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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Newer systems being added to astronaut training facility in Bengaluru: VSSC director

Unnikrishnan Nair, director of Vikram Sarabhai Space Centre (VSSC) told ET, “The building near UR Rao Satellite Centre on Old Airport Road is in place and certain systems are already in place. But we are adding more simulators. The four astronauts selected for the Gaganyaan Mission received generic Space training in Russia. The training they receive at this facility is specific to Gaganyaan.”

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PayGlocal gets RBI nod to operate as online merchant payments company

PayGlocal is an international payments-focused startup and has also applied for a cross-border payments licence. That application is still being processed by the central bank. The company expects to receive this licence in due course from the Reserve Bank of India (RBI).

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Telangana goes all out to get MNCs to open tech base in state

The strategy is to go beyond attracting core technology companies and to persuade large multinationals from diverse sectors to make Telangana their tech hub, Telangana industries and IT minister Duddilla Sridhar Babu said. This is over and above the $4.4 billion investment that the Washington-based company announced two years ago dedicated for its Hyderabad region, he said.

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RecommerceX raises $3.6 million in round led by Accel, Kae Capital

The chemical recycling and sustainability startup will use the funds to expand the team, develop tech platform, push R&D for advanced material recovery, and scale its operations. RecommerceX targets medium to large manufacturing companies and engineering, procurement, and construction (EPC) firms as its primary customers.

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Rainmatter’s new bets; IT firms cut subcontracting costs

Happy Wednesday! Zerodha-backed Rainmatter Capital has funded multiple startups in the last two months. This and more in today’s ETtech Morning Dispatch.

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Margin focus pushes Indian IT firms away from subcontractors

In FY24, subcontracting costs hit their lowest levels in years: TCS at 6.20% of its revenue (the lowest since FY16), Infosys at 7.70% (lowest since FY21), Wipro at 11.50% (lowest since FY16), and Tech Mahindra at 12.60% (lowest since FY19), according to company data.

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Harman's predictive analytics platform ForecastGPT is live

ForecastGPT, a predictive analytics platform allows organisations to forecast sales, supply chain and financial planning across industries such as retail. Being able to accurately predict future trends, allows businesses to optimise resource allocation, and enhance overall business performance. It is designed for businesses that operate in dynamic and uncertain markets, where demand and supply can vary significantly.

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BigEndian Semiconductors raised $3 million in a funding round led by Vertex Ventures SEA & India

Founded in 2024 by Kumar, Renuka Prasad, Harpreet Wadhawan, Dinesh Annayya, Kanagaraju Ponnusamy, and Jansen Cheng, the Bengaluru-based startup aims to develop homegrown semiconductor IP in India, with plans to launch its surveillance system-on-chip (SoC) solution. The company currently employs about 18 people.

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PayU wants to get into consumer payments next with LazyPay

Digital payments company PayU is looking to expand its consumer fintech offerings through LazyPay, while maintaining its core focus on merchant payments. The Naspers-owned fintech firm plans to leverage LazyPay to develop a consumer payments and credit platform. CEO Anirban Mukherjee said PayU is anticipating regulations on allowing nonbank lenders on Unified Payments Interface (UPI) for tapping credit opportunities.

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AI chatbots must learn to say 'help!' says Microsoft executive

Generative AI tools will save companies lots of time and money, promises Vik Singh, a Microsoft vice president, even if the models must learn to admit when they just don't know what to do. Even if the model has to turn to a human in 50 percent of cases, that still saves "tons of money."

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Meta faces $3.6 million fine in Brazil for allowing bogus ads

In her ruling, Judge Joana Ribeiro said it was unacceptable for Meta to sell ads in an insecure way to sustain its business model. The department store, Havan, called the decision a “landmark” in protecting the company’s rights.

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