Latest News
Flipkart and Snapdeal merge to now face RBI and FEMA rules
Published
7 years agoon
The acquisition of the e-commerce rivals Flipkart and Snapdeal has been in the news since March this year. Flipkart, valued at $11.6 billion in April, will be taking over the troubled e-commerce site Snapdeal to increase potential sales.
But the acquisition now faces another bump on the road as the deal will now have to face Reserve Bank of India rules on foreign exchange as the holding company Flipkart Pvt Ltd is domiciled in Singapore.
The $700 million to $1 billion acquisition now has to be specifically structured to protect the interest of Snapdeal shareholders while not violating Foreign Exchange Management Act (FEMA) rules. The proposed deal provides the Snapdeal shareholder Flipkart stock but will require special permission from RBI, otherwise, the transaction could be considered to be in violation of FEMA rules.
RBI has sought explanations from various pharma and manufacturing companies whose foreign subsidiaries have raised funds to invest in Indian firms. Similarly, they also question cross-border transactions with residents owning shares of an overseas company that also has a stake in an Indian company.
Snapdeal’s local shareholders include Ratan Tata and personal investment arm of Azim Premji, PremjiInvest. PremjiInvest has a 1.17% stake in Snapdeal with an investment of about Rs. 152 crore and shareholders not represented on the board own nearly 40% of the company. Assent from the minority stakeholders of Snapdeal will be required for their sale to Flipkart.
You may like
Latest News
Prime Video Introduces Channel K: A New Hub for Korean Entertainment in India!
Published
3 hours agoon
November 23, 2024Prime Video has expanded its offerings in India with the launch of Channel K, a premium Korean entertainment channel available as an add-on subscription. This new channel promises a rich array of Korean series, movies, K-pop concerts, and reality shows, catering to the growing appetite for Hallyu (Korean Wave) content in the country.
What Channel K Offers
Subscribers to Channel K can access a variety of content, including acclaimed series like Summer Strike and Personal Taste, blockbuster films such as Joint Security Area and The Battle: Roar to Victory, and exclusive behind-the-scenes footage of BTS, including the highly anticipated 2024 BTS FESTA: Message from Jin.
Content Highlights
- Popular Dramas: Notable titles include Summer Strike, Personal Taste, and classic dramas that have garnered significant attention.
- Blockbuster Films: Access to acclaimed films like Joint Security Area (JSA) and Our Season.
- K-Pop Specials: Concerts and events such as NCT Nation and Made in Korea: The K-Pop Experience.
- Exclusive BTS Content: Special features including concert footage and documentaries about the global icons.
Channel K is priced affordably at ₹79 per month, with a limited-time introductory offer of just ₹1 for the first month, making premium Korean entertainment accessible to a wider audience.
Seamless Integration for Prime Members
The new channel integrates seamlessly with existing Prime Video memberships. Subscribers won’t need additional logins or separate billing; the content is housed within the Prime Video app. This integration offers personalized recommendations, features like X-Ray, watch lists, offline downloads, and data management options for a hassle-free viewing experience.
Benefits of Integration
- Unified Access: All content can be accessed through a single login, simplifying user experience.
- Personalized Recommendations: Enhanced content discovery tailored to user preferences.
- Advanced Features: Enjoy features like X-Ray for additional context on shows and movies, consolidated watchlists, and offline viewing capabilities.
Riding the Korean Wave in India
Speaking about the launch, Gaurav Bhasin, Head of Marketplace for Add-on Subscriptions and Movie Rentals at Prime Video, noted the growing popularity of Korean entertainment in India:
“Since its launch in India, add-on subscriptions on Prime Video have been instrumental in introducing international streaming services to Indian audiences. Over the years, we’ve seen tremendous love for Korean content, including series like Marry My Husband, No Gain No Love, and Jinny’s Kitchen. With Channel K, we aim to expand the selection for our Prime members and deepen their engagement with Korean storytelling.”
A Global Collaboration
Channel K is a result of a collaboration between Prime Video and IMX, an international media company. Sohn Il-Hyung, CEO of IMX, expressed excitement about bringing the channel to India:
“Our mission with Channel K is to deliver premium Korean entertainment to a global audience. Following our success in Japan, we are thrilled to partner with Prime Video to introduce Channel K in India. This initiative not only enhances accessibility to top-tier Korean content but also strengthens cultural connections between Korea and Indian audiences.”
Conclusion
With the launch of Channel K, Prime Video continues to strengthen its position as a leading platform for international content in India. By offering a dedicated hub for Korean entertainment, Prime Video caters to the increasing demand for diverse programming while fostering cultural exchange. As Indian audiences embrace the Hallyu wave, Channel K stands poised to become an essential destination for fans of Korean culture and entertainment.
Latest News
Synapses Joins Forces with Microsoft to Drive Decarbonization in the Tech Sector!
Published
4 hours agoon
November 23, 2024The technology industry, known for its rapid growth, also faces scrutiny for its substantial carbon footprint. Acknowledging the urgent need for change, AIC-Synapses Innovation Foundation has partnered with Microsoft to launch the Tech Sector Decarbonization Challenge. This initiative, introduced in September 2024, aims to foster scalable solutions to help the tech sector transition to a low-carbon future.
Accelerating Cleantech Solutions
The challenge targets startups with innovations at Technology Readiness Level (TRL) 4 or higher, ensuring that proposed concepts have been validated in laboratory settings and are ready for real-world application. Recently, the initiative reached a key milestone with the announcement of its finalists, marking progress in promoting cleantech advancements.
Focus Areas for Startups
The program attracted startups specializing in various sectors, including:
- Energy Transition: Innovations that facilitate the shift from fossil fuels to renewable energy sources.
- Circular Economy: Solutions that promote recycling and sustainable resource management.
- Energy-Efficient AI and Machine Learning: Technologies that optimize energy consumption through intelligent algorithms.
- Carbon Markets: Platforms that enhance carbon credit trading and tracking.
Out of 166 applicants, 12 startups were chosen to showcase their groundbreaking ideas at the Innovation Challenge Awards.
Empowering Startups for a Sustainable Future
The finalists were awarded up to $150,000 in Microsoft Azure credits, along with training and incubation support from Synapses. Furthermore, Synapses is evaluating the winners for potential investments, further incentivizing innovation in this critical space.
Notable Finalists
The selected startups presented a range of solutions tackling climate change. Some notable entries included:
- Greengine (Kanpur): A microalgae-based carbon capture system aimed at reducing atmospheric CO2 levels.
- Terano (Gurugram): A blockchain platform designed for carbon credit trading, enhancing transparency and efficiency.
- Other innovative companies like LivNSense GreenOps, Flock Energy, and Bhumi Technologies showcased pioneering technologies focused on sustainability.
Industry Leaders Champion Decarbonization
Synapses Co-founder Ruchira Shukla highlighted the importance of corporate involvement in achieving sustainability goals:
“Through this partnership with Microsoft, we are enabling startups to tackle climate challenges while helping the tech industry embrace a low-carbon future.”
Microsoft’s Alok Lall, COO of India & South Asia, reiterated the company’s dedication to climate action:
“This challenge nurtures impactful solutions that redefine the environmental footprint of the tech sector.”
A Platform for Change
The program’s culmination took place at Microsoft’s office, where an esteemed panel of experts evaluated the startups’ innovations. Panelists included representatives from leading incubators such as AIC IIITH and Villgro, corporate entities like Nasscom and IEEMA, and think tanks like Invest India and the OMI Foundation.
This diverse group of stakeholders provided valuable feedback, helping startups refine their approaches and gain critical exposure.
About Synapses
Founded by IIT alumni Ruchira Shukla and Karthik Chandrasekar in 2020, Synapses is a $125 million venture capital fund dedicated to addressing climate and health challenges through STEM-based innovations. The organization bridges the gap between scientific breakthroughs and commercialization, fostering market leaders in cleantech.
Future Aspirations
This partnership with Microsoft underscores Synapses’ commitment to empowering startups to revolutionize sustainability efforts, paving the way for a cleaner, greener tech industry. By 2025, Synapses aims to significantly increase its portfolio of sustainable technologies and establish itself as a leader in climate innovation.
Conclusion
The collaboration between Synapses and Microsoft through the Tech Sector Decarbonization Challenge represents a significant step toward addressing the pressing issue of carbon emissions in the tech industry. By supporting innovative startups focused on sustainable solutions, this initiative not only aims to reduce the environmental impact of technology but also fosters a culture of accountability and responsibility within the sector. As these startups develop their technologies further, they hold the potential to drive meaningful change in how businesses approach sustainability in an increasingly digital world.
Latest News
Bengaluru-Based KOGO Launches AI Agent Store to Simplify Business AI Adoption!
Published
9 hours agoon
November 23, 2024Bengaluru-based full-stack AI company KOGO has unveiled its innovative AI Agent Store, a platform designed to revolutionize how businesses adopt and integrate artificial intelligence. Positioned as a comprehensive marketplace for AI tools, the store is set to simplify AI adoption and foster growth across diverse industries.
A New AI Marketplace
The KOGO AI Agent Store operates similarly to an app store but focuses exclusively on AI tools and agents. Businesses can browse a wide selection of pre-built AI agents tailored for tasks such as customer support, anomaly detection, and appointment scheduling.
Key Features of the AI Agent Store
- Wide Selection of Agents: The store offers hundreds of advanced AI agents that enable businesses to adopt AI for their operations from day one.
- Ease of Integration: With just a few clicks, these tools can be integrated into existing business systems, making them operational in minutes.
- Developer Contributions: Developers can create custom AI workflows and sell them on the platform, fostering a collaborative ecosystem that serves industries like healthcare, travel, finance, and retail.
Simplified Integration and Customization
The platform addresses common challenges in AI adoption through an intuitive interface and seamless integration capabilities. Businesses can deploy AI agents on websites or voice platforms with minimal coding requirements.
Additional Support Features
- Built-in Analytics: KOGO provides analytics to track performance and usage, enhancing decision-making processes.
- AI Agent Builder: Developers can utilize the KOGO AI Agent Builder, which offers pre-designed templates for quick customization and deployment.
- Pay-as-You-Go Model: The platform supports a pay-as-you-go model, allowing businesses to pay only for the tools they use, making AI adoption cost-effective.
Leadership’s Vision
KOGO’s leadership emphasizes the platform’s transformative potential.
Raj K Gopalakrishnan, Co-Founder & CEO of KOGO, remarked:
“The KOGO AI Store opens the door to the future of business innovation in India and beyond. By offering diverse AI agents and empowering developers to create and publish custom tools, we’re enabling businesses to enhance operations, boost productivity, and drive growth seamlessly.”
Praveer Kochhar, Co-Founder & CPO, added:
“As demand for AI grows, the KOGO AI Store exemplifies our vision of a future where AI is seamlessly integrated into everyday business processes. We’re bringing cutting-edge technology to industries globally.”
About KOGO
Founded in 2020, KOGO is a deep-tech AI company focused on transforming human-computer interaction through its proprietary KOGO OS. This operating system powers the world’s largest AI Agent Store, utilizing a swarm of Small Language Models (SLMs) to interpret and execute natural language tasks.
Future Goals
With its AI Agent Store, KOGO aims to become the largest AI marketplace by 2025, driving innovation and accessibility in artificial intelligence for businesses of all sizes. The company has already secured $3 million in funding and reported a revenue of ₹2.5 crore for the fiscal year 2023-24.
Market Context
The global market for AI agents is expected to generate $31 billion in revenue by the end of 2024, with a projected annual growth rate of 32%, according to market research firm Emergen Research. Major players in this space include Google, IBM, AWS, Microsoft, Oracle, Meta, Salesforce, along with startups like Kore.ai and FluidAI.
Conclusion
KOGO’s launch of the AI Agent Store represents a significant step towards democratizing access to artificial intelligence for businesses across various sectors. By simplifying the integration process and offering customizable solutions tailored to specific industry needs, KOGO is poised to enhance operational efficiency and drive growth in an increasingly competitive landscape. As the demand for AI continues to surge, this innovative platform may well redefine how organizations approach technology adoption in their workflows.
Recent Posts
- Prime Video Introduces Channel K: A New Hub for Korean Entertainment in India!
- Synapses Joins Forces with Microsoft to Drive Decarbonization in the Tech Sector!
- Bengaluru-Based KOGO Launches AI Agent Store to Simplify Business AI Adoption!
- Google Faces DOJ Push to Divest Chrome and Android to Restore Search Market Competition!
- WhatsApp Introduces Voice Note Transcription: A Complete Guide to the New Feature!
- Blinkit Launches 10-Minute Delivery for Decathlon Products Nationwide!
- Zomato Founder Seeks Chief Of Staff: No Salary, Pay ₹20 Lakh Instead!
- Amazon Launches Echo Show 21: The Ultimate Smart Display Experience!
- Google’s Bold Move: Transforming Chrome OS into Android to Rival Apple’s iPad!
- WhatsApp Beta Introduces Group Mentions: A Game-Changer for Group Communication!
- Nvidia Surpasses Expectations with Soaring Profits Amid AI Chip Demand!
- DuckDuckGo Urges EU to Launch New Investigations into Google’s Compliance with Tech Rules!
- Android 16 Developer Preview Now Available: What You Need to Know!
- OpenAI Expands ChatGPT Advanced Voice Mode to Web Users!
- Baanhem Ventures Secures ₹3.3 Crore from Kumar Vembu’s Mudhal Partners!
- Rio.money Launches UPI App and Partners with Yes Bank, NPCI to Introduce Co-Branded Credit Card!
- Mayank Bidawatka’s Billion Hearts Secures $4M in Seed Funding Led by Blume Ventures!
- Microsoft Unveils Two New Chips to Boost AI Performance and Enhance Security in Data Centers!
- Amazon Expands Cross-Border Logistics Programme and Launches Export Navigator for Indian Sellers!
- PeLocal Secures $2 Million Funding from Unicorn India Ventures!