Students seek clarity as Infosys offers two pre-training rounds

Infosys' recruitment challenges reflect a wider talent acquisition crunch in the tech industry, driven by economic uncertainty and automation. Indian IT companies face mounting pressure from students, public backlash, and worker unions to address delayed onboarding processes.

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Behind the arrest of Telegram boss, a small Paris cybercrime unit with big ambitions

In an unprecedented move against a major tech CEO, prosecutors argued Durov bears responsibility for the alleged illegality on his platform, placing him under formal investigation on organized crime charges. He is suspected of complicity in running an online platform that allows the posting of child sex abuse images, drug trafficking and fraud.

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AI is the future: Wegofin founder Prabhu Kumar shares his vision on growth and innovation in business banking

Wegofin, led by Prabhu Kumar, leverages AI to simplify financial management for SMEs and large enterprises. The platform integrates all banking services, automating tasks and enhancing decision-making. Businesses benefit from connected banking, API payouts, digital taxation, and fraud prevention—streamlining operations and boosting growth.

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Apple in talks to join OpenAI funding round: report

The news comes a day after the Journal reported that venture-capital firm Thrive Capital would invest around $1 billion in OpenAI, leading the funding round.

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Telegram could face greater EU scrutiny

Telegram could face stricter EU digital rules as Brussels probes whether the popular messaging app -- whose founder faces criminal charges in France -- has more users in the bloc than claimed. But now independently of the French probe, the European Commission is investigating whether Telegram has the minimum number of users that would require it to comply with more stringent rules.

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Telegram's Durov was unaware of French arrest warrant, probe not linked with US, prosecutor source says

Telegram chief Pavel Durov was not informed about the arrest warrant that awaited him in France, a source at the Paris prosecutor's office told Reuters on Thursday, adding that the French investigation had no connection with the United States.

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Zerodha eyes greater synergies between trading, wealth apps

Zerodha is focusing on bolstering its long-term wealth management strategy, exploring opportunities to integrate its trading and mutual fund businesses. The Bengaluru-based company currently operates distinct platforms, Kite and Coin, for trading and mutual fund transactions, respectively, but aims to unlock greater synergies between them.

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Amid cautious hiring, internship becomes mandatory and extended

It’s a new trend that has emerged this year, said KS Shridhar, dean – placement and training, at Bengaluru-based PES University. “Normally, after the last semester when students pursue their internship, they get their offer letters. But this year, many companies have extended their internship period to a couple of more months.”

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Disney sees AI helping to personalize new ESPN app

As audiences shift away from cable TV, Disney is crafting a plan to offer its flagship ESPN network as a standalone app for the first time starting next year.

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Open Cloud Compute looks to onboard 3 providers for October pilot

The Open Cloud Compute network was launched by Infosys non-executive chairman Nandan Nilekani earlier this year. It is an open interface for providers and customers of computing infrastructure. The network is hoping to hire at least three computer providers to pilot in October.

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Southern states look to outfox each other in hunt for a Foxconn ‘city’

Taiwanese electronics manufacturer Foxconn is being offered 2,000 acres of land in Telangana to build a 'Foxconn city' modelled on its facilities in its home country as well as in China, a top lawmaker told ET. Telangana has offered as-yet unidentified location to Foxconn, but other states are also aggressively courting the company.

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Convin secures $6.5 million in funding for expansion plan

Founded in 2021 by IIT Delhi alumni Ashish Santhalia, Bharat Patidar, Atul Shree and Durgesh Choudary, Convin is an AI conversation intelligence platform. The startup will use this capital to expand its core team and widen its distribution channels, CEO Santhalia told us.

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Yubi founder infuses Rs 250 crore in the digital lending platform

In March 2022, the tech-driven composite debt platform formerly known as CredAvenue, raised $137 million in a Series B funding round led by New York-based VC firm Insight Partners. Following a secondary share sale, it attained unicorn status and was valued at $1.5 billion.

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Apple to hold fall event on September 9, new iPhones expected

Analysts see a strong upgrade cycle for the new iPhone series with AI features expected to be the key selling point for the new devices.

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Uber to bring ‘Black’ back in big premiumisation push

Uber is reviving its high-end Uber Black service in India, starting with a phased rollout in Mumbai, as the company focuses on upgrading its services to cater to the premium segment. The launch is anticipated to take place within the next few weeks.

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Apple rethinks its movie strategy after a string of misses

Apple is not alone in its box office struggles. This year has seen some really big hits ("Inside Out 2," "Deadpool & Wolverine") and some notable misfires ("The Fall Guy," "Furiosa: A Mad Max Saga"). And Apple has seen some of its films perform well in streaming.

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Telegram founder Paul Durov detained at French airport for 'lack of moderation' on messaging app

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Off the field: MS Dhoni, Sachin Tendulkar, Virat Kohli, other cricketers start up a different game

New economy has caught the eye of players, many of whom are looking beyond endorsements and taking up investor or founder roles. MS Dhoni acquired a stake in Bluestone, and Sachin Tendulkar is set to launch a sports shoe brand. Other players, including Yuvraj Singh and Hardik Pandya, are also active in the business space, moving beyond traditional endorsements to equity deals.

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GenAI levels the playing field: Mercedes Soria of robotics security company Knightscope

The technology is set to transform how problems are solved in India, even for those without a technical background, says Mercedes Soria of Knightscope

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Meta, Spotify CEOs take aim at European AI regulations

Europe, which "has more open-source developers than America", is well placed to make the most of the open-source AI wave, the CEOs said in a joint statement on Friday. "Yet its fragmented regulatory structure, riddled with inconsistent implementation, is hampering innovation and holding back developers." The CEOs said the tech industry in Europe faces "overlapping regulations and inconsistent guidance on how to comply with them" instead of clear rules.

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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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Amazon India set to tweak seller fees ahead of festive season

Amazon India adjusted its seller fee structures starting September 9. Reduced commissions across multiple categories aimed at supporting sellers during the festive season, with a focus on low-priced products. Categories such as ethnic wear and home furnishings saw significant fee reductions, while others like backpacks and studded fine jewellery had fee increases.

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Partnership between banks and fintechs a win-win proposition: ex-RBI deputy governor

At Bandhan Bank's foundation day, ex-RBI deputy governor S S Mundra highlighted the symbiotic relationship between banks and fintech firms. He underlined data security, advocating against outsourcing core functions. Mundra pointed out the challenges in harnessing data for inclusion and innovation while stressing early risk management and cautioning about digital currency.

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BookMyShow’s business story gets Zomato’s Paytm plot twist

BookMyShow may face strong competition from Zomato after its acquisition of Paytm's ticketing business. Zomato plans to leverage its customer base and profits from other businesses to scale its new going-out vertical, aiming to grow its order value to over Rs 10,000 crore by FY26.

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Nepal lifts TikTok ban after app addresses cyber crime concerns

Nepal has lifted a nine-month ban on TikTok after the company agreed to assist law enforcement with crime-related and inappropriate content issues. Previously banned for disturbing social harmony, TikTok now aims to support Nepal's police in addressing cyber crimes and moderating content. Nepal had seen over 1,600 TikTok-related crimes before the ban.

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Success of Paytm biz acquisition hinges on effective customer transition, team integration: Zomato CEO Deepinder Goyal

Zomato's purchase of Paytm's events and movie ticketing division hinges on effective customer transition and team integration, as noted by CEO Deepinder Goyal. The Rs 2,048 crore deal includes onboarding 280 employees. Initial operations will remain on separate apps, later merging into a new app, District, aimed at consolidating dining and event services.

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Eight of 10 users increasing their time on open internet: report

“The shift to the open internet represents a pivotal moment for marketers," said Tejinder Gill, General Manager, India, The Trade Desk. "As more consumers engage with premium content on the open internet, marketers can now reach highly attentive audiences at scale. The notable levels of engagement, ad trust, and recall compared to traditional walled gardens mark a new era of ad receptiveness. This transition is poised to boost ad spend on the open internet.”

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Gaming, animation, VFX market projected to touch $6.8 billion by 2026: report

The Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector, currently accounting for 20% of India's M&E industry, is gaining momentum and is expected to continue expanding. The report underscores the sector’s potential as a major employment driver. The sector is expected to create over 160,000 new jobs annually, with a total of 20 lakh new jobs anticipated by 2030.

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MeitY directs social media sites to remove content identifying deceased from RG Kar Hospital

"We direct that all references to the name of the deceased in the above incident, photographs and video clips shall forthwith be removed from all social media platforms and electronic media in compliance with this order," MeitY said in a statement.

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Accel invests $9 million in luggage brand Uppercase; valuation doubles to $60 million

Accel invested $9 million in Uppercase, raising the luggage brand’s valuation to $60 million. The funds are aimed at expanding retail stores in India, Europe, and the Middle East. Uppercase plans to open 50 stores by March 2025 and aims to double its revenue to Rs 150 crore this fiscal year.

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Infosys employees start this fiscal with 80% bonus

The payout comes after Infosys led industry growth in Q1FY25 reporting healthy earnings of a 7.1% year-on-year growth in net profit on a 3.6% revenue growth as against further subdued growth by its top tier peers. The firm has also raised its revenue guidance for the full year FY25 to 3-4% in constant currency terms citing return of business demand and bullish market environment in the last two quarters.

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Infosys to bag a $100 million pie in $1 billion Microsoft-Coca Cola deal

In a regulatory filing this month, Coca-Cola Euro Pacific Partners PLC, a subsidiary of The Coca-Cola Company, said, “During the first half of 2024, the group made a commitment to TCCC (The Coca-Cola Company) to invest €167 million with Microsoft for Azure cloud migration services over a 6-year term. A further €25 million has been committed to Infosys who will act as a supporting partner.”

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Young companies find a perfect cofounder in AI to kick-start business

For all the excitement over the potential impact of generative AI tools like ChatGPT, it is not yet obvious how or when this technology will begin to measurably affect economic activity. Many businesses, especially smaller businesses, are still trying to figure out how to use it effectively.

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Only 25% of Yotta’s GPUs used by Indian firms: CEO Sunil Gupta

On the government’s India AI Mission, chief executive Sunil Gupta said Yotta Data Services is unlikely to subsidise prices further for the government as the government plans to facilitate the availability of 10,000 GPUs-time for startups, researchers and academia. Yotta’s GPU time on an hourly basis is aggressively priced but the company would be open to negotiations once the government’s tender is out, he said.

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Gen Z users oppose social media limits: poll

According to a study designed by the Stanford Deliberative Democracy Lab, more than 60% of newly registered voters in the US oppose requiring kids under age 16 to seek parental consent to use social media. More than 85% of young people think there should be no time limits on when they can receive social media notifications.

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Elon Musk shuts X operations in Brazil ‘effective immediately’

X claims Moraes secretly threatened one of its legal representatives in Brazil with arrest if it did not comply with legal orders to take down some content from its platform. Brazil's Supreme Court, where Moraes has a seat, did not immediately respond to a request for comment.

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EV maker Rivian halts production of Amazon delivery vans amid parts shortage, shares down 5%

Rivian suspended the production of its commercial delivery vans due to parts shortages, impacting their output for Amazon. A spokesperson indicated the company aims to recover the missed production. The shortage did not affect Rivian's other models. Amazon holds a 16% stake in Rivian, ordering 100,000 vans to be deployed by 2030.

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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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Only Indian companies can bid for GPU procurement: centre

As per the bid documents seen by ET, the IT ministry will also propose that the prospective bidders for the tender form a three-member consortium with one data centre provider, one cloud service provider and a systems integrator as partners. Of these three companies, one will act as the primary service provider, while the other two will be designated secondary partners, a source said.

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UK fintech firm Revolut valued at $45 billion after secondary share sale

British fintech company Revolut announced Friday it had been valued at $45 billion following a secondary share sale, which it said cemented "its position as the most valuable private technology company in Europe". Revolut said Friday it had "signed agreements with a group of leading technology investors to provide liquidity to employees through a secondary share sale at a $45 billion valuation."

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Optiemus seeks Rs 400 crore to expand manufacturing operations

Optiemus, in a stock exchange filing, said the fund-raise will be done through preferential allotment of 75 lakh convertible warrants, convertible in one or more tranches into equity shares of Rs 10 each, within 18 months into equity shares.

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After raising $50 million, SaaS startup Loginext liquidates assets to US entity for $250K

Backed by Tiger Global, Steadview, logistics SaaS company winds up and sells assets to a Delaware entity Stellation Inc, per a July 8 board resolution. Employee stock plan cancelled, options terminated, amid layoffs at the firm.

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Tamil Nadu CM MK Stalin, Foxconn chief set to open industrial housing hub on Saturday

In 2020, the Tamil Nadu government sanctioned the establishment of the industrial housing facility at a cost of around Rs 706.5 crore at SIPCOT (State Industries Promotion Corporation of Tamil Nadu) Industrial Park, Vallam Vadagal, Sriperumbudur taluk, Kancheepuram district.

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Chinese ecommerce giant JD beats estimates for quarterly profit

The Chinese e-commerce giant saw a significant rise in quarterly profit, fueled by a mid-year sales festival and aggressive price cuts. Its second-quarter profit increased by 73.7% to 9.36 yuan per share, beating expectations. General and administrative costs decreased by 9.6%. Revenues rose marginally amid intensified competition in the market.

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Cognizant offers annual salary hikes as low as 1%

The development of meagre salary hikes comes at a time when Cognizant is widely criticised for offering decadal-low starting salaries of Rs 2.52 lakh per annum, or around Rs 21,000 a month, to freshers through its off-campus recruitment drive starting Wednesday. The measly salary offer has created a stir across social media platforms.

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ET Explained: AI race in focus as ByteDance hits play on AI video creator

ByteDance introduced Jimeng AI, a text-to-video generative app, limited to China. The app, developed by Faceu Technology, allows users to create 80 images or 26 videos for free. Other Chinese companies have also launched their AI models. China has approved over 40 AI models and leads in generative AI patents globally, outpacing the US.

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Hollywood union strikes deal for advertisers to replicate actors' voices with AI

The SAG-AFTRA union has finalized a deal with Narrativ, enabling actors to license AI-generated voice replicas for advertisements. This agreement ensures actors get paid fairly and have control over their digital voices. This initiative responds to rising concerns about AI and voice imitation, highlighted by recent Hollywood strikes and legal discussions.

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IT firm Happiest Minds reports growth in BFSI vertical

Happiest Minds experienced a 540 basis point increase in its BFSI vertical, influenced by the acquisitions of Aureus and PureSoftware. These acquisitions also contributed to a sequential revenue rise of 11.2%. However, net profit declined by 29.1%, attributed to acquisition-related expenses. The company's headcount grew significantly in the quarter.

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Google Fitbit, Peloton announce fitness content partnership

Google's Fitbit and Peloton Interactive have teamed up to offer Fitbit premium users access to Peloton's fitness content starting in September. Available for users in the U.S., UK, Canada, and Australia, Peloton members will also get offers on Google Pixel watches and Fitbit devices. This partnership coincides with Peloton's struggle with declining sales and debt refinancing efforts.

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Google unveils new phones and other gadgets powered by AI

Pixel 9, the base 6.3-inch display model, will retail at a starting price of $799, which is $100 more than the previous model. This and the 6.8-inch Pixel 9 Pro XL will begin shipping later in August, a company spokesperson said. The Pixel 9 Pro, which comes with added features like a better camera, and the foldable Pixel 9 Pro Fold will ship in September.

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India’s talent pool is critical differentiating weapon for us: Manhattan Associates CEO

Speaking about GenerativeAI, CEO Eddie Capel said they don’t use Generative AI tools for code development. “We're using it for a knowledge-based interrogation, documentation interrogation, configuration work, anything that drives efficiency from a knowledge transfer perspective.” Experts tracking GCCs (Global Capability Centres) in India say this case shows the importance of GCCs in India.

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US SEC sues NovaTech over alleged $650 million global crypto fraud

The U.S. SEC has filed a lawsuit against NovaTech and its co-founders for allegedly defrauding investors of over $650 million. The Petions reportedly misled investors about the safety of their funds and used new investments to repay earlier ones. The SEC aims to seek restitution and civil fines.

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Brands rush in as Olympians Neeraj Chopra, Manu Bhaker, Vinesh Phogat strike gold on social media

Indians’ love for varied sports at global championships such as Olympics is paralleling Cricket’s popularity. Visa’s Kumar concurred that while Cricket is immensely popular, Olympic Games “ignite a spirit of competition, passion and human excellence amongst many.” For instance, Neeraj Chopra’s final javelin throw where he secured a silver medal was watched by 5.6 crore viewers on Jio Cinema, comprable to India's winning match at T20 World Cup Finals in June.

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Proptech startup Truva bags $3 million in funding round led by Stellaris Venture Partners

Truva, a real estate technology startup founded in 2023, secured $3 million in funding led by Stellaris Venture Partners. Angel investors such as Myntra founder Mukesh Bansal, Curefoods founder Ankit Nagori and Groww founder Lalit Keshre, among others also participated in the funding round.

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Russia blocks messaging app Signal as authorities tighten control over information

Russia's communications watchdog, Roskomnadzor, blocked the Signal messaging app, citing violation of local laws. This action is part of ongoing efforts to control information during the Ukraine conflict. The authorities have previously restricted access to several independent media and online platforms, including Twitter and YouTube, to curb opposition views.

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Turkey restores access to Instagram after 9-day block

Turkey lifted its nine-day ban on Instagram after the platform agreed to adhere to Turkish laws and regulations, including removing content linked to certain crimes or terrorism. The government had blocked the site for not addressing its concerns, which disrupted businesses and users. Instagram's compliance led to the restoration of access.

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Former Twitter board member sues Elon Musk's X for $20 million in pay

With his lawsuit, Kordestani became the most senior Twitter leader to take legal action against Musk -- but certainly not the first. Twitter's former CEO, chief financial officer, and top lawyers have also sued the company to recoup unpaid compensation, and thousands of employees have joined mass arbitration cases that accuse Musk of wrongfully terminating them and refusing to pay proper severance.

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Indians flying high in Silicon Valley. Destination: C-Suite

Indian talent has permeated the upper echelons of the US tech industry. While individuals like Satya Nadella and Sundar Pichai garner significant attention, a deeper dive reveals a robust pipeline of Indian-American leaders poised to shape the industry's future.

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Some IT midcap CEOs earn more than counterparts at larger companies

Coforge, which filed its annual report last week, said its CEO’s remuneration increased 209.63% in FY24 compared to FY23, largely because of stock options that were worth over Rs 88.55 crore. Salil Parekh, chief executive of Infosys, earned Rs 66 crore ($7.8 million), placing him at the fifth place in the pecking order.

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Ola drawing up a route map to join quick commerce party

With Ola Electric preparing to list on the bourses later this week, CEO Bhavish Aggarwal is simultaneously sharpening his focus on the cab-hailing business, planning its quick commerce foray. Ola Cabs parent ANI Technologies is planning to set up dark stores amid rising demand for quick deliveries, people in the know told us.

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Medtech startup SigTuple raises $4 million from Sidbi Venture Capital, others

The startup, which specialises in digital microscopy solutions powered by AI and robotics, has raised $50 million to date. The new capital will be used for the company's geographical expansion plans, to broaden product portfolio, and support regulatory clearances, the company said.

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NPCI chief sets ambitious new target of 100 billion transactions per month

Dilip Asbe's announcement comes amid a sharp uptick of over 36% in UPI transactions to Rs 60 lakh crore in the first three months of the current fiscal.

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Xerox pencils $355 million as tech spends for 7-year TCS deal

Xerox disclosed in a filing in the US that it has a commitment with Microsoft for $125 million and with SAP for $45 million for the same duration under this multi-party agreement.

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FirstCry raises Rs 1,886 crore from anchor investors

The shares of Brainbees Solutions, which operates omnichannel kidswear brand FirstCry, were allocated at the upper end of the IPO price of Rs 465 a share to the government of Singapore, ADIA, Nomura, Fidelity, SBI Blue Chip Fund, SBI MF, ICICI Pru MF, HDFC MF, Kotak Mahindra MF, Goldman Sachs Funds, SBI Life, Nordea Asset Management, Max Life, Norges Bank, PSP, and Carmignac, among others.

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Sauce VC logs final close of third fund at Rs 365 crore

Consumer-focused venture investor Sauce VC, which has invested in new-age brands like luggage maker Mokobara, has announced the final close of its third fund at Rs 365 crore, against a target corpus of Rs 250 crore. Founder and managing partner Manu Chandra told ET that the fund received demand for subscriptions amounting to about Rs 700 crore.

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SaaS star Postman sees 30-40% cut in value in secondary deals

Software-as-a-service (SaaS) startup Postman has made secondary deals in recent weeks at a steep 30-40% discount to its peak valuation., people in the know told ET. Some of Postman's existing investors, including Nexus Venture Partners and Bond Capital, have bought the shares on offer. This comes as data shows a significant fall in SaaS investments across company stages.

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Govt offers tech aid to account aggregators facing fraud deluge

The account aggregator (AA) ecosystem is facing the threat of cybercriminals, with fraudsters gaming their systems to access customer data and details of their bank accounts. Some of the large account aggregators like Perfios, Finvu, Cams Finserv, and NeSL Asset Data Limited have shut down certain features like balance enquiries and details of the customer profile on their consumer-facing applications.

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Apple asks judge to toss antitrust lawsuit

Apple was accused of an illegal monopoly on smartphones, allegedly maintained by imposing contractual restrictions on, and withholding critical access from, developers. Apple also argued that the lawsuit fails to raise any evidence that its practices harm competition or consumers, who it says plausibly switch to a competitor if they dislike what iPhone features.

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DGGI ends FY18 GST proceedings against Infosys

Three days after Infosys acknowledged receipt of a notice for alleged evasion of over Rs 32,000 crore in integrated goods and services tax (IGST) between July 2017, when the levy was rolled out, and FY22. “The company had received and responded to a pre-show cause notice issued by DGGI for the period July 2017 to March 2022,” the company said in the Saturday exchange filing.

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Essar Group-backed IT systems integrator Black Box raises Rs 410 crore

Black Box counts Amazon, Google, Microsoft as its clients and will use the capital to expand data centre services to hyperscalers, multi-tenant data centre operators and large enterprise data centre, as well as connectivity and networking infrastructure.

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ER&D companies face headwinds in new twist

After twelve consecutive quarters of growth, the cumulative workforce of five leading pure-play ER&D companies fell to 77,560 by June, highlighting the industry's cyclical nature compared to technology outsourcing, which is now starting to create jobs and improve campus placements.

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Apple asks US judge to toss antitrust lawsuit

The Justice Department, 19 states and Washington, D.C., accuse Apple of an illegal monopoly on smartphones maintained by imposing contractual restrictions on, and withholding critical access from, developers.

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Zomato’s revenue rises 74% on Blinkit, Hyperpure surge

Food delivery giant Zomato reported multifold year-on-year (YoY) growth in its consolidated net profit while revenue soared for the June quarter. Zomato announced the launch of District – a new app for its going-out business. The company has been increasing its focus on the vertical, which includes dining out, live events, and ticketing.

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Tata Digital stitching ‘value fashion’ plan under its Cliq brand

Tata Digital, the ecommerce arm of the Tata conglomerate, is in talks to develop a budget fashion line on its Tata Cliq platform to take on industry competitors Flipkart, Amazon India, and Reliance Ajio. While the company has Zudio in that category, sources said that brand is likely to stay offline only and there are no plans to take it on Neu yet.

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