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Mutual Fund Investor Valic Marks Down Flipkart’s Valuation

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Mutual Fund Investor Valic Marks Down Flipkart Valuation ,Mutual Fund Investor Valic,Startup Stories,Inspirational Stories 2017,Valic Flipkart Valuation,India top online retailer,Flipkart Valuation 2017,India Large Consumer Internet Startups,Latest Business News 2017

Valic Co., the mutual fund investor based in America, has marked down the valuation of the ecommerce firm Flipkart to $ 7.9 billion from $ 11 billion. The markdown comes as a surprise because the ecommerce firm recently raised $ 3 billion from SoftBank, Tencent Holdings, Microsoft and eBay.

The trimming, according to sources, is an indication that some of the smaller investors of Flipkart are still divided over its previous valuation. Flipkart’s valuation was decreased to around $ 8.5 billion in the previous quarter by Valic and each share was priced at $ 88.11 for the quarter ending on 31 August 2017.

In the past 12 months, Flipkart has consolidated its position as India’s top online retailer. However, various fund investors such as Morgan Stanley, Fidelity Investments, Valic and Vanguard Group Inc., were still divided over its valuation. The latest fundraising round also saw a decrease in the valuation from its peak valuation of $ 15 billion. So far, Fidelity and Morgan Stanley have slashed Flipkart’s valuation five consecutive times. In January this year, US based mutual fund investor T. Rowe Price also reduced Flipkart’s valuation by 4% to about $ 9.9 billion.

However, Flipkart founders Sachin Bansal and Binny Bansal repeatedly dismissed these markdowns, calling them “theoretical exercises.” Speaking about the markdowns in an interview in December 2016, Sachin Bansal said, “We are not a public company, so we don’t release our numbers publicly. Any investor who has an opinion on our valuation outside, including who are already invested in us, they are doing it (markdowns) based on some public information. It’s a very uninformed opinion of somebody. So, I think it’s a theoretical exercise.”

While the markdown might not significantly damage Flipkart’s image much, the decrease in valuation suggests that some investors still feel that most of India’s large consumer internet startups are overvalued. Amazon and Flipkart have been engaged in a  head to head battle for the prime market position in India’s ecommerce space, which is expected touch $ 200 billion mark by 2027.

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Synapses Joins Forces with Microsoft to Drive Decarbonization in the Tech Sector!

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Synapses Joins Forces with Microsoft to Drive Decarbonization in the Tech Sector!

The 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.

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Bengaluru-Based KOGO Launches AI Agent Store to Simplify Business AI Adoption!

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Bengaluru-Based KOGO Launches AI Agent Store to Simplify Business AI Adoption

Bengaluru-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.

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Google Faces DOJ Push to Divest Chrome and Android to Restore Search Market Competition!

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Google Faces DOJ Push to Divest Chrome and Android to Restore Search Market Competition!

In a landmark case that could redefine the digital landscape, the U.S. Department of Justice (DOJ) has called for Alphabet’s Google to take sweeping measures to address its dominance in online search. Prosecutors are urging Google to sell its Chrome browser and potentially its Android operating system, along with adopting other significant reforms, to break what has been deemed an illegal monopoly in search and related advertising markets.

DOJ’s Proposed Measures

The DOJ’s proposals aim to restore competition in the search market, where Google processes about 90% of all U.S. searches. These measures, which could remain in place for up to a decade, include:

  • Divesting Chrome: Google would be required to sell its Chrome browser to reduce its control over user data and ad targeting.
  • Selling Android (if necessary): If other remedies fail to create competition, Google might have to divest its Android mobile operating system.
  • Ending Exclusive Agreements: Google would no longer be allowed to pay billions to device manufacturers like Apple to make its search engine the default option.
  • Data Sharing: Google must license its search results to competitors at nominal costs and share user data freely, provided it does not breach privacy laws.
  • Opt-Out for Publishers: Websites and publishers would have the ability to exclude their content from training Google’s AI tools.

To ensure compliance, the DOJ has proposed establishing a five-person technical committee, funded by Google, with the authority to oversee enforcement.

Impact on Competition

Prosecutors argue that Google’s practices create a “perpetual feedback loop” that solidifies its market dominance through increased user data and advertising dollars. The DOJ claims these anti-competitive practices have deprived rivals of opportunities to innovate and grow.

Kamyl Bazbaz, head of public affairs at search engine DuckDuckGo, described the proposals as a significant step toward leveling the playing field, enabling smaller competitors to enter the market more effectively.

Google Pushes Back

In response, Alphabet Chief Legal Officer Kent Walker criticized the DOJ’s proposals, calling them “unprecedented government overreach.” Walker warned that these measures would harm consumers, developers, and small businesses, jeopardizing America’s technological leadership.

Google contends that forcing the sale of Chrome and Android—both built on open-source platforms—would negatively impact companies that have developed their products on these frameworks. Walker stated:

“The DOJ’s proposal would literally require us to install not one but two separate choice screens before you could access Google Search on a Pixel phone you bought.”

The company is set to present its counter-proposals in December, with the trial on the DOJ’s recommendations scheduled for April.

Chrome and Android: Key Assets Under Scrutiny

Chrome, the world’s most popular web browser, and Android, a dominant mobile operating system, are integral to Google’s business model. Both platforms enable Google to promote its search engine and gather user data, which drives its advertising revenues.

Prosecutors argue that Google’s bundling of its search engine with these platforms has stifled competition. The DOJ’s proposals would prohibit Google from mandating that Android devices include its search engine or AI tools, offering companies more freedom to choose alternatives.

Global Context

This case follows similar regulatory actions in Europe, where Google has faced fines and data-sharing requirements. DuckDuckGo has accused Google of circumventing European Union rules—a charge that Google denies while citing its commitment to user trust and privacy.

Next Steps

As the DOJ prepares for a trial in April 2025 regarding these recommendations, the outcome could reshape not only Google’s operations but also the broader tech industry. The stakes are high for both the company and the future of competition in digital markets.

Potential Implications

If successful, these measures could lead to significant changes in how tech companies operate within competitive markets. A divestiture of Chrome or Android may open up opportunities for new entrants in both browser and mobile operating systems markets.

Conclusion

The ongoing legal battle between the DOJ and Google represents a critical moment in antitrust enforcement within the tech industry. As regulators seek to dismantle monopolistic practices that hinder competition, all eyes will be on how this case unfolds and what it means for consumers and competitors alike. The potential restructuring of Google’s core services could pave the way for a more competitive landscape in digital search and advertising.

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