In a pre-Series A funding round, EV ride-hailing company Snap-E Cabs raises $2.5M.

Snap-E Cabs, an EV ride-hailing startup, earns $2.5 million in a pre-Series A funding round headed by Inflection Point Ventures.Snap-E Cabs is a ride-hailing platform for electric vehicles that offers 100% electric mobility solutions that are dependable, economical, efficient, and sustainable. The funds generated will go toward hiring more employees to support the company's expansion, making technology upgrades, launching new tech-enabled services, and growing its operations into other regions."In addition to upending the world's oil markets, India's shift to electric vehicles positions the nation—with its 1.4 billion people and quickly expanding economy—as a major player in the global EV market, signifying a significant step toward sustainable development," stated Mayank Bindal, the founder and CEO of Snap-E Cabs.In line with the company's announcement, the funds would be invested in technology upgrades and new tech-enabled services to improve operating capabilities.The firm also wants to extend its services to new regions and increase its geographic reach. According to the announcement, the company places a lot of emphasis on talent acquisition to make sure it has the trained personnel necessary to support its growth and innovation initiatives.Inflection Point Ventures led a Pre-Series A Round that saw USD 2.5 million obtained by Snap-E Cabs, a platform for electric vehicle (EV) ride-hailing. The money raised will go toward hiring skilled workers, modernizing equipment, and expanding into new areas.The company has experienced significant growth, operating 600 automobiles annually with an Annual Recurring Revenue (ARR) of $35Cr. With a hybrid B2B and B2C approach, Snap-E Cabs guarantees quick vehicle rotation and less than 5% downtime. The company sets itself apart with features like a fleet that is entirely electric, no surge pricing, and no cancellations.Notable alliances that Snap-E Cabs has forged include contracts with the West Bengal government and the Airport Authority of India (AAI). An important 5-year contract for EV operations at Howrah train Station, a major Indian Railways train terminal, has been obtained by the business.Leading the Pre-Series A Round, Inflection Point Ventures (IPV) has invested over INR 650 Cr in more than 200 deals. The managing director of IPV, Rahul Wagh, highlights the importance of decarbonizing transportation on a worldwide scale and notes that India offers a favorable climate for e-mobility.The founder and CEO of Snap-E Cabs, Mayank Bindal, highlights the growing trend of electric car adoption worldwide as well as India's audacious goal of having 30% of its fleet electric by 2030. According to Bindal, India's transition to electric vehicles is an important step toward lessening its reliance on foreign oil, promoting sustainable development, and establishing the nation as a prominent player in the global EV industry.Snap-E Cabs currently operates a fleet of 600 electric vehicles in Kolkata; by the end of FY 24, it hopes to increase that number to 300–400 EVs. Additionally, the company plans to add 1500–2000 more EVs to its fleet and expand its services to two or three more locations in FY 25.  

Tamil Nadus Appeal Against Madras HC Order Nullifying Online Rummy and Poker Ban Will Be Heard by SC

OVERVIEW The state government's prior appeal, which was filed in 2022, was combined with the plea by the SC. The prior appeal contested a different HC ruling that nullified the 2021 anti-gambling statute. The Madras High Court declared in November 2023 that skill-based games like online poker and rummy could not be prohibited by the Tamil Nadu anti-online gambling Act. This comes at a time when the GST Council's 28% GST is already having a devastating effect on the Indian online gaming industry, leading to closures and layoffs.According to reports, the Tamil Nadu government filed an appeal with the Supreme Court (SC) on Monday, February 5, challenging a Madras High Court (HC) ruling that invalidated the state's online gambling legislation.The Madras High Court declared in November 2023 that skill-based games like online poker and rummy could not be outlawed under the Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Act, 2022. The Tamil Nadu government's 2022 appeal, which opposed the Madras High Court's ruling that invalidated the Tamil Nadu Gaming and Police Laws (Amendment) Act of 2021, which had placed a ban on internet gaming, has been brought to the supreme court.20 hours priorOn February 5, the Supreme Court decided to consider the Tamil Nadu government's appeal against the Madras High Court ruling that invalidated the section of the state's online gambling statute that forbade skill-based games like online poker and rummy.The Tamil Nadu government's 2022 appeal, which opposed the Madras High Court's ruling that invalidated the Tamil Nadu Gaming and Police Laws (Amendment) Act of 2021, which had placed a ban on internet gaming, has been brought to the supreme court. It is not yet known when the matter will next be heard.Online rummy and poker were outlawed by the Tamil Nadu government earlier this month. The laws classified the two games as online games of chance, placing them under the jurisdiction of online gambling. In India, gambling is a state subject. This resulted in a disagreement about who has the authority to enact laws on the matter between the Union and the State as well.  

Paytm captain stands strong Indian entrepreneurs defend Vijay Shekhar Sharma in the face of restrictions from the RBI

Indian startup founders have rallied around Paytm CEO Vijay Shekhar Sharma following the Reserve Bank of India's (RBI) directive for his payment bank to shut down operations.The RBI issued an order this week for Paytm Payments Bank to cease taking new deposits in its popular digital wallets or accounts as of March. After years of breaking central bank regulations on customer due diligence, the use of funds, and technological infrastructure, Paytm Payments Bank was hit with legal action.Following the RBI's move, a number of Indian company founders attacked the central bank and supported the CEO of Paytm. The owner and creator of MBA Chaiwala, Prafull Billore, referred to Paytm CEO Vijay Shekhar Sharma as "a beacon for the company's future".Paytm CEO Vijay Shekhar Sharma was referred to as "a beacon for the company's future" by MBA Chaiwala's owner and founder, Prafull Billore.RBI Issues a Speed Increase Sharma stated on a conference call on February 1st that the directive from the Reserve Bank of India (RBI) to terminate nearly all of Paytm Payments Bank's services after February 29th is merely a roadblock. He went on to say that the business will keep losing ground, becoming less dependent on its associate bank, and persevere by forging closer ties with other banks."On behalf of Paytm, this is more of a speed bump, but we believe in partnership of the banks and we will be able to see to the same in the next few days," Sharma stated."The support we have received from numerous banks, major banks in this nation, and those who are already partners has truly astounded us. Senior representatives from a number of regional and big banks have contacted us and said they would be delighted to assist us," he continued.Investors were notified by Sharma that the company has been working with other banks for the past two years and will now move more quickly toward using other bank partners. During a conference call with investors, the CEO said, "These are payment-related relationships, which means that all banks have necessary technology and capabilities."Paytm Payments Bank was one of the important banks that One97 Communications Ltd. (OCL) already works with in addition to other banks. It is apparent that going forward, we would collaborate with a number of other banks rather than Paytm Payments Bank (PPBL). The transfer of nodal accounts to other banks is currently underway at OCL and PPSL, and these directives have no bearing on marketing business services," Sharma continued.The startup community has come together to support Sharma in the face of regulatory obstacles in response to the RBI's most recent rules, which have an effect on Paytm's banking services. As a result of the Reserve Bank of India's (RBI) recent crackdown, Paytm Payments Bank will no longer be able to provide its clients with a number of essential services starting on February 29, 2024.23 hours prior  

Employees at startups are always on edge due to layoffs at large internet corporations.

For those employed by huge, well-capitalized startups, the start of the new year has been gloomy as companies such as Swiggy, Flipkart, and Paytm are letting go of a significant portion of their workforces.This has increased fear among job searchers and prompted human resources (HR) professionals in the startup ecosystem to realign their expectations for the upcoming year.A somewhat astonished Flipkart employee affected by job layoffs told ET last week, "We had received good incentives and hikes all through 2022 and 2023," adding that it felt like a haphazard exit.As ET had reported on January 8, the nation's leading e-commerce giant has started a process to cut its workforce of 22,000 employees by 5-7%, affecting 1,100–1,500 workers. Overview For those employed by huge, well-capitalized startups, the start of the new year has been gloomy as companies such as Swiggy, Flipkart, and Paytm are letting go of a significant portion of their workforces.SUMMARY 121 Indian firms have laid off an estimated 34,785 people since the start of the funding winter in 2022. Since the beginning of the year, up to 24 Indian edtech startups—six of the seven unicorns in the edtech space—have let go of 14,616 workers. Up to 15,247 workers have been let go by 69 startups so far this year, demonstrating how little progress has been made in addressing job losses.  

Bhavish Aggarwal, the CEO of Ola, created Krutrim, the first $1 billion AI firm in India.

Bhavish Aggarwal, a serial entrepreneur, launched the AI business Krutrim, which has achieved unicorn status after raising $50 million from investors including Matrix Partners India.With OpenAI's ChatGPT launch more than a year ago, a plethora of Indian entrepreneurs and academic institutions are racing to develop large language models in Indian languages, or so-called Indic LLMs. In instead of depending solely on technology from the US or China, nations are attempting to develop their own rival AI systems. Europe's investors are flooding Mistral AI, France, which was formed a year ago and is currently valued at $2 billion. The Falcon concept, supported by a government research organization in Abu Dhabi, is highly promoted by the United Arab Emirates.India, a country of 1.4 billion people, is concentrating on developing more affordable, smaller AI systems. Last month, the generative AI startup Sarvam released OpenHathi, its first open-source Hindi LLM. Sarvam developed its system using readily available open-source models. Days after raising $41 million in funding from investors including billionaire Vinod Khosla and Lightspeed Venture Partners, the news was made.Ola, an Indian ride-hailing business, was founded by Aggarwal, who stated in a statement that "India has to build its own AI." "We are fully committed to constructing the first AI computing stack in the nation."  

In November, venture capital funding for Indian businesses hits a six-year low.

In January 2024 and 2023, there were just three late-stage deals, the same as in January 2023. However, the amount of capital fell by 41% to $31 million. It was $52 million in January 2023.Anand Lunia, founding partner of IndiaQuotient, stated in a previous interview with Moneycontrol that there is a discernible decline in series A, B, and subsequent agreements, which has led to a greater concentration at the seed level.The total amount invested in Indian startups is now negative due to the sharp decline in late-stage capital. According to Venture Intelligence statistics, new-age IT businesses reported only $366 million in 53 agreements in January, a decrease of almost 64% from $1,027 million in 48 deals in December. Additionally, the month saw a sharp drop in comparison to the same period last year, down 54% from $792 million in 70 agreements.November marked a six-year low for venture capital (VC) funding to Indian businesses, and the protracted funding winter shows little signs of abating.According to data released by Venture Intelligence on December 1, Indian entrepreneurs closed just $223 million in 35 agreements in November, a decrease of almost 66 percent from $655 million in 52 deals the month before. The only occasion when Indian entrepreneurs saw a decline in investment occurred in January 2017, when there were 43 deals totaling $207 million.Because of the holiday season and the approaching end of the year, November and December often receive less financing. VCs are focusing largely on finishing pending investments rather than taking on new ones. The numbers are declining because of this and investor concern, according to Mitesh Shah, founder of venture capital firm IPV, who spoke with Moneycontrol.Shah clarified that although investors are willing to assess companies, they are now more discerning and are not solely focused on profits. He stated, "People are now considering all of their options before committing to anything." Additionally, the month saw a sharp drop in comparison to November 2022 of $1.02 billion in 62 trades, a 78.2 percent year-over-year fall.Startups changing course The effect is noticeable in the total amount of funds for 2023. The amount of capital received by Indian companies up to November was $7.05 billion, a 71% decrease from $24.36 billion in 2022.  

Boosting Innovation Getting Ready for Startup Chances Before Budget 2024

The Indian startup industry is looking forward to initiatives that would address funding and layoff issues while also promoting innovation ahead of Budget 2024. In spite of earlier programs such as the Fund of Funds for Startups, the ecosystem experienced shocks such as job losses and depreciation. There are several calls for tax laws, rewards for ESG compliance, and assistance with digital trade and environmentally friendly transportation. It is anticipated that the budget would lay the groundwork for a supportive startup climate that will encourage entrepreneurship and creativity in order to increase the number of unicorns that arise in India.Important lessons learned While the budget of the previous year included a number of measures for startups, there were obstacles in the Indian startup funding scene. Startup funding fell to a level not seen in seven years. The startup ecosystem has been damaged by the disruption in funding and layoffs, which has created a difficult environment for growth and innovation. Key initiatives to foster innovation and open the door for more unicorns in the Indian startup scene are anticipated in the next budget.Numerous firms' growth trajectory has been disrupted by the decrease in funding and the layoffs. Therefore, we will have to wait to see what decisions the Finance Ministry makes this year regarding the Startup Sector. This is due to the fact that the startup environment has been greatly impacted by the consequences of past budgeting decisions. They frequently create the conditions for more unicorns to appear in India.Prior Budget The Indian government included a number of initiatives in the Union Budget last year with the goal of assisting the startup industry. This includes the creation of the ₹10,000 crore Fund of Funds for businesses (FFS), tax incentives for businesses, and the development of digital payments and economies. These budgetary measures have led to a notable expansion of India's startup environment. India is currently home to more unicorns than any other country in the globe, with the nation's startup ecosystem ranking third in the world overall. But there were significant obstacles facing the Indian startup scene. The startup industry saw an all-time high in layoffs, which added to the ecosystem's uncertainty. Moreover, it was evident that startups were losing value.Extension of the Indian Startup Landscape It is anticipated that the government will set aside additional money to promote entrepreneurship and aid in the expansion of startups. This can be accomplished by offering more funding, lowering tax laws, and easing regulations to draw in newer technology and foster innovation. Proposals have been made for tax policies such Employee Stock Ownership Plans (ESOPs) and carry-forward losses on investments. This entails offering incentives specific to Environmental, Social, and Governance (ESG) policies and matching capital gains tax on unlisted startup shares with listed shares. In addition, the government has to prioritize bolstering digital commerce programs, offering incentives to retailers in remote locations, and providing funding to improve last-mile connectivity for Direct-to-Consumer (D2C) e-commerce. Additionally, with updated regulations promoting international trade, India may becomeIt is expected that the interim budget for 2024 will prioritize green mobility for electric vehicles (EVs) by addressing insurance requirements, safety standards, and licensing specific to EVs. The promotion of green mobility and possible revisions to programs like Production-Linked Incentives (PLI) for EVs and Faster Adoption and Manufacturing of Electric Vehicles (FAME) are two ways to promote this.$1 billion in startup capital was raised in 2023 alone, demonstrating the ecosystem's resiliency in the face of difficulties. Moreover, the need to create an atmosphere that supports the expansion and longevity of startups is the foundation for the anticipation of tax reforms and regulatory clarity. As a result, the impending budget is well-positioned to lay the groundwork for an atmosphere that is more favorable for startups, encouraging creativity and entrepreneurship. In order to foster a thriving startup industry in India and create the conditions for the future development of other unicorns, this proactive strategy is imperative.  

Startup India More than 12 lakh jobs have been created by 1.14 lakh startups to date

OVERVIEW As of October 2023, 1.14 lakh enterprises recognized by the government under "Startup India" had created over 12 lakh employment, according to the Department of Economic Affairs. According to the Department's report, until November 2023, 2.1 lakh loans were given under the Startup India initiative. According to the government-backed ONDC, the platform recorded over 63 lakh transactions until November 2023.A study released by the Ministry of Finance states that the companies approved by the Indian government have generated over 12 lakh employment.The Department of Economic Affairs stated that as of October 2023, the 1.14 lakh firms approved by the government under the Startup India initiative had created over 12 lakh employment in its report, "The Indian Economy: A Review January 2024," which covered data through the end of October 2023.The Department of Economic Affairs stated in the report "The Indian Economy: A Review January 2024" that as of October 2023, the 1.14 lakh firms approved by the government under the "Startup India initiative" had produced over 12 lakh jobs.As stated in its most recent assessment of the Indian economy, the Finance Ministry stated that over 1.14 lakh startups had so far generated over 12 lakh jobs in India. The Department of Economic Affairs stated in the report "The Indian Economy: A Review January 2024" that as of October 2023, the 1.14 lakh firms approved by the government under the "Startup India initiative" had produced over 12 lakh jobs. According to the document, the Open Network for Digital Commerce (ONDC), a state-owned e-commerce network, recorded over 63 lakh transactions by November 2023.With over 950 tech firms launched last year, India continues to have the third-largest tech start-up ecosystem internationally, despite confronting global obstacles in 2023 such as valuation issues, few IPOs, regulatory changes, and macroeconomic and geopolitical factors.According to Debjani Ghosh, President of Nasscom, "Indian tech startups have prioritized the imperative of enhancing their business fundamentals, driving profitability and growth in 2023, despite facing global economic and regulatory challenges." "The resilience of the ecosystem is demonstrated by the growth of tech startups in tier 2 and tier 3 cities," she continued.digital company owners anticipate that in 2024, they will maintain the current trajectory of revenue growth, taking calculated risks to optimize expenses and maximize profitability for business-to-business (B2B) digital businesses. In 2024, deeptech investments are expected to keep growing. Seventy percent of start-up entrepreneurs are integrating artificial intelligence (AI) into their products as generative AI (GenAI) accelerates.  

The Agri Start-up at IIM Kashipur Approximately Rs 15 crore is raised by Fiesta to support the Startup Ecosystem.

Thirteen agri-focused businesses were recognized by IIM Kashipur FIED in Uttishtha '24, and they received a sanction of Rs 1.30 crores from the Ministry of Agriculture and Family Welfare.The Foundation for invention and Entrepreneurship Development [FIED] and E-Cell at IIM Kashipur organized two days of brilliance, invention, and creativity that culminated in the grand finale of "Uttishtha 2024," the seventh edition of the largest agri start-up expo.Several innovative enterprises led by intelligent young people from across the country were on display during the event.According to IIM Kashipur, "A total of Rs 14.6 crores has been disbursed to startups under startup support schemes, out of which 13 agri-focused startups have received approval for RKVY RAFTAAR RABI scheme funding from the Ministry of Agriculture and Farmers Welfare in 23–24, and 13 startups have received approval for Rs 2.89 crores from Startup India Seed Fund Scheme.""Many outstanding startups, including Bijak, Loopworm, Greenpod Labs, InfyU Labs, Agronxt, Industill, and Ikayu Foodlabs, have raised funding from outside venture capital firms and angel investors totaling over Rs 320 crore with the help of IIM Kashipur's FIED." Since its establishment in 2018, IIM Kashipur FIED has given funding and business training to more than 200 businesses, including 68 with an agri-focused focus, under the Ministry of Agriculture and Farmers Welfare's RKVY RAFTAAR RABI initiative."A hundred promising agri-startups and community-focused businesses from the hills of Uttarakhand took part in the agriculture expo, according to IIM Kashipur, displaying their products and services that help the agriculture sector and the ecosystems that sustain it."Impactful initiatives were presented by IIM Kashipur, such as the Scaleup Pitchathon, a national live startup pitching competition in which the top three creative ventures were chosen from a pool of more than 100 government-recognized startups and competed for a prize of Rs. 1.5 lakh to become the best startup," said the statement."IIM Kashipur is committed to supporting the startup ecosystem on multiple fronts by involving more and more academic members to train incubatees and providing them with every aid and support imaginable," stated Prof. Kulbhushan Balooni, Director of IIM Kashipur. The activities of incubators at all higher education institutions depend on the Government of India's ongoing assistance. We are trying to support Uttarakhand-based agri-tech businesses since IIM Kashipur is dedicated to regional development, which sets us apart from the other elite B-schools. Since its founding in 2018, FIED has supported 189 entrepreneurs, resulting in the creation of almost 3000 employment. Over 7 lakh farmers have already benefited from IIM Kashipur."The Atal Community Innovation Centre has been given to IIM Kashipur by the Indian government's NITI Ayog. Similar to us, we are involved at the grassroots level with farmer-producer organizations in Uttarakhand, where we intend to train fifteen FPO. This center will grow in prominence in the future in line with the accomplishments it has made." The National Business Plan Competition, or Udaan 7.0, is another notable program that gives aspiring students a stage to present their innovative ideas to academics and business professionals. Out of more than 300 teams, the top 7 teams received cash prizes totaling Rs. 50,000.Krushika Naturals Pvt Ltd., 25 lakhs; Himshilpi Hunar LLP, 5 lakhs; Zarin Gourmet Pvt Ltd., 25 lakhs; MyPahadiDukan, 25 lakhs; BABA Agrotech, 20 lakhs; SS Agriculture Innovations Pvt Ltd., 5 lakhs; and Svastha Samriddhi Pvt Ltd., 25 lakhs were the businesses financed by FIED at IIM Kashipur. The purpose of this investment is to support the entrepreneurial environment and accelerate the growth of these endeavors.Thirteen agri-focused businesses were recognized by IIM Kashipur FIED in Uttishtha '24, and they received a sanction of Rs 1.30 crores from the Ministry of Agriculture and Family Welfare.  

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By2024, Bhavish Aggarwals AI business Krutrim will have produced Indias first unicorn.

Bhavish Aggarwal, the creator of Ola, has raised $50 million at a $1 billion valuation for his artificial intelligence business, Krutrim.The founder of Ola, Bhavish Aggarwal, announced that his AI business, Krutrim, has raised $50 million at a $1 billion value. The first AI stratum in India to achieve unicorn status is currently Krutrim.One of the investors in the most recent investment round for Krutrim is Matrix Partners India. It's interesting to note that, barely a month after launching as a huge language AI model, Krutrim has reached billion-dollar valuation.According to a corporate blog post, Krutrim, which translates to "artificial" in Sanskrit, is also building data centers throughout the nation with the goal of establishing a supercomputer ecosystem for AI development in India. Next month, the business intends to release a beta version of its self-titled chatbot for consumer use. In the upcoming months, Krutrim will also make APIs available to developers and businesses.One of the principal backers of Aggarwal's other two firms, Ola and Ola Electric, is Matrix Partners.Aggarwal said in a press release, "We are thrilled to announce the successful closure of our first funding round, which not only validates the potential of Krutrim’s innovative AI solutions but also underscores the confidence investors have in our ability to drive meaningful change out of India for the world."The founder of Ola, Bhavish Aggarwal, announced that his AI business, Krutrim, has raised $50 million at a $1 billion value. The first AI stratum in India to achieve unicorn status is currently Krutrim. One of the investors in the most recent investment round for Krutrim is Matrix Partners India.After a $50 million fundraising round led by a group of investors that included Matrix Partners India, Bhavish Aggarwal, the creator of Ola, launched his third firm, Krutrim, which became the first AI unicorn in India. Additionally, the fundraising round creates the first Indian unicorn, Krutrim AI 2024.  

Binny Bansal leaves Flipkart formally

Binny Bansal, a co-founder of Flipkart, has left the board of the online retailer after more than 16 years of employment. Entrackr was informed of the development by a Flipkart representative."I am pleased with the accomplishments made by the Flipkart Group in the last 16 years. With the knowledge that Flipkart is in capable hands and is in a solid position with a strong leadership team and a clear route forward, I have made the decision to stand down. In a statement, Bansal said, "I remain a strong supporter of the business and I wish the team the best of luck as they continue to transform experiences for customers."Walmart paid $3.5 billion to Binny Bansal, Accel Partners, and Tiger Global for the remaining Flipkart shares in September 2023. Estimates indicate that Bansal gained $650 million after selling his whole interest for $35 billion.According to an ET story, he may have resigned from the company's board due to a disagreement with his new e-commerce business.Bansal launched OppDoor, a new company, earlier this month with the goal of offering end-to-end solutions to e-commerce companies. OppDoor is reportedly going to target e-commerce businesses in the US, Canada, Mexico, the UK, Germany, Singapore, Japan, and Australia at first. Walmart, Flipkart's parent firm, contributed an additional $600 million, or Rs 5,000 crore, to the company last month. In this round, the company is trying to raise $1 billion. The online retailer made headlines as well for letting go of over a thousand workers. The company's CEO, Kalyan Krishnamurthy, stated during a recent town hall meeting that while the company is almost profitable, an initial public offering (IPO) is not planned for 2024.As you may remember, Bansal left his role as CEO of the Flipkart Group in 2018. Following an independent investigation into a personal conduct claim by Walmart and Flipkart, he resigned. Despite his resignation, Bansal remained a member of the board.After more than 16 years, co-founder of Flipkart Binny Bansal has formally left the board of the e-commerce platform. The other co-founder, Sachin Bansal, departed the board in 2018. Sachin started the financial services company Navi after departing from Flipkart.  

The largest cruise ship in the world sets sail, raising concerns about methane emissions

New York: The largest cruise ship in the world is scheduled to set sail for the first time on Saturday, but environmental organizations fear that the ship, which will be powered by liquefied natural gas, as well as future enormous cruise ships, will leak toxic methane into the atmosphere.Taking advantage of the rising popularity of cruises, Royal Caribbean International's Icon of the Seas, with a capacity of 8,000 passengers across 20 decks, sets sail from Miami.   Although LNG burns more cleanly than conventional marine fuel and carries a higher risk of methane emissions, the ship is designed to run on LNG. Because of its short-term negative effects, environmental groups claim that methane leakage from ship engines poses an intolerable risk to the climate.   "It's a step in the wrong direction," declared Bryan Comer, the head of the Marine Program at the environmental policy think tank, International Council on Clean Transportation (ICCT)."We would estimate that using LNG as a marine fuel emits over 120% more life-cycle greenhouse gas emissions than marine gas oil," he stated. Methane has warming effects that are 80 times worse over 20 years than those of carbon dioxide, so reducing emissions is essential to slowing the rise in global temperatures.   Industry experts claim that low-pressure, dual-fuel engines found in cruise ships such as Icon of the Seas cause "methane slip," or the release of methane into the atmosphere during combustion. Although they are too tall to fit in a cruise ship, two additional engines that are used on bulk carriers or container ships produce less methane.   According to Royal Caribbean, the new ship is 24% more carbon-efficient than what the International Maritime Organization (IMO), the global regulator of shipping, requires.   The majority of the world's shipping fleet runs on very low sulfur fuel oil (VLSFO), which produces more greenhouse emissions than LNG, according to Steve Esau, chief operating officer of Sea-LNG, an industry advocacy group.   It is "important to make sure that all the natural gas is converted to energy," according to Juha Kytola, director of R&D and Engineering at Wartsila, the company that created the engines on cruise ships. Cruise engines use natural gas to generate power in a cylinder.   He added that Wartsila's natural gas engine technology emits 90% less methane than it did twenty to thirty years ago. What is not converted can escape during the combustion process and into the atmosphere, he said. According to research conducted in 2024 and supported by the ICCT and other partners, the average methane slip in cruise ship engines is estimated to be 6.4%. Methane slip is assumed by the IMO to be 3.5%.   "Methane is coming under more scrutiny," stated Anna Barford, a nonprofit organization's Canada shipping campaigner, pointing out that the IMO stated last summer that addressing methane emissions is part of its efforts to reduce greenhouse gas emissions.   Sixty-three percent of the 54 ships scheduled for delivery between January 2024 and December 2028 are anticipated to run on LNG, as reported by the Cruise Line International Association. Approximately six percent of the 300 cruise ships in operation today run on LNG.   Modern cruise ships are being built to run on LNG, conventional marine gas oil, or bio-LNG, which is an alternative that makes up very little of the fuel used in the United States.   According to Nick Rose, vice president of environmental, social, and governance at Royal Caribbean, the company will switch up its fuel mix as the market changes.          

TestClear THC Detox Products Review 2024

"Every day, life becomes harder, more demanding, and more stressful. Work in the industry is ""relentless,"" involving long hours, a great deal of responsibility, daily stress, and a constant need for efficiency improvements.  But is this really possible for a human being?  Hence, it is not a coincidence that statistics show a rise in drug use worldwide, which improves efficiency and concentration while lowering work-related stress.  Given these facts, there is an obvious rise in the use of illegal substances, but there is also a marked increase in drug and other illegal substance testing (which is required by employers).Large corporations, which are all multinational corporations, have now implemented this new security measure for both new hires and current staff (on a regular basis).  The majority of drugs that are tested for in a drug test that an employer typically requires is marijuana, but there are many more illegal substances that can be found.  With these new products, the pharmaceutical industry has once again offered the answer, making them effective for both ""cheating"" drug tests and instantaneous detoxification of the user's body.  One of the most cutting-edge and reputable businesses in this space, TestClear provides a comprehensive range of products (TestClear THC Detox Products) so you can choose the one that best suits your needs."How does TestClear operate and is it "Right" for me? TestClear is a company that has created an advanced and effective line of detox products to help those who need to "cheat" a drug test.   Speaking of "detoxification" we are not talking about gradual and time-consuming detoxification.   With TestClear (any of the options offered with the TestClear THC Detox product line) you have rapid and immediate detoxification of the organism, so that you can come out "clean" in a possible test.   However, as the drug detection test is not done in only one way, TestClear has created different products so that you can "fool" the test (whether it's a urine, hair, saliva test, etc.).  

In the United States, Yellow.ai uses 30% of the worlds generative AI bots.

According to Yellow.ai cofounder and chief executive Raghu Ravinutala, India Inc. is adopting GenAI as a chance to boost revenues, generate business leads, and provide sales help, while markets like the US are mostly employing them for customer care in an effort to minimize expenses.In India, generative artificial intelligence is becoming more widely used for customer engagement.For example, the conversational AI startup Yellow.ai had roughly 30% of its 120 GenAI bots deployed for enterprises globally this fiscal year in India.Take Your Tech Game to the Next Level with High-Value Skill Courses: Course Website: IIM Kozhikode, IIMK Advanced Data Science for Managers Product Management at Indian School of Business (ISB) Visit..According to Yellow.ai cofounder and chief executive Raghu Ravinutala, India Inc. is adopting GenAI as a chance to boost revenues, generate business leads, and provide sales help, while markets like the US are mostly employing them for customer care in an effort to minimize expenses.Yellow.ai was established in Bengaluru in 2016 and is supported by a number of investors, including Lightspeed Venture Partners, Salesforce Ventures, Westbridge Capital, and Sapphire Ventures. According to Tracxn, it has raised over $102 million in fundraising thus far.Using the GenAI chatbot of the San Mateo, California-based startup, Bajaj Auto Finance has produced over 100 leads for its clients, while Ravinutala mentioned that a major non-banking lender received over 400 applications for auto loans. Using the GenAI assistant, a well-known two-wheeler manufacturer sold motorcycles worth approximately Rs 1 crore on the first day of sales, while a well-known financial institution obtained prospective clients or sales leads valued at approximately $100 million. According to Ravinutala, Yellow.ai plans to go public in the US by 2026 or 2027, when the market is anticipated to bounce back from the present cyclical slowdown. This year, the company hopes to earn a profit.In terms of platform ARR (annual recurring revenue), Q4 (the quarter that ended in January) is the biggest quarter we have ever had for India, and the country is also leading in terms of the adoption of GenAI on the Yellow.ai platform, according to Ravinutala.The business anticipates a more than 60% growth in the Indian market the next year, with $20–30 million in revenue from the country and a $60–70 million run rate for worldwide revenue overall. Its current global sales run rate is $30–40 million, with an annual growth rate of 60–70%. It anticipates quadruple sales in FY25.Adobe's research indicates that the majority of Indian companies are reducing their marketing and customer experience budgets; of those, 42% have already done so, and 37% want to do so in the upcoming year. In these domains, nearly 60% intend to use GenAI. Growth potential for Yellow.ai have been created by the global macroeconomic slump combined with companies' growing eagerness to use GenAI. Customers are searching for ways to save expenses, and our main selling point is that we can reduce costs and provide better customer service by replacing.According to Ravinutala, the company has also been able to proceed with a methodical approach to hiring and personnel strength thanks to automation and efficiencies from GenAI. In early 2023, the corporation made around 13% of its personnel reductions. Approximately 570 of its 680 employees are based in India. "We don't see this (employee strength) going to 1,000–2,000 over the next few years," stated Ravinutala.  

Byju's losses for FY22 surge to Rs 8,245 crore; a cash-strapped edtech company is valuing its rights offering at $500 million.

Roughly Rs 3,800 crore, or over half of Byju's losses, have come from stressed assets like Whitehat Jr. and Osmo, two significant purchases the company made. However, the persistent concern over the $1.2 billion term loan has been noted by Byju's auditor BDO, who has stated that a "material uncertainty exists."Weeks after presenting its audited FY22 financials to investors during an annual general meeting in December, parent company of troubled edtech startup Byju, Think & Learn, finally submitted them with the registrar of companies (RoC).For FY22, the business had operating revenue of Rs 5,014 crore, but losses increased to Rs 8,245 crore. Byju's entire income, according to the company's regulatory filings, was about Rs 5,300 crore. Byju's operating revenue increased by 119% in FY22, but losses increased by 80% over the same time period.Improve Your Technological Proficiency with High-Value Skill Courses: IIM Lucknow's IIML Executive Programme in FinTech, Banking, and Applied Risk Management Product Management Professional Certificate from Indian School of BusinessRoughly Rs 3,800 crore, or over half of the losses, have come from highly leveraged assets like Whitehat Jr. and Osmo, two significant purchases the company made."We are pleased that our total revenue has increased by 2.2 times, but we also recognize that 45% of the losses are attributable to our underperforming companies, such as Osmo and Whitehat Jr. We have improved our operating financial circumstances through a number of initiatives, according to a statement from Byju's CFO, Nitin Golani. "While other businesses continue to grow, these businesses were significantly scaled down to cut losses in the following years. "However, the persistent concern over the $1.2 billion term loan has been noted by Byju's auditor BDO, who has stated that a "material uncertainty exists." It did, however, add that the company's management is currently working to get the capital needed to pay off its debts to lenders by selling off assets. "Therefore, (management) has faith in the Company's ability to survive into the future. Furthermore, the management believes it is unlikely that the TLB loan will be granted based on a legal opinion."We are pleased that our total revenue has increased by 2.2 times, but we also recognize that 45% of the losses are attributable to our underperforming companies, such as Osmo and Whitehat Jr. We have improved our operating financial circumstances through a number of initiatives, according to a statement from Byju's CFO, Nitin Golani. "While other businesses continue to grow, these businesses were significantly scaled down to cut losses in the following years."However, the persistent concern over the $1.2 billion term loan has been noted by Byju's auditor BDO, who has stated that a "material uncertainty exists." It did, however, add that the company's management is currently working to get the capital needed to pay off its debts to lenders by selling off assets. "Therefore, (management) has faith in the Company's ability to survive into the future. Furthermore, the management believes it is unlikely that the TLB loan will be granted based on a legal opinion.  

AI Will Have a Transformative Impact on Software Development in 2024

Another unpleasant hallmark of 2023 is its reputation for human error in costly security breaches. Verizon’s 2023 Data Breach Investigations Report declared that the human element is prominent in 74% of all breaches.Mistakes such as privilege misuse, accidental data exposure, and falling victim to social engineering attacks stem from various human factors and the critical consequences of the compromise of secrets, lamented Ev Kontsevoy, CEO & co-founder at Teleport, developer of the Teleport open infrastructure access platform.This prevalence of issues has resulted in organizations embracing biometric hardware and identity verification. But attackers, rather than solely fixating on stealing passwords, are now actively seeking a range of secrets embedded within an organization’s infrastructure, including browser cookies, private keys, API keys, and session tokens, he offered.“To keep up with the pace of threats, organizations will recognize they must move to fully secretless authentication in 2024 to secure the wider spectrum of sensitive access points still vulnerable to threats,” Kontsevoy told TechNewsWorld. He predicted that the widespread adoption of secretless access in the coming year will create immunity to human error and significantly hamper threat actors’ operations. Kontsevoy pulls no punches in describing the changing events software developers will have to execute. A significant change will involve a historic shift in how companies approach network security. Gone will be the IT-centric strategy of dedicated security teams. “We’ll see the role of security teams shifting to those of consultants and auditors, with engineering teams responsible for choosing vendors and implementing security protocols,” he added. “Cybersecurity teams will be responsible for policy and ensuring that workflows and systems meet security requirements.”According to Yoav Abrahami, chief architect and head of Velo at website building platform company Wix, we are in the midst of a massive information revolution sparked by OpenAI, and artificial intelligence tools will continue to augment other developer integrations, he shared.These will include innovations in DevOps, data mining, and project management. Core web vitals will become more critical, forcing developers to put more emphasis on it, he observed.“Developers are shifting from their local workstation to a cloud workstation. Those who make the leap will stay ahead of the curve,” he told TechNewsWorld.Parallels exist between AI and low-code use cases and adoptions. AI is helping organizations and individuals to analyze, interpret, and manage massive data sets, create initial drafts of content, find answers to questions, and read medical images such as X-rays, according to Digibee CTO Peter Kreslins.Legacy systems will become much less in existence in 2024. They can be described simply as systems that are in place and working. “That is a reasonable but perhaps too charitable description. The reality is that legacy software is a substantial barrier to innovation and change,” Kreslins said.The capability of modern integration platforms to integrate legacy systems with current systems enables organizations to continue using legacy systems that perform well as part of their modern IT stack if they prefer.    

Edtech Eruditus considers an IPO as it joins the line of Indian firms doing reverse flips.

According to persons with knowledge, the edtech unicorn Eruditus intends to relocate its headquarters from Singapore to India. It will become the next in a long line of foreign-domiciled firms planning a homecoming. Now let's get started:SoftBank-backed comeback child In preparation for a flip back to India, Eruditus is in talks with several law firms and two of the Big Four firms. The decision is related to its intentions for this possible IPO, considering that markets are valuing profitable companies at multiples of their earnings. Eruditus, a company devoted to higher education, is worth $3.2 billion.Drawing a straight line: Indian startups with foreign holding corporations are in different stages of returning to India from places like Singapore and the US. The plans of digital payments company Razorpay to "reverse flip" from the US to India were originally covered by us in May of last year. Together with e-commerce firms Udaan and Meesho, other fintechs including Groww and Pine Labs have also entered the list. Fintech companies are primarily concerned with regulatory matters; nonetheless, some are relocating their registered firms in order to go local public.Numbers game: With revenue of Rs 3,322 crore ($400 million) for the fiscal year 2023, Eruditus is currently the second-largest edtech in India. The business, which reports from July to June, saw a 75% increase in full-year revenue over the prior year.Byju's, the front-runner, has not yet released its audited FY23 financial statements. According to people with knowledge, the troubled company has made over Rs 5,000 crore in sales but has lost more than Rs 8,200 crore. They stated that although it has not yet submitted its FY22 profits to the Registrar of Companies, it has given the investor access to the financials.Overview. Unicorn Edtech Eruditus plans to "reverse flip," or move their domicile from Singapore to India. Pine Labs, Udaan, Razorpay, and Groww are just a few of the Indian online companies that Eruditus is joining. Eruditus is assessing going public on the local stock exchanges.As of fiscal 2023, Eruditus has amassed revenue of Rs 3,322 crore ($400 million), making it the second largest edtech company in India. The business, which reports from July to June, saw a 75% increase in full-year revenue over the prior year.Byju's, the front-runner, has not yet released its audited FY23 financial statements. According to people with knowledge, the troubled company has made over Rs 5,000 crore in sales but has lost more than Rs 8,200 crore. They stated that although it has not yet submitted its FY22 profits to the Registrar of Companies, it has given the investor access to the financials.  

Zomato Notices An Increase In Sovereign Fund Stakes From Singapore And Kuwait

Large sovereign investors from Kuwait and Singapore increased their interests in the listed foodtech startup Zomato at a time when unicorn makers Tiger Global and SoftBank had completely exited the market.Kuwait Investment Authority reportedly purchased 88 million shares in the September quarter and then added an additional 6.7 million shares in the December quarter, increasing its interests, according to an ET report. Conversely, during the December quarter, Temasek, the national fund of Singapore, purchased 95 million shares in the business. Temasek already had 169 million shares through its investment subsidiary.The nation's mutual funds have increased their holdings in Zomato by twofold in addition to the sovereign funds. Mutual funds held a 12.34% interest in the company as of December 2023, about twice as much as they had owned 5.72% of the same time the previous year. As was previously said, it's interesting to note that these changes happened at the same time as institutional investors SoftBank and Tiger Global were pulling out of Zomato.Tiger Global sold 12.24 Cr shares, or 1.44% of the foodtech behemoth Zomato, in open market transactions in August of last year.According to the BSE's bulk deal data, Tiger Global's investment vehicle Internet Fund III Pte Ltd sold the shares in several tranches at an average price of INR 91.01 Cr. The venture capitalist received INR 1,123.84 Cr. in total for the shares that were sold. The prominent French bank Societe Generale purchased the majority of these shares. The other buyers of the offloaded shares were BNP Paribas Arbitrage, Axis Mutual Fund, Morgan Stanley Asia Singapore, Societe Generale, and Kotak's midcap fund.By the end of June 2023, Tiger Global's Internet Fund III owned 1.44% of Zomato. Masayoshi Son-led SoftBank exited the foodtech behemoth situated in Delhi-NCR just last month when it sold 9.35 Cr of Zomato shares in an INR 1,127 Cr block sale.Among the buyers of these shares were Morgan Stanley Asia Singapore, Invesco, ICICI Prudential Insurance, Goldman Sachs (Singapore), and Kadensa Capital.In a block transaction worth INR 621.6 Cr earlier this month, Motilal Oswal Mutual Fund sold 4.5 Cr shares of Zomato for INR 138.15 apiece. The company's stock fell 3% as a result of this block transaction. On January 20, 2023, at the closing bell, Zomato's shares traded for INR 130.10.