In April, Number of electric two-wheelers sold was only half of what it was in the previous month.
May 1, 2024 12:05 pmElectric two-wheeler sales dropped by almost 50% in April compared to the previous month. This decline was due to a combination of seasonal factors and changes in subsidies for the industry. Ola Electric, the market leader, saw its sales decrease from a record high in March. Other companies like Bajaj and TVS Motors also experienced a slump in sales. The shift in subsidies and uncertainty regarding…
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Canarys is growing its business worldwide by making a smart purchase in North America.
May 1, 2024 12:04 pmCanarys Automation, a digital transformation company, plans to acquire a software services and consulting enterprise in North America to expand globally. The acquisition will strengthen Canarys’ presence in the North American market and allow it to better serve Fortune 100 companies. The deal is subject to due diligence and final agreements. canarys will finance the acquisition through a combination…
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China's company that makes LED, AET, plans to invest Rs 200 crore in India.
May 1, 2024 12:04 pmChinese LED screen maker AET Displays, a part of Guangda Group, plans to invest Rs 200 crore in India over the next 12-18 months. The investment will be used to expand manufacturing, strengthen the local supply chain, and improve after-sales service. AET currently sources up to 55% of its components from Indian suppliers and aims to increase local content to reach the second level of manufacturing…
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India is doing really well in the AI race, while Germany and Spain are still struggling to catch up.
April 28, 2024 12:47 pmAccording to a report by NetApp, 91% of companies in India will use at least half of their data to train AI models by 2024. The report also states that India is leading in AI projects, followed by Singapore. Technology companies are leading in the AI journey, while media and entertainment companies are lagging behind. Rising IT costs and data security are challenges, but AI leaders will find ways…
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TikTok, a popular video platform, may be banned in the United States due to concerns about Chinese ownership. Many small businesses and creators rely on TikTok for their livelihoods and fear the impact of a ban. A study showed that TikTok supports millions of jobs and generates billions of dollars for the US economy. TikTok’s unique style and engaged audience make it a valuable platform for…
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Top IT companies have reduced their workforce by 72,000 in the last financial year.
April 28, 2024 12:45 pmFive of India’s top six IT services companies, including Tata Consultancy Services, Infosys, and Wipro, reported a reduction of 73,600 employees in the last fiscal year. Only HCLTech added employees during this period. The decline in headcount is attributed to a global slowdown in tech spending, uncertainty in demand, economic slowdown, automation, and restructuring. However, experts believe…
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Apple is reportedly in talks with OpenAI to use their AI technology for new features in the upcoming iPhone. The discussions include integrating OpenAI features into Apple’s next operating system, iOS 18. Apple has also been considering licensing Google’s Gemini chatbot. The company has not made a final decision and may choose to work with both OpenAI and Google or another provider. Apple…
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FirstCry, an omnichannel retailer for baby and mother care products, will resubmit its IPO papers after receiving queries from the stock market regulator, Sebi. Sebi flagged a lack of adequate disclosures in key performance indicators (KPIs) in FirstCry’s draft papers. The company plans to make the necessary changes and refile its IPO documents with updated financials. In other news, Swiggy’s…
...Read MoreFormer zomato executive Mohit Gupta and Myntra founder Mukesh Bansal have raised $26 million in seed funding for their fashion startup Lyskraft. The investment will be used to build an omnichannel marketplace for premium brands, starting with women’s fashion. The funding round was led by Peak XV Partners, with participation from Prosus, Sofina, DST Global, and others. Gupta will serve as CEO…
...Read MoreUS-India Business Council (USIBC) has formed an Artificial Intelligence (AI) Task Force to promote collaboration in the field of AI. Meta has been named as the co-chair of the task force. Additionally, Infosys, UPS, and BNY Mellon have joined the USIBC’s AI Board Advisory Committee. The goal of the task force is to align and drive US and Indian leadership in the AI ecosystem and promote common…
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Temasek and Fidelity might put $200 million into Lenskart, a company that is valued at $5 billion.
April 25, 2024 1:15 pmSingapore’s Temasek and US’ Fidelity are in advanced discussions to invest around $200 million in Lenskart, an Indian eyewear company, through a secondary share sale. This would value Lenskart at about $5 billion, over three times the valuation of Warby Parker. The round is taking place at a higher valuation than previous transactions, and Temasek is leading the investment with $125-150…
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Indian outsourcing leaders are increasingly acquiring companies in Europe, with revenue expansion in the continent outpacing growth rates in the US. Infosys, Wipro, HCLTech, and tech mahindra have all made significant acquisitions in Europe in recent years. The acquisitions are aimed at boosting their presence in the European market and taking advantage of the region’s growing demand for engineering…
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In 2023, injury rates at SpaceX facilities were higher than the industry average, according to safety data reported to U.S. regulators. The records show that injury rates at some SpaceX facilities were worse than the previous year. For example, at the Brownsville facility in Texas, there were 5.9 injuries per 100 workers, surpassing the previous year’s rate of 4.8 injuries. This high injury…
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Meta is allowing other companies to use their Quest operating system for their own devices.
April 24, 2024 3:34 amMeta Platforms, the company behind the Quest headset, is sharing its operating system with rival device makers, such as Microsoft. This move allows partner companies to build their own headsets using Meta Horizon OS, which offers features like gesture recognition and scene understanding. Meta is also using the operating system to create a limited edition version of the Quest headset inspired by Microsoft’s…
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Russia has found the spokesperson for Meta guilty in a quick trial held without their presence.
April 24, 2024 3:33 amA spokesperson from Meta, the company that owns Facebook and Instagram, has been convicted in Russia for justifying terrorism. The spokesperson, Andy Stone, was sentenced to six years in prison in a trial held in his absence. The charges stem from remarks Stone made in 2022 after Russia invaded Ukraine. Stone announced temporary changes to Meta’s hate speech policy, allowing for violent speech…
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US office-sharing company WeWork is selling its entire 27% stake in its Indian operations through a secondary transaction. The deal, estimated at Rs 1,200 crore, will also see the Bengaluru-based property developer Embassy group reduce its holding from 73% to 60%. The Enam group family office, investment fund A91 Partners, and CaratLane founder Mithun Sacheti are among the new investors acquiring…
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Over a dozen new economy ventures have appointed new chief executives in the past year as profitability and governance become more important. The trend is likely to continue as startups reach a certain level of growth. The changes are seen as positive as professional CEOs bring different skills to scale up the companies. The reshuffling of top-level positions is driven by investor pressure to achieve…
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Aerospace company Northrop Grumman is working with SpaceX on a secret spy satellite project. The project aims to improve the US government’s ability to track military and intelligence targets from low-Earth orbits. Northrop Grumman’s involvement reflects a desire to avoid relying too heavily on one contractor. It is unclear if other contractors will join the project. Northrop Grumman is…
...Read MoreTata Communications is investing in artificial intelligence (AI) compute capacity and partnering with Nvidia to build an AI supercomputer. The company plans to offer AI services to startups and researchers through the Centre’s AI Mission. Tata Communications also expects its acquired entities, Switch and Kaleyra, to become profitable this year. The company’s partnership with Microsoft…
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Veera, the internet browser, has reached over 1 million users.
April 19, 2024 1:12 amIndian mobile-only internet browser, Veera, has reached 1 million users in less than a year since its launch. The app, developed in India, competes with global browsers like Google Chrome and apple Safari. veera has added new features such as a cricket widget, privacy features, and ad-blocking. The company plans to continue improving its product and launching new features to enhance the browsing experience…
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