Quick-commerce platforms like Zepto, Swiggy’s Instamart, and Blinkit are experiencing a surge in sales for non-grocery items as they compete with e-commerce rivals. Zepto’s sales for products like toys and electronics accessories have more than doubled month-on-month, while beauty product sales have tripled. Swiggy’s Instamart has also seen strong growth in non-grocery categories. The beauty and personal care segment is particularly performing well, along with earphones and accessories, health and nutrition, and new product experiments. Additionally, EV fleet operator zypp electric is in talks to raise $40 million in funding, potentially doubling its valuation to $300-350 million. You Can Read Full News By Clicking On Below Link.
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Indian IT firm Birlasoft has received two whistle-blower complaints in the past seven months alleging improper conduct by employees. The company’s CEO, Angan Guha, stated that an investigation is ongoing and no financial impropriety has been found so far. Birlasoft is also diversifying its revenue by appointing a new CEO for non-US markets and aims to generate at least 25% of its revenue from…
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Novo Holdings, the controlling shareholder of Novo Nordisk, plans to invest $200 million in quantum computing startups. quantum computing is a new technology that can solve complex problems much faster than regular computers. Novo Holdings wants to support startups in the Nordic countries that are using quantum computing to develop new drugs and improve healthcare. They believe that quantum technology…
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Reserve Bank of India has warned banks about gold loan disbursals made through fintech startups.
May 1, 2024 12:38 pmReserve Bank of India has warned banks about gold loan disbursals made through fintech startups. The RBI has expressed concerns about the evaluation process, especially when gold is sourced through field agents. Major players like Rupeek, IndiaGold, and Oro Money source gold loans for banks. The banks are in talks with fintech firms to address these issues and may temporarily pause business to ensure…
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Indian spacetech startup Digantara has been selected for a joint industry space mission called Mission for Australia-India’s Technology, Research and Innovation (Maitri) to manage space debris. The mission, led by Space Machines Company, has received AUD $8.5 million in grants from the Australian Space Agency. Digantara will integrate its optical sensor technology onto an Australian-built Orbital…
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Venture debt firm Stride Ventures has closed its third fund at $165 million, falling short of its initial target of $200 million. The fund will focus on consumer, financial services, and clean tech sectors. The capital for the fund was primarily raised from insurance companies, family offices, corporate treasuries, and high-net-worth individuals. Stride Ventures has already provided capital to companies…
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Eight US news publishers, owned by Alden Global Capital, have filed a lawsuit against Microsoft and OpenAI for copyright infringement. The publishers accuse the companies of using their copyrighted articles without permission to train their artificial intelligence models. They claim that the AI models, such as ChatGPT, produce near-verbatim copies of their works and attribute inaccurate information…
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Zero-day vulnerabilities are now a big reason why cyberattacks happen a lot.
May 1, 2024 12:31 pmA new study has found that cyberattacks exploiting vulnerabilities to access data have increased by 180% in 2023 and nearly tripled in the past year. The rise is largely due to hackers exploiting a zero-day vulnerability in the MOVEit file-transfer software to steal sensitive medical information of almost 4 million Americans. The study also revealed a shift in cyberattack motives towards extortion…
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Logistics firm Ecom Express saw a 20% increase in operating revenue in fiscal year 2023, reaching Rs 2,548 crore. However, its losses also widened by over fourfold, reaching Rs 375 crore. The company provides logistical services to ecommerce platforms. The largest portion of its revenue, over Rs 2,300 crore, came from courier services, which grew by 17% compared to the previous year. Ecom Express…
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CEO of FirstCry, Supam Maheshwari, saw a 49% decrease in his monthly pay for the first nine months of FY24. His total remuneration for that period was Rs 77.5 crore, down from Rs 200.7 crore in FY23. Another cofounder, Sanket Hattimattur, also experienced a decrease in pay. Before filing for an IPO, Maheshwari sold some shares and currently holds a 5.94% stake in FirstCry. The company plans to raise…
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India’s top IT services exporters are experiencing faster revenue growth in Europe, the Middle East & Africa (MEA), and India and Asia Pacific (APAC) compared to North America. The North American market traditionally contributes 50-60% of total revenue for IT services firms, but demand is flattening. Factors such as high inflation and interest rates are causing US clients to be skeptical…
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Bengaluru-based startup Kogo AI is launching its Kogo OS platform this week. The platform-as-a-service will allow enterprises and small businesses to create AI agents for various purposes, such as customer service, booking, research, and office assistance. Kogo OS has already been tested in 14 proofs of concept across different industries and will be deployed in production by the end of this quarter…
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Meat and seafood delivery service Licious plans to open physical stores in Bengaluru and expand to other cities. The move is aimed at attracting new customers and eventually getting them to transact online. The startup aims to have 500 stores across India in the next five years. Licious is also looking to turn profitable by the end of FY25. The company has seen growth in revenue and a reduction in…
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Microsoft is opening its first Data centre in thailand to improve access to cloud services.
May 1, 2024 12:13 pmMicrosoft is opening its first Data centre in thailand to improve access to cloud services. This comes after the company announced investments in artificial intelligence and cloud facilities in Indonesia. The Data centre will provide Azure capabilities and world-class AI infrastructure. It will also enhance reliability, performance, and compliance with data residency and privacy standards. The move…
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Microsoft has made a deal with Brookfield to use renewable energy to run their data centers.
May 1, 2024 12:13 pmCanadian company Brookfield Asset Management is teaming up with Microsoft to develop wind and solar farms, aiming to bring 10.5 gigawatts of generating capacity online. The partnership will help finance renewable electricity projects to be built between 2026 and 2030, starting in the U.S. and Europe. This collaboration highlights the need to meet clean energy goals while meeting the growing energy…
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A Reuters/Ipsos poll found that 58% of Americans believe that China uses TikTok to influence public opinion in the United States. Republicans were more likely than Democrats to hold this belief. TikTok has denied sharing user data with the Chinese government and said it does not promote or remove content at their request. President Joe Biden recently signed legislation giving TikTok’s owner…
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Nepal banned TikTok last year, but some people are finding ways to access it through virtual private networks (VPNs). Lawyer Sunil Rajan Singh is leading a legal challenge against the ban, arguing that it goes against freedom of speech. The government justified the ban by claiming that TikTok was spreading content that damaged social harmony. The case is set to be heard in the Supreme Court next week…
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Indian IT firms are experiencing rapid growth in new markets such as Europe, the Middle East, and Asia Pacific, while their established North American market is slowing down. This shift is significant because North America currently contributes 50-60% to the total revenue of IT services firms. The growth in new markets is attributed to increased investments in technology in regions like India, the…
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Reserve Bank of India (RBI) has issued a directive stating that peer-to-peer lending platforms cannot offer default loss guarantees to investors. This move is expected to impact P2P platforms that relied on affiliates to source customers. The RBI’s action aims to improve governance in digital lending but may increase customer acquisition costs for P2P platforms. The regulator’s disallowance…
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Former Binance CEO Changpeng Zhao has been sentenced to four months in prison for allowing money laundering on the cryptocurrency exchange. Zhao pleaded guilty to failing to take anti-money laundering measures and stepped down as Binance agreed to pay $4.3 billion to settle related allegations. U.S. officials said Zhao ignored transactions supporting child sex abuse, illegal drugs, and terrorism…
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Amazon reported a tripled profit in the first quarter of 2024, driven by its cloud, ads, and retail businesses. The company’s online store sales grew by 7% despite competition from rivals. Amazon’s AWS cloud computing division is expected to bring in $100 billion this year. The company’s ad business also gained momentum, with ad sales increasing by 24%. Amazon plans to invest in…
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