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Economic Times
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Fisker bankruptcy plan approved after deal on vehicle tech support
- Electric vehicle startup Fisker's bankruptcy liquidation plan was approved after reaching a deal on vehicle tech support.
- The approval allows Fisker to repay creditors with remaining assets after selling off its vehicle fleet.
- Fisker filed for bankruptcy after failed partnership talks with Nissan and cash flow problems.
- American Lease agreed to pay an additional $2.5 million for future tech support services, resolving the dispute.
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Economic Times
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Furniture rental startup Rentomojo nears Rs 200 crore FY24 operating revenue
- Rentomojo, a furniture and electronics rental platform, has reported a 60% rise in operating revenue in FY24 to Rs 193 crore.
- Rentomojo's controlled rise in expenses during the year saw net profit surge more than threefold to Rs 22 crore from Rs 6 crore in FY23, with an EBITDA of Rs 65 crore.
- Rentomojo has leveraged automation and disciplined cost management to enable sustainable growth and increased profitability.
- The company's founder and CEO, Geetansh Bamania, said the company is targeting 40-50% growth in profit in FY25.
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Inc42
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Swiggy’s Sriharsha Majety, Investors Sold Shares Worth INR 670 Cr Ahead Of IPO
- Days before Swiggy filed its updated draft red herring prospectus (DRHP) with SEBI, its founder Sriharsha Majety and some of the investors sold shares worth INR 670 Cr.
- Swiggy's cofounder and group CEO Sriharsha Majety sold equity shares to Torroz Fintech, pocketing INR 23 Cr.
- Torrroz Fintech also bought shares from Swiggy's investor Norwest Ventures and Strootaay Unlisted Brokers acquired shares from Elevation Capital.
- Other investors, including Ark India FoodTech and Moksh Capital Partners, also sold shares ahead of Swiggy's IPO.
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Yourstory
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Zepto sells over one lakh dandiya sticks during Navratri
- Zepto, a quick commerce firm, sold over 1 lakh dandiya sticks during Navratri.
- The CEO of Zepto, Aadit Palicha, expressed gratitude on LinkedIn for the successful sales.
- Zepto also experienced significant growth in sales of fasting-friendly chips and atta compared to last year.
- Zepto's dark stores across various cities in India celebrated Navratri with Ayudha Puja and Garba events.
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Inc42
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JioCinema Crosses 1.6 Cr Paid Subscriber Milestone In Q2 FY25
- JioCinema, the streaming platform of Reliance, surpassed 1.6 Cr paid subscribers in Q2 FY25.
- The growth was attributed to affordable monthly subscription plans starting at INR 29 and an expanding content catalogue.
- Digital-first reality shows and international content were key drivers of subscriber acquisition.
- The merger between Reliance Industries, Viacom 18, and The Walt Disney Company will further boost JioCinema's presence.
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TechCrunch
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In latest move against WP Engine, WordPress takes control of ACF plugin
- WordPress founder Matt Mullenweg announces that WordPress is 'forking' a plugin developed by WP Engine.
- The plugin in question is Advanced Custom Fields, which will be updated as a new plugin called Secure Custom Fields.
- This move is aimed at removing commercial upsells and fixing a security problem.
- WP Engine claims the plugin has been forcibly taken away without consent, while WordPress justifies the action based on plugin guidelines.
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Startup Pedia
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Once washed dishes as employee, today this man owns a cafe chain with 50 outlets and clocks ₹8 Cr in annual revenue
- Shiju Pappen from Gurugram founded The Chatpata Affairs in 2020, inspired by Indian street food and aiming to bring regional delicacies into the limelight while keeping it all vegetarian and hygienic.
- The venture now serves nearly 200 menu items across 50 outlets, serving anything from breakfast dishes to fusion dishes such as Chaat, Bhalle chaat, Papri Chaat, Badam milk, Rolls, Sandwiches, Shakes, etc.
- Shiju Pappen started his journey as an employee at Pizza Hut back in 1997 and later became the CEO of Southern Fried Chicken, giving him the experience to create The Chatpata Affairs.
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ISN
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Amazon told to pay Rs 58,000 to Chandigarh woman for not refunding Rs 40,325 misused by hackers
- The District Consumer Disputes Redressal Commission of Chandigarh has ordered Amazon Retail India to pay Rs 58,000 to a local resident.
- The resident claimed that hackers misused her credit card through her Amazon account, resulting in unauthorized charges.
- Amazon failed to promptly address the issue and did not process the promised refund.
- The commission directed Amazon to refund the amount and pay compensation and litigation costs.
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Yourstory
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Consumer watchdog CCPA orders Ola to offer refund choices, provide auto ride receipts
- The Central Consumer Protection Authority (CCPA) has directed Ola to implement consumer-friendly changes.
- CCPA observed that Ola's refund policy violates consumer rights by only offering coupon codes instead of bank account refunds.
- CCPA also mandated Ola to provide receipts for all auto rides booked through its platform.
- Ola has implemented several changes including displaying contact details of grievance and nodal officers, clearly mentioning cancellation policies, and adding more options for ride cancellation reasons.
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TheStartupMag
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Did El Salvador benefit from making Bitcoin a legal tender?
- El Salvador adopted Bitcoin as a legal tender in September 2021, and we can finally see whether accepting Bitcoin as a legal tender has brought advantages or not.
- Although some individuals think that the Bitcoin law was one of the poorest decisions that Bukele has taken under his government, El Salvador experienced massive growth in tourism and infrastructure upgrades since its adoption. It created new roads and airports, and established a new ferry route to Costa Rica.
- Additionally, El Salvador introduced favorable tax incentives for tech businesses, opted for a digital assets law, and made a landmark agreement with Google, which is why the giant company chose to base some of its cloud services in El Salvador.
- Moreover, enhancements have also been made in the mining sector, where a significant company, Volcano Energy, has decided to support the energy that Bitcoin mining requires. Volcano Energy has invested $1 billion to improve the mining operation in El Salvador and make this process more sustainable by using wind and solar power.
- In the past, El Salvador was ranked as one of the countries with the highest number of murders, but now it is the safest country in Latin America, and with the help of Bitcoin adoption initiative, human rights of Salvadorans and their daily lives have greatly improved.
- After Bitcoin became legal tender, El Salvador implemented project My First Bitcoin that trained teachers with best practices and educated Salvadoran students to use Bitcoin to benefit from a better future. The Ministry of Education has considered implementing Bitcoin into the national education system.
- El Salvador's bonds have been one of the most promising investments despite being downgraded to junk status and not having demand immediately after the adoption of Bitcoin as legal tender.
- Although time still needs to pass to see the full impact that Bitcoin has had on El Salvador, the country's profound transformations are most likely a result of Bitcoin initiatives inspiring other nations worldwide.
- Overall, the Bitcoin initiative helped El Salvador blossom and opened its doors to global opportunities, which offer a chance to attract enormous foreign capital into the country.
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Yourstory
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G42 eyes upping India's AI power; Samantha Prabhu's mantra for investing
- A new study by Gartner revealed that by 2027, 80% of software engineers will need to upskill to remain relevant in an AI-integrated world.
- Yaseen Ammaar created sniff, a tool which primarily focuses on unofficial channels like private groups on Telegram, Discord, and WhatsApp for job listings, tapping into hidden job opportunities.
- UAE-based G42 aims to drive innovation from Asia and position India as a major AI superpower, said Manu Kumar Jain, CEO of G42 India.
- It is an AI and cloud computing firm focused on AI research and development, as well as creating and deploying technology solutions across industries.
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Inc42
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Only The Fittest Will Survive In The Indian Fashion Industry: Reliance Retail’s Akhilesh Prasad
- Reliance Retail, the retail arm of Reliance Industries, with plans to double its sales over the next couple of years continued to be the driving force behind the group’s growth.
- RE operating in a diverse range of sectors was able to reflect its efforts by integrating online and offline channels with a revenue increased by 6.6% YoY in Q1 FY25.
- As per reports, Reliance Retail contributes 18% of the total Q1 FY25 revenues, with digital commerce and new commerce businesses.
- Reliance Retail faced headwinds due to a fall in discretionary spending of users in the fashion and lifestyle segments.
- The focus of Reliance Retail remains on expanding the store count and digital presence to cash in on growth opportunities in India's evolving retail space.
- Reliance Retail seems to have its sharp focus on fashion and lifestyle. The Company is actively scaling its presence in this segment with an expanding portfolio of brands, including Yousta, Azorte, and Gap.
- Reliance Retail signed an agreement with ASOS to bring the brand to India, challenging the dominance of Myntra in the GenZ space and the emergence of D2C fast-fashion brands.
- Akhilesh Prasad, president, and CEO of Reliance Retail Fashion & Lifestyle, stated that consumers are very aware of fashion, and they welcome competition.
- Reliance Retail aims to be present in each segment, and its goal is to reach every customer, whether it’s a clerk’s son in a small town or someone in South Bombay.
- Reliance is looking to leverage AI and data analytics to improve customer experience by moving towards full automation in fashion.
- The Company seeks to add categories like beauty and personal care to provide a complete range of youth offerings.
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Yourstory
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How realfast.ai is helping IT services industry cut delivery times
- realfast.ai, a Singapore and Bengaluru-based startup leveraging AI to accelerate execution, aims to double revenue and halve delivery times for IT companies to address challenges faced by the Indian IT services Industry.
- By deploying AI models for testing, development, deployment and maintenance, AI agents help human workers speed up the delivery process while maintaining or even improving the code quality and service standards.
- Vayu, the company's core offering, which is built on top of multiple AI models such as ChatGPT and Anthropic’s Claude, has improved software systems by enhancing traditional and outdated code, making them more efficient and delivering better results
- Vayu which helps Salesforce implementation teams work faster, has already seen early success, with its unit-testing agent reducing the time for writing unit tests by 50%, from a typical 10-day sprint cycle to just eight days
- Although the AI sector in India is expected to reach $17bn by 2027, the market remains largely untapped in the IT industry for which every role, from sales to QA, deals with text-based tasks such as contracts, requirements, code, logs and tickets, it is an area that is often ignored due to its complexities.
- realfast.ai's AI platform allows AI agents to operate on top of deep, complex enterprise stacks, boosting efficiency across key service domains (including ERP, ITSM and HCM implementations).
- After a year in stealth mode, realfast.ai has raised seed funding from PeakXV, RPG Global and DeVC Dugout and is currently in early pilots with mid-sized IT companies in India.
- Ponnappa also stresses that raw LLMs trained on academic benchmarks lack the consistency required for enterprise work, stressing the need for task-specific agents that deliver better results.
- One of the key trends that we foresee in the industry with AI adoption is that human beings will now spend a lot more time reviewing the work than generating.
- The main challenges come from concerns about IP (intellectual property) and privacy, though there has been progress in addressing these issues, says Ponnappa.
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Gritdaily
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From Teen Investor to Millionaire: How James Dorson Built a Thriving Real Estate Empire at 19
- James Dorson, at the age of 19, built a successful real estate empire and became a millionaire.
- He founded Dorson Family Investments and generated over $100,000 in monthly revenue.
- Dorson focused on building relationships and offering convenience to homeowners, making fair, competitive offers and closing deals quickly.
- Despite skepticism from others, he overcame challenges and scaled his business while maintaining core values of trust and simplicity.
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StartupDaily
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Music and work: Here’s what science says about whether it makes you more productive
- Listening to background music while working could either boost your productivity level or make it worse.
- The nature of the task or job determine whether the use of music as entertainment can be detrimental or helpful.
- Listening to upbeat or fast music could help in performing simple tasks such as data entry or manual tasks.
- However, reading comprehension tasks can be affected by music with complex beats and lyrics.
- Your choice of music can have a critical impact on enhancing your productivity.
- Classical music and music without lyrics have shown to improve concentration and memory in users.
- While choosing music that suits your familiarity and musical preference is vital, it is always recommended to experiment with music types to boost productivity.
- Playing music before a demanding cognitive task, such as reading or writing, has been shown to enhance language abilities.
- The best advice is to experiment with different types of music to find out what works for you.
- Music can likely benefit your productivity and motivation when used during breaks or as mood boosters for simple tasks.
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