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

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

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Top startup and tech stories this week

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

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Major Canadian news media companies launch legal action against OpenAI

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

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Govt for fair AI development; Google in CCI crosshairs

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

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MeitY, DoT at work on projects for fair AI development

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

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

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

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New venture capital firm Kenro scouts for secondary deals

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

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Stellaris Venture Partners closes third fund at $300 million

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

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Romanian telecoms regulator calls for TikTok suspension pending election probe

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

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

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

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Ecommerce in competition with quick commerce

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

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India probes Google Maps after three deaths

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

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

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

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Intel expects reduced US grant after winning defense contract

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

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

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

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

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

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Startup BonV Aero drives drone innovation with support from STPI

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

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Emerging details of Chinese hack leave US officials increasingly concerned

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

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Chinese hackers preparing for conflict, US cyber official says

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

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When AI's output is a threat to AI itself

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

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Top startup and tech stories this week

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

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Meme lord Musk, pro crypto Trump fuel fresh mania

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

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Demand for prompt engineers stalling as companies seek broader skill sets

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

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Government notifies amended forex rules for startups

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

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Mutual help: AssetPlus and ZFunds receive venture capital support

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

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Rapido to soon launch airport pool taxis to Bengaluru airport

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

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WhatsApp becomes more business friendly, offers service messages for free

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

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

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

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It takes a village to raise an AI world

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

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

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

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

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

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AI domain trade rakes in big bucks

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

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

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

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

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

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

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

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

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

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

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

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

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

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Top startup and tech stories this week

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

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

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

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Quick commerce is eating into kirana sales, says report

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

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

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

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Siemens AG looks to ride AI data centre wave

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

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Pavestone marks final close of tech fund at Rs 816 crore

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

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Swiggy delivers best major listing in 10 years

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

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Apple overtakes Samsung in Q3, clocks record shipments

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

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

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

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

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

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

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

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

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

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

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

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

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

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‘India has become an AI hub for startups’

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

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Elon Musk is positioning X behind the new Trump presidency

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

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

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

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Top startup and tech stories this week

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

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

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

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

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

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

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

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

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

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Boldfit gets Rs 110 cr investment from Bessemer Venture Partners

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

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Tessolve to buy German chip designer for Rs 400 crore

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

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Alarm bells at wearables companies as slump extends to this fiscal

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

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GCCs ping class of 2025 to build their tech talent pipeline

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

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

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

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Magicpin slashes platform fee to Rs 5 per delivery

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

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

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

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

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

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

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

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Coursera sees spike in GenAI course demand, India leads enrolments

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

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

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

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

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

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Amazon denies duping US consumers over Alexa's recording practices

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

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