New year, new aims and new resolutions! The new year started with a bang marking the beginning of a new era for startups, innovations and inventions! If you were too caught up with New Year celebrations, catch up with the news of this week with our weekly wrap up.
ECOMMERCE SITES TO DISPLAY THE MRP AND EXPIRY DATE This new year, all ecommerce sites will now have to display the Maximum Retail Price (MRP) and the expiry date of all the human consumable products on all their sites. This move comes after multiple customers complained about such ecommerce sites hiking the prices of their products in order to provide bigger discounts. The etailers had until January 1, 2018, to comply with the government’s order to display all the important details about the products up for sale. However, according to a survey by LocalCircles, only 42% of 10,000 respondents had seen products listed above MRP and then discounted off the inflated price.
ALIBABA TO INVEST IN LOGISTICS STARTUP XPRESSBEES The China based ecommerce firm Alibaba has been keenly looking to invest in multiple Indian startups to build its ‘iron triangle.’ For this purpose, the company will be investing close to $ 100 million in the Pune based logistics firm XpressBees and will be closing the deal in the next two to three weeks. Till date, Alibaba and its financial arm Ant Financials have invested in online payment and digital wallet Paytm and online grocery delivery service, BigBasket.
SALIL PAREKH BECOMES THE NEW INFOSYS CEO After months of searching and numerous disagreements with the founder of India’s largest IT firm Infosys, the company finally found a Chief Executive Officer. After the resignation of Vishal Sikka in August, Salil Parekh will be taking on the reigns of the Bengaluru based information technology (IT) major, Infosys, as the new Managing Director and Chief Executive Officer. According to sources, the new CEO will earn an annual salary of Rs. 16.25 crores, including Rs. 9.75 crores variable pay.
FLIPKART TO INVEST IN LOGISTICS ARM EKART India’s largest ecommerce company Flipkart, in an attempt to strengthen their logistics arm, infused another $ 257.3 million in eKart. According to filings with the Registrar of Companies, Flipkart raised this sum in multiple tranches between October and November last year. In 2018, according to Kalyan Krishnamurthy, the company would now be focusing on increasing its monthly active users and increasing its revenue.
SWIGGY TO RAISE $ 200 MILLION FROM NASPERS AND TENCENT One of India’s fastest growing food ordering and delivery service startup Swiggy will be raising close to $ 200 million from Chinese investment conglomerate Tencent and existing investor Naspers. After ending independent discussions with Japan based venture firm SoftBank, the company is looking to raise funds at a pre money valuation of $ 600- $ 650 million. According to sources, Tencent, which will join the Swiggy bandwagon as a new investor also proposed to increase their investment in the startup to around $ 100 million.
UBER CO FOUNDER TRAVIS KALANICK TO SELL 29% OF STOCK After facing scandal upon scandal and fighting multiple lawsuits, the global taxi hailing startup Uber is finally on track to raise much needed capital from SoftBank and other investors. For this purpose, the co founder of Uber and former CEO Travis Kalanick will be selling 29% of his stock in Uber for about $ 1.4 billion. As a part of the latest investment round, SoftBank and a consortium of investors have agreed to buy stock from existing investors and employees, valuing the company at $ 48 billion. Post this transaction, SoftBank will take a 17% stake in the ride hailing services company.
That’s all for this week! Subscribe to our portal to never miss updates from the startup world! If your startup has an exciting announcement coming up, you can even write to us at [email protected]. Catch up with the highlights of the week with our The News This Week section.
Meta Platforms (formerly Facebook) has introduced Meta AI, an AI assistant, powered by Llama 3 language model, designed to be your one-stop shop for information, chat, and creativity. This means you can get real-time information on Facebook, WhatsApp, Messenger, and Instagram without ever leaving the app!
Meta AI’s search strategy is an intriguing twist. While it may appear to be a competitor to Google and Bing, it contends that Meta AI is not a competitor, but rather a collaborator. Here’s why:
By relying on established search engines as sources, Meta AI positions itself as a user-friendly tool that combines the best of Google and Bing. Imagine getting results from both Google and Bing in the same search. As you are exposed to different points of view, you may gain a more comprehensive understanding of the subject. They’re calling it the “most intelligent AI assistant that you can freely use,” so it will be interesting to see how it compares to other assistants on the market.
How does Meta AI help you?
Search Powerhouse: Meta AI combines Google Search and Microsoft Bing results to provide you with a more comprehensive view of your queries.
Chatty companions: Need answers or simply want to talk? Type “@MetaAI” into Facebook Messenger, Instagram, or WhatsApp and let the conversation begin.
Creative Spark: Feeling artistic? Meta AI allows you to create custom stickers and photos based on your text descriptions.
Where to Find Your Meta-AI Buddy:
Look for Meta AI in the search bars on Facebook, Instagram, Messenger, and WhatsApp.
To respond to posts, interact with Meta AI directly in Facebook’s main feed.
Explore the new meta.ai website for extended conversations.
Type “Imagine” into your WhatsApp chat to generate real-time images.
The future may even include access via Meta’s VR headsets and Ray-Ban smart glasses.
The Future of AI Assistants
Only time will tell how Meta AI integrates into our lives, but it certainly offers a glimpse into an interactive future where AI assistants cater to our search, chat, and creative needs. Whether Meta AI becomes a true partner to search giants or forges its own path remains to be seen.
Meta AI promises a brand new way to search and interact with information. Do you think this AI assistant will change the way we use social media? Share your thoughts in the comments below!
Farming has been an integral part of India’s history and culture for ages. It’s been the foundation of the Indian economy, supporting millions of people with food and jobs. Crops and agriculture hold immense importance in Indian society, not just in terms of money, but also in terms of culture, community, and spirituality.
Farming is a way of life for many people in India, but it can be a difficult and unpredictable business and farmers face a number of challenges, from erratic weather patterns to low market prices for their crops. Kheyti is a social enterprise founded in 2015 by Saumya, Kaushik Kappagantula, and Sathya Raghu. The organisation provides sustainable solutions to small farmers in India, helping them overcome challenges and improve their lives.
Kheyti’s flagship product is the “Greenhouse-in-a-Box,” a low-cost modular greenhouse that allows farmers to grow high-value crops year-round, even in unfavourable weather conditions. operates on a subscription-based model, where farmers can purchase a “Greenhouse-in-a-Box” kit or sign up for crop advisory services on a monthly or annual basis. Kheyti.com also earns revenue by connecting farmers with markets and buyers, taking a small commission on sales. They work to keep the costs low by partnering with local manufacturers to produce their products and leveraging tech to provide personalised crop advisory services at scale.
They also provide crop advisory services to farmers, offering personalised advice on crop selection, planting, and management. In total, The company has helped over 6,000 small farmers increase their incomes by an average of 300%. You call them small farmers, Kheyti calls them Smart farmers!
While there are other companies in India that offer similar solutions to small farmers, Kheyti stands out for its focus on sustainability, innovation, and community involvement. It works closely with farmers to develop tailored solutions that meet their needs while focusing on sustainable farming practices. Through its efforts, Kheyti has improved soil health, reduced water usage, and increased yields of various crops.
Looking ahead, Kheyti plans to expand its reach to more farmers in India and beyond and aims to continue developing new products and services that can help small farmers overcome the challenges they face. With its commitment to sustainability and innovation, The visionaries at Kheyti claim it has the potential to transform the agricultural sector and contribute to a more equitable future for all.
Imagine the joy and hope Kheyti brings to struggling farmers in India. With Kheyti’s help, over 6,000 small farmers have transformed their lives, becoming Smart farmers who handle challenges and succeed. With sustainable solutions, Kheyti is not only revolutionising agriculture but also spreading hope for a brighter future.
Clubhouse is a new type of social networking platform which is an audio only platform. This means every conversation takes place through audio where users speak to let their thoughts known. Users can create and host rooms where speakers will talk about a particular topic. Originating in the Silicon Valley, Clubhouse attracted some major names onto its platform like Elon Musk, Evan Williams, Reddit co founder Alexis Ohanian, former Y Combinator President Sam Altman, AngelList co founder Naval Ravikant, Ashton Kuthcer, Oprah Winfrey, Drake, Kevin Hart and many others are some of the influential personalities who are on Clubhouse. There is however a catch as Clubhouse is currently limited to iOS.
Leher is an Indian made alternative to Clubhouse and is a similar audio sharing and listening startup. Leher also has video support unlike Clubhouse and is also available for both Android and iOS. However, Leher does not have the biggest names in the world on its platform but it does have significant micro influencers and is growing at a rapid pace. Within 180 days of its beta version launch, the company claimed to have its users spend about 44 minutes every day and 250,000 minutes per month for live video sessions.
We at Startup Stories are curious to see which among Leher or Clubhouse would our readers choose to take part in a virtual discussion. Please let us know your answer in the poll below.
