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Insider
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OpenAI backer Vinod Khosla on why all the executive departures may be a good thing, taking on Elon Musk, and fixing AI's image problem
- Vinod Khosla, one of the first investors in OpenAI, believes that the current AI hype cycle is justified and expects further rapid growth for the company.
- Despite recent high-level departures at OpenAI, Khosla supports the organization's rationalization for agility and speed.
- Khosla acknowledges AI's PR problem and aims to change the narrative by highlighting the societal benefits of AI, such as reducing crime and eliminating menial labor.
- Khosla criticizes the negative environment on Twitter, comparing it to the extremist group 4Chan, and acknowledges Elon Musk's positive impact on climate change.
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TechCrunch
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AI mortgage startup LoanSnap loses license to operate in Connecticut
- LoanSnap, an AI-powered mortgage startup, has had its license to operate revoked in Connecticut.
- LoanSnap violated a consent order with the state's Department of Banking, resulting in the license revocation.
- The violations include failure to file a change of address, failure to disclose default judgments, and failure to implement required policies and procedures.
- LoanSnap, which raised millions in funding and originated loans worth nearly $500 million in 2021, saw its business decline significantly amidst rising interest rates.
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Siliconangle
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Former Amazon executive Dave Clark raises $100M for new supply chain startup Auger
- Former Amazon executive Dave Clark has raised $100 million in funding for Auger Inc., a new supply chain software startup.
- The seed investment was led by venture capital firm Oak HC/FT.
- Auger aims to develop a platform that helps large enterprises manage their supply chains using artificial intelligence.
- The funding will support product development, hiring, and potential acquisitions to enhance the platform.
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Inc42
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Zomato Onboards Former BookMyShow Executive Kunal Khambhati
- Zomato has onboarded Kunal Khambhati, former head of live events and IP at BookMyShow.
- Khambhati will join other senior executives recently hired by Zomato to strengthen its going-out business.
- Zomato is preparing to launch its 'District' app for customers to discover and book restaurants, as well as tickets for movies, sports, and live performances.
- To compete with BookMyShow, Zomato acquired Paytm's entertainment ticketing business for INR 2,048 Cr.
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Siliconangle
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Zeta Global to acquire LiveIntent for $250M to expand AI-powered marketing capabilities
- Zeta Global is set to acquire LiveIntent for $250 million, expanding its AI-powered marketing capabilities.
- LiveIntent offers a people-based marketing platform that helps brands and publishers reach audiences through email, mobile apps, and the web.
- Zeta aims to enhance its marketing platform and identity resolution capabilities by integrating LiveIntent's unique hashed email addresses.
- The acquisition brings over 2,000 publishers into Zeta's network and enables the launch of a product called Publisher Cloud.
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Inc42
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Urja Mobility Bags INR 100 Cr In A Mix Of Debt & Equity To Lease EV Batteries
- Urja Mobility, an electric vehicle (EV) battery leasing startup, has raised INR 100 Cr in a pre-Series A funding round.
- The funding, led by Mufin Green Finance Limited and Hindon Mercantile Limited, will be used to scale operations and expand the pay-per-use battery leasing model.
- The capital will also support the expansion of retail outlets in Tier II & III cities and the development of the product portfolio and supply chain.
- Urja Mobility plans to raise an additional INR 250 Cr in Q1 2025 to further scale its retail network.
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VIE Stories
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PhonePe Partners with ICICI Bank
- ICICI Bank has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app.
- Millions of ICICI Bank pre-approved customers can open a short-term credit line on the PhonePe app and use it for UPI transactions.
- The credit line offers a 45-day payback term of up to 2 lakh.
- The partnership aims to provide seamless digital credit for customers, especially during the festive season.
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Inc42
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Tata iPhone Plant Fire: Anodising Plant Likely Source, Finds Probe
- A probe by the Tamil Nadu government has found that a fire at the anodising plant was the probable cause of the major fire at Tata Electronics' iPhone manufacturing unit in Hosur last month.
- The fire broke out in the anodising plant due to a thermostat control failure.
- The fire completely destroyed the anodising facility, and further investigation is underway.
- Apple dispatched a supplier responsibility team to assess the situation and provide guidance to the contract manufacturer.
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Startup Pedia
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Ola, Uber & other bigshots score 0 in Fairwork India’s gig workers ratings
- Several bigshot companies, including Ola and Uber, scored 0 in Fairwork India's gig workers ratings.
- Tata-owned BigBasket emerged as the top platform in this year's Fairwork India index.
- None of the platforms managed to score all the first points across the five principles evaluated in the report.
- Major concerns include the lack of fair pay, contract transparency, worker representation, and safety measures on underperforming platforms.
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Economic Times
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Felt Zomato was dead when Swiggy raised $1 billion in 2018: CEO Deepinder Goyal at The ET Startups Awards
- Zomato CEO Deepinder Goyal felt that the company was at a dead end when rival Swiggy raised $1 billion.
- Goyal had to reboot the organization after Zomato's IPO and clear out complacent executives.
- Goyal couldn't return to Shark Tank India as Swiggy sponsored the show.
- Quick-commerce growth has been surprising, and it is not affecting kiranas but rather e-commerce players like Amazon and Flipkart.
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Inc42
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BYJU’S Accused Of Transfering Funds From US Units In Violation Of Bankruptcy Rules
- BYJU'S has been accused of transferring $700,000 from its US affiliates in violation of bankruptcy proceedings.
- The edtech giant allegedly syphoned off funds to Whitehat Education Technology instead of repaying its US-based creditors.
- A trustee is seeking to recover the transferred amount and BYJU'S is facing bankruptcy proceedings for its four units in the US.
- BYJU'S has also been accused of hiding $533 million from lenders, and its parent company has pledged collateral to secure a loan.
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ISN
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Gemba Capital onboards Pratilipi co-founder Ranjeet Pratap Singh as its Venture Advisor
- Gemba Capital has onboarded Pratilipi co-founder Ranjeet Pratap Singh as its Venture Advisor.
- Ranjeet will guide Gemba Capital's investment team in evaluating consumer tech deals and mentor portfolio companies.
- Ranjeet is the Co-Founder & CEO of Pratilipi, a storytelling platform with over 1.5 million writers.
- Gemba Capital has invested in 50+ startups and recently received approval for its second fund of $30 million.
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TechCrunch
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OpenAI to open offices in Singapore, Paris, Brussels to facilitate global expansion
- OpenAI is opening new offices in multiple cities including NYC, Seattle, Paris, Brussels, and Singapore.
- The expansion follows a $6.6 billion funding round and a series of executive departures.
- Managing director Oliver Jay will oversee international operations from Singapore.
- OpenAI will partner with AI Singapore to expand access to its AI technology in Southeast Asia.
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Yourstory
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Here’s where the next billion UPI users will come from
- The Unified Payments Interface (UPI) is expected to witness the next wave of growth in digital payments.
- Challenges include reaching the next 300 million users, focusing on Gen Z and women adoption, and addressing feature phone users.
- Safety and security in onboarding new users and building trust in digital transactions are key concerns.
- Emerging UPI features include credit on UPI and international expansion, which can drive consumer adoption and merchant acceptance.
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ISN
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RBI increases transaction limit for UPI123Pay, UPI Lite to further increase UPI adoption
- The Reserve Bank of India (RBI) has announced an increase in transaction limits for UPI123Pay and UPI Lite to boost digital payments in India.
- The per-transaction limit for UPI123Pay has been doubled to Rs 10,000, while the limit for UPI Lite has been raised to Rs 1,000 per transaction and Rs 5,000 overall wallet limit.
- These changes aim to expand the use cases of UPI123Pay and UPI Lite, making digital payments more accessible to feature phone users and facilitating small-value transactions.
- The NPCI will issue instructions for implementation, and the revised limits are expected to go into effect soon, further strengthening India's digital payment infrastructure.
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