adam Neumann and Miguel McKelvey, WeWork India reports revenue growth and narrowing losses. Awfis goes public, while other platforms like Indiqube, CoWorks, 91Springboard, and Bhive operate in the coworking space.

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Nvidia becomes world's most valuable company

Nvidia surpassed Microsoft as the world's most valuable company, with a market cap of $3.326 trillion. It overtook Apple recently, driven by demand for its processors in AI technology.

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GreyLabs AI mops up $1.5 million in funding round led by Matrix Partners India

Ofbusiness founder Vasant Sridhar, MoEngage founder Narasimha Reddy, Uni Cards founder Nitin Gupta, and Scapia founder Anil Goteti, among others who participated in the funding round for the speech analytics platform for financial institutions.

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VC funds, angel investors seek safeguards in spousal partnerships

In many instances, founders often name their spouses as cofounders at the time of the inception of their venture. However, if the spouses choose to part ways after a few rounds of funding, at that time, dealing with that separation becomes messy for investors as they have to deal with disgruntled spouses who are also shareholders of companies.

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Ministers laud Infosys' move to offer sops to staffers relocating to Hubballi

Union Ministers Joshi & Patil praise Infosys for offering incentives to employees relocating to Hubballi, boosting local talent and growth in tier 2 cities.

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Zomato confirms discussions to acquire Paytm’s movies, ticketing business

Zomato confirmed in a stock exchange filing that it is in talks to acquire fintech Paytm's ticketing business, as reported by ET on June 16. The company added that "no binding decision" has been taken about the deal at this point. The deal could value the Paytm vertical at around Rs 1,600-1,750 crore.

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Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding

Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.

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Deep-tech policy before cabinet soon to unlock long-term funds

The government plans to introduce a deep tech startup policy with a fund of funds for companies in the sector. An umbrella framework will guide state governments and startups. The policy will focus on research, development, innovation, intellectual property, and funding access for deep tech startups.

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Surge in cybercrime raises alarm in Gujarat; Police appeal people to stay aware

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Startups’ pink slip count falls to 10,000 amid funding blues

Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.

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Third-party firms look to sort out logistics of quick commerce race

Third-party logistics firms like Delhivery and Xpressbees are venturing into the quick-commerce sector to support platforms such as Swiggy Instamart, Blinkit, and Zepto as demand surges.

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US court levies $194 million penal charges on TCS for misappropriation of trade secrets

A US court ruled TCS liable for misappropriation of trade secrets, penalizing around USD 194 million. TCS to appeal. Ordered to pay damages and face injunctions, but expects no major financial or operational impact.

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New York recovers $50 million for defrauded Gemini Earn crypto investors

NY AG Letitia James recovers $50 million from Gemini Trust to repay investors in Gemini Earn program, run by Winklevoss twins. Gemini to provide full recoveries to 230,000+ investors, ban on crypto lending programs in NY.

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Mumbai in line to house govt’s animation centre of excellence

The government plans to establish a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, and Comics (AVGC) in Mumbai, along with proposing an AVGC policy to boost the sector's growth and unlock its potential.

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Apple accused in lawsuit of underpaying female workers in California

Apple faces a class action lawsuit in California for allegedly underpaying over 12,000 female employees. The lawsuit claims Apple pays women less in engineering, marketing, and AppleCare divisions compared to men with similar jobs.

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X's lawsuit against Media Matters to head to trial in April 2025

X, which is owned by billionaire Elon Musk, sued Media Matters in November, accusing the group of defamation after it published a report that said ads had appeared next to posts on X praising Adolf Hitler and the Nazi Party.

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Manufacturing sector looks for policy continuity, fresh PLIs

Narendra Modi-led NDA govt's third term brings hopes for manufacturing sector with policy continuity, new PLI schemes, and TDP's Chandrababu Naidu joining alliance for reform and innovation.

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Tata Communications secures five-year contract with World Athletics

Tata Communications signed a five-year contract with global sports organization World Athletics, expanding its media business by adding over 20 international events. Dhaval Ponda, Global Head of Media and Entertainment Services at Tata Communications, highlighted the significant viewership of World Athletics events.

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360 One acquires ET Money for Rs 366 crore to enter wealth tech space

360 One Wealth and Asset Management acquires wealth tech platform ET Money for Rs 366 crore. The deal involves cash payment to Times Internet and issuing stocks to secure a stake in the wealth management firm.

from Tech-Economic Times https://ift.tt/hpti2z7

Insurtech startup Kenko Health stares at shutdown: What went wrong?

Insurtech startup Kenko Health is facing closure due to a shareholder battle and funding issues. The company, backed by Peak XV Partners and Orios Venture Partners, struggled to raise capital from the Hero Group, leading to a stalemate. With no immediate funding prospects, the $39.7 million-valued firm is on the verge of shutdown, impacting its workforce and operations.

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Ashwini Vaishnaw, Jitin Prasada take charge of electronics and IT ministry

Ashwini Vaishnaw took charge as the union railway minister, minister of information and broadcasting, and Union minister of electronics and information technology. Jitin Prasada is the minister of state for electronics and information technology, succeeding Rajeev Chandrasekhar after switching from Congress to BJP.

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India's EU-like antitrust law worrying technology firms

India's proposed antitrust law, influenced by a panel report, targets tech giants with global turnovers exceeding $30 billion. The law aims to prevent market concentration, similar to the EU's Digital Markets Act.

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Apple shows off updated, mixed-reality headset at AI-focused event

Apple showcases AI integration at developer conference, including revamped Siri and possible tie-up with OpenAI's ChatGPT for iOS 18.

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Meity policy momentum to continue with Ashwini Vaishnaw retaining Electronics, IT portfolio

Union minister Ashwini Vaishnaw retains electronics and IT portfolio, spearheading success in electronics and semiconductor manufacturing. He also oversees the enactment of the Digital Personal Data Protection Act and holds the railway ministry along with the Information and Broadcasting ministry.

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TN law to place time, user curbs on all online games

Tamil Nadu is considering a law to regulate online and real money games, with restrictions on playtime and usage, mirroring the central government's approach. This is being spearheaded by Tamil Nadu Online Gaming Authority (TNOGA); a five-member regulatory authority formed in August 2023.

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Fino Payments Bank eyes tripling digital banking revenue by FY25

Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year.

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Unacademy’s Hemesh Singh joins other founders who donned non-executive roles

Unacademy's Hemesh Singh on Saturday stepped down as CTO of the company, moving to an advisory role. This is one of the many top-deck changes reported in startups over the past year. Here's a look at some of the key changes announced by startups in their leadership.

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Meta hit with privacy complaints over AI plans

A Vienna-based privacy group filed complaints against Meta in 11 European countries over unlawful AI data use. Microsoft announced a $3.2 billion AI investment in Sweden over two years, AMD unveiled new AI chips to challenge Nvidia, and Cisco plans a $1 billion investment in AI startups for secure AI services.

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Can you opt out of Meta's AI scraping? Sort of

Meta announced the expansion of its AI services globally, using public information to train its AI starting June 26, sparking privacy concerns in Europe. Users in the U.S. were already subject to this practice. The program's future expansion remains uncertain.

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New York lawmakers pass measure to protect youths on social media

New York state lawmakers passed legislation to protect children online by restricting social media platforms from exposing 'addictive' content to users under 18 without parental consent.

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Surprise poll results impact startups' plans, and other top stories this week

In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.

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IPO-bound cos wary after poll results; NBFCs’ balancing act

Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.

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Will use AI tools to tackle growing instances of spam on WhatsApp: Meta’s Nikila Srinivasan

“From WhatsApp’s perspective, a core principle we follow is that anything has to be reliable and private. Anything that invades our privacy does not have any space on the platform. Our expectation from the businesses is that they have explicit permission before they reach out (to users),” Nikila Srinivasan, the company’s vice president of business messaging, told ET.

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Prosus stake in Byju’s worth zero: HSBC

This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.

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Amazon acquires video streaming platform MX Player

MX Player will add to Amazon's existing video services Prime Video and MiniTV. The technology major is expected to retain the MX Player brand after the acquisition.

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Startups’ new hiring strategies; unprecedented poll buzz online

Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.

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Money you paid for Gaza may be heading to Ghaziabad instead

Online scamsters are using the viral ‘All Eyes on Rafah’ campaign as an opportunity to dupe people who want to lend a helping hand or donate to victims of the war in Gaza. The most common scams related to Gaza include fake websites, fake cryptocurrency links, phishing emails, fake video links, and social media scams.

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Nvidia on verge of overtaking Apple as No. 2 most valuable company

The latest rally in Nvidia comes as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors.

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Google's privacy chief to exit

Google's chief privacy officer, Keith Enright, is leaving the company this fall after 13 years. The departure is part of a broader reorganization within the privacy teams amid heavy government scrutiny over privacy issues.

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IT CEOs' salary in FY24; Wipro offers 85% variable pay

Happy Wednesday! Top bosses at some of the country’s leading IT firms took home enhanced salary packages last fiscal. More on this on today’s ETtech Morning Dispatch.

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Databricks to buy data management firm Tabular for over $1 billion

San Francisco, California-based Databricks, a data analytics platform using artificial intelligence, said Tabular's team of about 40 members will join it after the transaction is completed in its second quarter ending July 31.

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InsuranceDekho set to get majority stake in BankSathi

Insurance marketplace InsuranceDekho, backed by investors like TVS Capital and Goldman Sachs Asset Management, will acquire a majority stake in BankSathi, which is a distributor of credit cards and personal loans, two people in the know said.

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Wipro's Switzerland head quits; Bruno Schenk to take over

Indian IT major Wipro on Monday appointed Bruno Schenk succeeds René Mulder, who joined Wipro in February 2021 and has decided to pursue opportunities outside Wipro.

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Netskope crosses $500 million in subscription revenue, in no rush to go public

Chief executive Sanjay Beri said the company has been making internal preparations for an initial public offering (IPO) but there was no rush in an election year.

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PV Sindhu invests in biofortified staples brand Better Nutrition

PV Sindhu, Indian badminton player, has injected an undisclosed amount in Better Nutrition, a biofortified staples brand from Greenday that offers agri-input services such as biofortified seeds, fertilisers and agronomic practices.

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Agnikul eyes launching satellites by 2025: CEO Srinath Ravichandran

Agnikul's first test flight of Agnibaan SOrTeD (suborbital technology demonstrator) on May 30, which lasted for 66 seconds, came after four unsuccessful attempts.

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Eye on AI: Tech giants form industry group, Apple-OpenAI deal and other top developments

Google, Microsoft, Intel and other tech companies have come together to take on chipmaking giant Nvidia. Apple partners with OpenAI. The ChatGPT maker is training its new flagship model to succeed GPT-4. Google is putting limits on AI search experience. French unicorn startup Mistral releases generative AI model for coding.

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Top startup & tech stories this week

Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.

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IAMAI view on draft Digital Law not shared by all constituents: four members tell MCA

Four members of IAMAI, including Bharat Matrimony, Match Group, Hoichoi, and ShareChat, express divergent views on ex-ante regulation in the draft DCB to the Ministry of Corporate Affairs.

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Spain's data protection agency suspends two of Meta's EU election apps

Spain's data protection watchdog AEPD orders the provisional suspension of Meta's planned products for the European election on Instagram and Facebook, citing potential violations of Spanish data protection laws.

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