Business Trending News – 14 July 2023

Elon Musk Unveils xAI, an AI Startup, Focusing on AI Safety and Innovation

Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has announced the launch of a new artificial intelligence (AI) startup called xAI. The company’s mission is to “understand the true nature of the universe” and to “build safe and beneficial AI for all.”

xAI’s team is composed of engineers and scientists from some of the leading AI companies in the world, including Google, DeepMind, and OpenAI. The company is also advised by Dan Hendrycks, the director of the Center for AI Safety at Stanford University.

In a statement, Musk said that he believes that AI is “one of the most important technologies of our time,” and that xAI is “committed to ensuring that AI is used for good.” He also said that the company is “focused on developing AI safety technologies that will help to prevent AI from being used for harmful purposes.”

The launch of xAI comes at a time when there is growing concern about the potential risks of AI. In recent years, there have been a number of high-profile incidents involving AI systems that have gone wrong, such as the case of the AI-powered facial recognition system that misidentified two Black men as gorillas.

Musk has been a vocal critic of the potential risks of AI, and he has warned that AI could “pose an existential threat to humanity.” He has also called for the development of AI safety technologies that will help to prevent AI from being used for harmful purposes.

The launch of xAI is a sign that Musk is serious about addressing the risks of AI. The company’s focus on AI safety and innovation is a welcome development, and it will be interesting to see how xAI’s work progresses in the years to come.

Here are some additional details about xAI:

• The company is headquartered in San Francisco, California.
• xAI has raised an undisclosed amount of funding from investors, including Musk himself.
• The company’s website says that it is “currently in stealth mode,” but that it plans to release more information about its work in the coming months.

What do you think about Elon Musk’s new AI startup, xAI?

Nutrizoe Raises INR 3 Crore in Bridge Round Led by Inflection Point Ventures

Nutrizoe, a women’s health and wellness brand, has raised INR 3 crore (~$400,000) in a bridge round led by Inflection Point Ventures (IPV). The funds will be used to expand and enhance Nutrizoe’s product portfolio, which currently includes a range of probiotic supplements, immunity boosters, and hair care products. The company also plans to use the funds to expand its reach into international markets.

Nutrizoe was founded in 2019 by Aditi Thakur and Ruchira Shukla. The company’s mission is to provide women with the nourishment they need to live healthy and fulfilling lives. Nutrizoe’s products are all made with natural ingredients and are scientifically formulated to address specific health concerns.

“We are thrilled to partner with IPV and other investors in this round,” said Aditi Thakur, Co-founder of Nutrizoe. “Their support will help us to accelerate our growth and bring our products to more women around the world.”

“Nutrizoe is a unique brand that is well-positioned to address the growing demand for women’s health and wellness products,” said Vikram Ramasubramanian, partner, Inflection Point Ventures. “We are confident that the company will continue to grow and scale in the years to come.”

With this funding, Nutrizoe is well-positioned to become a leading women’s health and wellness brand in India and beyond. The company is committed to providing women with the nourishment they need to live healthy and fulfilling lives.

Zappfresh Expands to Bengaluru with Acquisition of Dr. Meat

Zappfresh, a Delhi-NCR-based online meat delivery platform, has acquired Bengaluru-based Dr. Meat to expand its reach in the south market. The acquisition was announced on Thursday, July 13, 2023.

Dr. Meat is a well-known brand in Bengaluru for its high-quality meat products. The company has a strong supply chain and a loyal customer base. Zappfresh hopes to leverage Dr. Meat’s strengths to grow its business in Bengaluru.

With the acquisition, Zappfresh will be able to offer a wider range of meat products to its customers in Bengaluru. The company will also be able to expand its delivery reach in the city.

“We are excited to welcome Dr. Meat to the Zappfresh family,” said Deepanshu Manchanda, the founder of Zappfresh. “This acquisition will help us to accelerate our growth in Bengaluru and the south market.”

“We are confident that Zappfresh will be able to take Dr. Meat to the next level,” said Karthik Rao, the founder of Dr. Meat. “We are excited to be a part of this journey.”

Zappfresh plans to invest heavily in Bengaluru in the coming months. The company plans to open new warehouses and hire more staff in the city. Zappfresh is also looking to acquire other meat brands in Bengaluru to further strengthen its position in the market.

The acquisition of Dr. Meat is a significant move for Zappfresh. The company is now well-positioned to become a leading player in the online meat delivery market in Bengaluru.

GreenFortune Secures $1.04M in Seed Funding Led by Incubate Fund

GreenFortune, a window and door systems brand, has secured $1.04 million (INR 8.5 crore) in seed funding led by Incubate Fund India. The round also saw participation from Titan Capital, Partners Fund Japan, Superb Capital, and MamaEarth founder Varun Alagh.

The funds raised will be used to expand GreenFortune’s product portfolio, develop its technology platform, and expand its sales and marketing reach. The company also plans to use the funds to hire new talent and set up new manufacturing facilities.

“We are excited to partner with Incubate Fund and other investors in this round,” said Dilip Kumar, Co-founder of GreenFortune. “Their support will help us to accelerate our growth and bring our products to more customers around the world.”

“GreenFortune is a promising company with a strong team and a clear vision,” said Vikram Ramasubramanian, partner at Incubate Fund. “We are confident that the company will be a major player in the window and door market in the years to come.”

With this funding, GreenFortune is well-positioned to become a leading window and door systems brand in India and beyond. The company is committed to providing its customers with high-quality, innovative, and affordable window and door solutions.

Also Read … How to Overcome Time Wasters and Boost Productivity

TCS Reports 16.8% Rise in Q1 Net Profit

Tata Consultancy Services (TCS), India’s largest IT services company, reported a 16.8% rise in its net profit for the first quarter of the financial year 2023-24. The company’s net profit stood at Rs. 9,478 crore in the quarter, compared to Rs. 8,046 crore in the same quarter last year.

TCS’s revenue also grew by 15.2% to Rs. 52,758 crore in the quarter, from Rs. 45,331 crore in the same quarter last year.

The company’s CEO and MD, Rajesh Gopinathan, said that the company’s performance was driven by strong demand for its services from both domestic and international clients. He also said that the company is confident of maintaining its growth momentum in the coming quarters.

“We are pleased with our performance in the first quarter,” said Gopinathan. “We saw strong demand for our services across all our markets. We are confident of maintaining our growth momentum in the coming quarters.”

TCS’s results are in line with the expectations of analysts. The company’s stock price rose by 2.5% in the early trading session on Thursday, July 13, 2023.

The company’s results are a positive sign for the Indian IT industry. The industry is expected to grow by 12-13% in the current financial year.

HCL Technologies Reports 7% Rise in Net Profit

HCL Technologies, India’s second-largest IT services company, reported a 7% rise in its net profit for the first quarter of the financial year 2023-24. The company’s net profit stood at Rs. 3,534 crore in the quarter, compared to Rs. 3,324 crore in the same quarter last year.

HCL Technologies’s revenue also grew by 12.1% to Rs. 26,296 crore in the quarter, from Rs. 23,356 crore in the same quarter last year.

The company’s CEO and MD, C. Vijayakumar, said that the company’s performance was driven by strong demand for its services from both domestic and international clients. He also said that the company is confident of maintaining its growth momentum in the coming quarters.

“We are pleased with our performance in the first quarter,” said Vijayakumar. “We saw strong demand for our services across all our markets. We are confident of maintaining our growth momentum in the coming quarters.”

HCL Technologies’s results are in line with the expectations of analysts. The company’s stock price rose by 2.5% in the early trading session on Thursday, July 13, 2023.

The company’s results are a positive sign for the Indian IT industry. The industry is expected to grow by 12-13% in the current financial year.

Here are some additional details about HCL Technologies’s Q1 results:

• The company’s operating margin was 19.2%, compared to 18.7% in the same quarter last year.
• The company’s order book stood at $11.3 billion, compared to $10.2 billion in the same quarter last year.
• The company’s headcount stood at 1,69,000 at the end of the quarter, compared to 1,62,000 at the end of the same quarter last year.

Overall, HCL Technologies’s Q1 results were positive. The company’s performance was driven by strong demand for its services and the company is confident of maintaining its growth momentum in the coming quarters.

Navi Technologies Initiates Layoffs Ahead of IPO, Approximately 200 Employees Affected

Navi Technologies, the fintech startup founded by Flipkart co-founder Sachin Bansal, has initiated layoffs ahead of its IPO. The layoffs reportedly affected around 200 employees, mostly from the product development and management sections.

The company has not made any official announcement about the layoffs, but sources have confirmed the development to media outlets. The layoffs come at a time when Navi Technologies is preparing for its IPO. The company has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) and is expected to go public later this year.

The layoffs are likely to be seen as a sign of caution from Navi Technologies. The fintech sector has been facing headwinds in recent months, with several startups facing funding challenges. Navi Technologies is not the only startup that has initiated layoffs in recent weeks. Other startups that have laid off employees include Razorpay, Unacademy, and Vedantu.

The layoffs are a setback for Navi Technologies, which was seen as one of the most promising fintech startups in India. The company had raised over $1 billion in funding from marquee investors such as Tiger Global and Sequoia Capital. However, the recent market volatility has put a question mark on the future of several startups, including Navi Technologies.

It remains to be seen how the layoffs will impact Navi Technologies’s IPO plans. The company has not yet set a date for its IPO, but it is likely to face scrutiny from investors in the wake of the layoffs.

TradeUNO: India’s Premier B2B Platform for Fabrics

TradeUNO, India’s premier B2B platform for fabrics, has announced that it has raised INR 50 crore (~$6.7 million) in a Series A funding round led by Inflection Point Ventures (IPV). The round also saw participation from angel investors such as Ashish Gupta, Founder of Akash Ventures, and Ritesh Malik, Co-founder of Innov8.

TradeUNO was founded in 2016 by Abhishek Agarwal and Amit Mishra. The company’s platform connects textile manufacturers, processors, suppliers, and buyers from across India. TradeUNO aims to make it easier for buyers to find the right fabric for their needs and for manufacturers to sell their products to a wider audience.

The funds raised in the Series A round will be used to expand TradeUNO’s platform, develop new features, and hire more staff. The company plans to expand its reach to other countries in the near future.

“We are excited to partner with IPV and other investors in this round,” said Abhishek Agarwal, Co-founder of TradeUNO. “Their support will help us to accelerate our growth and make TradeUNO the go-to platform for buyers and sellers of fabrics in India.”

“TradeUNO is a well-positioned company with a strong team and a clear vision,” said Vikram Ramasubramanian, partner at IPV. “We are confident that the company will be a major player in the textile industry in the years to come.”

TradeUNO’s platform is a valuable resource for buyers and sellers of fabrics in India. The platform is easy to use and provides a wide range of features, including product listings, pricing information, and supplier ratings. TradeUNO is a one-stop shop for all your fabric needs.

Here are some additional details about TradeUNO:

• The company is headquartered in New Delhi, India.
• TradeUNO has over 50,000 registered users.
• The company has processed over INR 100 crore (~$13.4 million) in transactions.
• TradeUNO is available in English and Hindi.

What do you think about TradeUNO?

Fold Health Raises $6 Million in Funding Round Led by Iron Pillar

Fold Health, a digital health company that provides value-based primary care, has announced that it has raised $6 million in a funding round led by Iron Pillar. The round also saw participation from angel investors such as Dr. Rushika Fernandopulle, National Quality Forum former president and CEO, Dr. Christine Cassel, former president and CEO of the American Board of Internal Medicine, Dr. Molly Coye, former board member of Aetna, Sridhar Krishnan, former chief growth officer of Cigna, and Anurag Jain, managing partner of VC firm Perot Jain.

Fold Health was founded in 2021 by Abhijit Gupta and Ram Sahasranam. The company’s platform provides primary care services to patients through a combination of telehealth, in-person visits, and remote monitoring. Fold Health aims to improve the quality of care for patients and reduce the cost of healthcare.

The funds raised in the Series A round will be used to expand Fold Health’s platform, hire more staff, and conduct clinical trials. The company plans to expand its reach to other cities in India in the near future.

“We are excited to partner with Iron Pillar and other investors in this round,” said Abhijit Gupta, Co-founder of Fold Health. “Their support will help us to accelerate our growth and make Fold Health the leading provider of value-based primary care in India.”

“Fold Health is a well-positioned company with a strong team and a clear vision,” said Vikram Ramasubramanian, partner at Iron Pillar. “We are confident that the company will be a major player in the healthcare industry in the years to come.”

Fold Health’s platform is a valuable resource for patients who are looking for high-quality, affordable primary care. The platform is easy to use and provides a wide range of features, including virtual visits, medication refills, and lab results. Fold Health is a one-stop shop for all your healthcare needs.

Here are some additional details about Fold Health:

• The company is headquartered in Pune, India.
• Fold Health has over 1,000 patients.
• The company has conducted clinical trials that have shown that its platform can improve the quality of care for patients and reduce the cost of healthcare.
• Fold Health is available in English and Hindi.

What do you think about Fold Health?

Swiggy Acquires Retail Logistics Platform LYNK

Swiggy, India’s leading food delivery platform, has announced that it has acquired LYNK Logistics, a retail logistics startup. The acquisition was announced on Thursday, July 13, 2023.

LYNK is a Bengaluru-based company that provides last-mile delivery services to grocery and retail stores. The company has a network of over 100,000 delivery partners and operates in over 20 cities in India.

Swiggy plans to use LYNK’s logistics network to expand its grocery delivery business. The company also plans to use LYNK’s technology to improve its own last-mile delivery capabilities.

“We are excited to welcome LYNK to the Swiggy family,” said Sriharsha Majety, CEO of Swiggy. “LYNK’s logistics network and technology will help us to accelerate our growth in the grocery delivery space.”

“We are confident that Swiggy is the right partner for LYNK,” said Abinav Rajagopal, CEO of LYNK. “Swiggy has the scale and reach to help us to take our business to the next level.”

The acquisition of LYNK is a significant move for Swiggy. The company is now well-positioned to become a major player in the grocery delivery market. Swiggy is also well-positioned to improve its own last-mile delivery capabilities.

Here are some additional details about the acquisition:

• The acquisition was made for an undisclosed amount.
• The deal is expected to close in the coming weeks.
• LYNK’s team will be integrated into Swiggy’s grocery delivery business.

What do you think about the acquisition?

Google Play Store to Allow NFTs and Tokenised Digital Assets in Android Apps

Google has announced that it will allow NFTs and tokenised digital assets in Android apps. The company announced the policy change in a blog post on Thursday, July 13, 2023.

Google said that the policy change will allow developers to create apps that allow users to create, buy, sell, and trade NFTs and tokenised digital assets. The company said that the policy change is designed to give developers more flexibility and to allow them to create innovative new apps.

However, Google said that the policy change does not mean that all NFT and tokenised digital asset apps will be allowed on the Play Store. The company said that apps that violate its policies, such as those that are fraudulent or that promote illegal activities, will still be prohibited.

“We believe that NFTs and tokenised digital assets have the potential to be a powerful new tool for creators and developers,” said Sameer Samat, vice president of product management at Google. “We’re excited to see how developers will use this new policy to create innovative new experiences.”

The policy change is a significant move by Google. The company has been hesitant to embrace NFTs in the past, but the policy change shows that it is now willing to give developers more flexibility in how they use NFTs in their apps.

Here are some additional details about the policy change:

• The policy change will take effect on August 1, 2023.
• Developers will need to comply with Google’s existing policies when creating apps that use NFTs and tokenised digital assets.
• Apps that violate Google’s policies will still be prohibited.

What do you think about the policy change?

Onestack Secures $2 Million in Pre-Series A Funding to Fuel Growth

Onestack, a fintech startup that provides cloud-based banking solutions, has announced that it has secured $2 million in pre-Series A funding. The round was led by Inflection Point Ventures (IPV), with participation from angel investors such as Ashish Gupta, Founder of Akash Ventures, and Ritesh Malik, Co-founder of Innov8.

Onestack was founded in 2020 by Amit Kapoor and Prashant Shukla. The company’s platform provides a suite of banking solutions that allow banks to digitize their operations and improve customer experience. Onestack’s solutions are used by banks in India, the Middle East, and Africa.

The funds raised in the pre-Series A round will be used to expand Onestack’s platform, hire more staff, and expand its reach to new markets. The company plans to launch its platform in the United States in the near future.

“We are excited to partner with IPV and other investors in this round,” said Amit Kapoor, Co-founder of Onestack. “Their support will help us to accelerate our growth and make Onestack the leading provider of cloud-based banking solutions.”

“Onestack is a well-positioned company with a strong team and a clear vision,” said Vikram Ramasubramanian, partner at IPV. “We are confident that the company will be a major player in the fintech industry in the years to come.”

Onestack’s platform is a valuable resource for banks that are looking to digitize their operations and improve customer experience. The platform is easy to use and provides a wide range of features, including account opening, customer onboarding, and payments processing. Onestack is a one-stop shop for all your banking needs.

Here are some additional details about Onestack:

• The company is headquartered in Bengaluru, India.
• Onestack has over 200 customers.
• The company has processed over $1 billion in transactions.
• Onestack is available in English, Hindi, and Arabic.

What do you think about Onestack?

Jirav Secures $20 Million in Funding to Fuel Growth of Financial Budgeting and Analytics Platform

Jirav, a financial planning and analysis (FP&A) platform, has announced that it has secured $20 million in Series B funding. The round was led by Cota Capital, with participation from Born Capital, Alumni Ventures, and Information Venture Partners.

Jirvav was founded in 2015 by Martin Zych and Steven Turner. The company’s platform provides a suite of FP&A tools that help businesses to plan, budget, and analyze their finances. Jirav’s solutions are used by businesses of all sizes, from startups to Fortune 500 companies.

The funds raised in the Series B round will be used to expand Jirav’s platform, hire more staff, and expand its reach to new markets. The company plans to launch its platform in Europe in the near future.

“We are excited to partner with Cota Capital and other investors in this round,” said Martin Zych, CEO of Jirav. “Their support will help us to accelerate our growth and make Jirav the leading provider of FP&A solutions.”

“Jirvav is a well-positioned company with a strong team and a clear vision,” said Matt Cohler, partner at Cota Capital. “We are confident that the company will be a major player in the FP&A industry in the years to come.”

Jirvav’s platform is a valuable resource for businesses that are looking to improve their financial planning and analysis capabilities. The platform is easy to use and provides a wide range of features, including budgeting, forecasting, and reporting. Jirav is a one-stop shop for all your FP&A needs.

Here are some additional details about Jirav:

• The company is headquartered in Seattle, Washington.
• Jirav has over 1,000 customers.
• The company has processed over $10 billion in transactions.
• Jirav is available in English and Spanish.

What do you think about Jirav?

Neuron Energy Secures Rs 20 Crore in Pre-Series A Funding to Fuel Growth

Neuron Energy, a smart energy storage startup, has announced that it has secured Rs 20 crore (~$2.6 million) in pre-Series A funding. The round was led by Equanimity Investments and Rajiv Dadlani Group, with participation from angel investors such as Varun Alagh, co-founder of MamaEarth.

Neuron Energy was founded in 2021 by Pratik Kamdar and Raj Shah. The company’s platform provides a suite of smart energy storage solutions that help businesses to manage their energy consumption and reduce their carbon footprint. Neuron Energy’s solutions are used by businesses of all sizes, from startups to large enterprises.

The funds raised in the pre-Series A round will be used to expand Neuron Energy’s platform, hire more staff, and expand its reach to new markets. The company plans to launch its platform in the Middle East and Southeast Asia in the near future.

“We are excited to partner with Equanimity Investments and Rajiv Dadlani Group and other investors in this round,” said Pratik Kamdar, CEO of Neuron Energy. “Their support will help us to accelerate our growth and make Neuron Energy the leading provider of smart energy storage solutions.”

“Neuron Energy is a well-positioned company with a strong team and a clear vision,” said Vikram Ramasubramanian, partner at Equanimity Investments. “We are confident that the company will be a major player in the energy storage industry in the years to come.”

Neuron Energy’s platform is a valuable resource for businesses that are looking to reduce their energy costs and improve their energy efficiency. The platform is easy to use and provides a wide range of features, including energy monitoring, demand response, and peak shaving. Neuron Energy is a one-stop shop for all your energy storage needs.

Here are some additional details about Neuron Energy:

• The company is headquartered in Pune, India.
• Neuron Energy has over 50 customers.
• The company has installed over 100MWh of energy storage capacity.
• Neuron Energy is available in English and Hindi.

What do you think about Neuron Energy?

BYJU’S Appoints Upgrad’s Former CEO Arjun Mohan to Lead International Business

BYJU’S, India’s leading edtech company, has announced that it has appointed Arjun Mohan, former CEO of Upgrad, to lead its international business. Mohan will be responsible for driving BYJU’S growth in new markets and expanding its reach to students around the world.

Mohan has over 20 years of experience in the education industry. He was the CEO of Upgrad from 2015 to 2022, where he led the company’s growth from a startup to a unicorn. Mohan is also the co-founder of Simplilearn, an online learning platform for IT professionals.

“I am excited to join BYJU’S at this important juncture in its growth journey,” said Mohan. “I look forward to working with the team to expand BYJU’S reach to students around the world and make quality education accessible to everyone.”

“Arjun is a proven leader with a deep understanding of the education industry,” said Byju Raveendran, founder and CEO of BYJU’S. “He is the right person to lead our international business and help us achieve our ambitious goals.”

BYJU’S is currently present in over 100 countries and has over 100 million registered users. The company plans to expand its reach to new markets in the coming years.

Here are some additional details about the appointment:

• Mohan will be based in Bengaluru, India.
• He will report to Byju Raveendran, founder and CEO of BYJU’S.
• Mohan’s appointment is effective immediately.

What do you think about the appointment?

SaaS Management Platform Zluri Raises $20 Mn in Series B Round

Zluri, a SaaS management platform, has announced that it has raised $20 million in Series B funding. The round was led by Eight Roads Ventures, with participation from existing investors Lightspeed Venture Partners, Kalaari Capital, and MassMutual Ventures.

Zluri was founded in 2020 by Chaithanya Yembari, Ritish Puttaparthi, and Sethu Meenakshisundaram. The company’s platform helps businesses to manage their SaaS applications, including identifying unused and underutilized applications, negotiating better deals with vendors, and ensuring compliance with security and data privacy regulations.

The funds raised in the Series B round will be used to expand Zluri’s platform, hire more staff, and expand its reach to new markets. The company plans to launch its platform in the United States in the near future.

“We are excited to partner with Eight Roads Ventures and other investors in this round,” said Chaithanya Yembari, CEO of Zluri. “Their support will help us to accelerate our growth and make Zluri the leading provider of SaaS management solutions.”

“Zluri is a well-positioned company with a strong team and a clear vision,” said Anand Chandrasekaran, managing director at Eight Roads Ventures. “We are confident that the company will be a major player in the SaaS management industry in the years to come.”

Zluri’s platform is a valuable resource for businesses that are looking to save money on their SaaS spend and improve their IT security posture. The platform is easy to use and provides a wide range of features, including SaaS discovery, license management, and spend optimization. Zluri is a one-stop shop for all your SaaS management needs.

Here are some additional details about the funding:

• The funding round was led by Eight Roads Ventures.
• The round also saw participation from existing investors Lightspeed Venture Partners, Kalaari Capital, and MassMutual Ventures.
• The funding round was oversubscribed.

What do you think about the funding?

• Article by CA Pankaj Dara