Latest News
SoftBank and Others Join Ecommerce Lobby Group Indiatech
Published
7 years agoon
SoftBank, along with Matrix Partners and Kalaari Capital have joined the Indian industry lobby group Indiatech.org. Indiatech aims to represent local ventures seeking protection from resourceful global rivals.
The venture capital firms will reportedly provide financial and strategic expertise to the Indiatech member companies and help them fight against foreign rivals such as Amazon, Alibaba and Uber. Confirming the news, a spokesperson for SoftBank said, “Our intent is to work with the government to support the development of the rapidly evolving Internet ecosystem in the country and we hope the organization would facilitate this.”
Japanese major SoftBank has significant stakes in Indian companies like Flipkart, Ola, OYO Rooms, Paytm, Grofers and Snapdeal among others. Notably, all these companies are facing fierce competition from global rivals like Amazon, Uber and Airbnb. However, SoftBank’s move to join the lobby group is of particular importance as the venture capital firm is on the cusp of closing a deal with San Francisco based cab hailing startup, Uber.
Speaking about SoftBank’s involvement with the lobby group, a source close to the development said, “SoftBank has got the highest stakes in all these major companies so it has decided to back the association as their portfolio companies have major foreign rivals.”
Headed by the founder of the ecommerce firm Flipkart, Sachin Bansal, the group will represent the interests of local ventures for favorable laws in the digital commerce market space. The group believes the Indian government should make policies favoring domestic startups as some of these companies are struggling to fight competition from global players. Former Indian Administrative Service (IAS) officer and economist, Gyanendra Badgaiyan, has been appointed as the chief executive officer of the nonprofit organization.
Sachin Bansal and Ola cofounder Bhavish Aggarwal were the first entrepreneurs to raise their voices against the aggressive spending by global companies. Along with SoftBank, investors such as Tiger Global Management, Steadview Capital and Accel India were also invited to be a part of the initiative. The lobby group will also focus on issues like job creation, skills training and providing resources to scale up Internet businesses.
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Artificial Intelligence
Airtel’s Sunil Mittal Exposes AI Voice Cloning Scam That Nearly Defrauded Bharti Enterprises!
Published
3 hours agoon
October 23, 2024At the NDTV World Summit, Sunil Bharti Mittal, Chairman of Bharti Enterprises, revealed a startling incident involving an AI-powered scam that nearly defrauded his company. The scam involved the use of artificial intelligence to clone Mittal’s voice, fooling one of his executives in Dubai into believing they were speaking with the chairman himself. The scammer demanded a substantial money transfer, and the AI-generated voice was so convincing that Mittal acknowledged, “It was perfectly articulated, just as I would speak.”
Quick Thinking Saves the Day
Fortunately, the vigilant executive quickly realized something was amiss. “The official, who was alert and sensible, immediately recognized it was a scam,” Mittal shared, stressing how close the company came to being defrauded. He noted that the AI-cloned voice was almost indistinguishable from his own, making the scam particularly difficult to detect.
Implications of AI Misuse
Mittal’s warning sheds light on the rising misuse of AI in sophisticated fraud schemes. Cybercriminals are increasingly employing AI to clone voices and deceive victims, posing significant challenges for companies and individuals alike.
“Anyone who wasn’t vigilant could have easily fallen for it,” Mittal cautioned, underscoring the complexity and effectiveness of these AI-driven scams.
Broader Concerns About AI Misuse
In addition to voice cloning, Mittal expressed concerns over other ways AI could be exploited for fraud. He warned that AI could potentially be used to forge digital signatures or create deepfake videos, allowing criminals to manipulate individuals during virtual meetings. This growing threat demands heightened awareness and caution as AI becomes more integrated into both business and personal interactions.
The Dual Nature of AI
However, Mittal emphasized the dual nature of AI, acknowledging its vast potential for innovation while warning against its misuse. “We must protect our societies from the evils of AI while also embracing its benefits,” he remarked. He called for a balanced approach where the advantages of AI are harnessed responsibly while safeguards are put in place to prevent its exploitation.
The Competitive Edge of AI
Despite the risks, Mittal also highlighted the strategic importance of AI for businesses and nations. He warned that those who fail to adopt AI could fall behind in terms of innovation and competitiveness.
“Companies and nations that do not embrace AI will be left behind,” Mittal stressed, urging swift and responsible adoption of AI technologies.
A Rising Threat: AI-Powered Scams
The attempted fraud at Bharti Enterprises is part of a broader trend of AI-enabled scams that have been on the rise. AI technologies are increasingly being used to replicate voices and impersonate individuals, often to extract money or sensitive information.
Notable Incidents
In some instances, scammers are using AI to conduct “digital arrest” scams, impersonating law enforcement officials in virtual settings to pressure victims into making payments. Mittal’s warning follows several high-profile cases of AI-driven fraud. One such incident involved SP Oswal, Chairman of Vardhman Group, who lost ₹7 crore after scammers posing as government officials used fake documents and AI-generated virtual environments to trick him into making a payment.
Conclusion
As AI continues to evolve, so too do the methods used by cybercriminals. Mittal’s experience serves as a crucial reminder of the importance of vigilance and the need for robust security measures to protect against the growing threat of AI-powered scams.
Call for Action
The incident emphasizes the necessity for businesses and individuals alike to adopt advanced security protocols and maintain awareness regarding emerging technologies. As cyber threats become more sophisticated with advancements in AI, proactive measures will be essential in safeguarding against potential frauds in an increasingly digital world.
Latest News
X Introduces Radar: A Game-Changing Real-Time Search Tool for Premium+ Subscribers!
Published
5 hours agoon
October 23, 2024X, formerly known as Twitter, has rolled out a new feature called Radar, available exclusively to its Premium+ subscribers. Designed to enhance real-time engagement, Radar aims to revolutionize how users track live content by offering powerful, real-time search capabilities. This feature is poised to transform how people stay updated on trending topics, breaking news, and live events.
What Is X’s New Tool, Radar?
Radar is a cutting-edge tool that provides Premium+ users with instant access to up-to-the-second updates on everything from viral moments to major events. Unlike conventional search functions that rely on historical data or general algorithms, Radar focuses on delivering real-time results. Whether it’s the latest political developments, sports updates, or breaking news, users can access fresh content as it happens.
Evolution of the Tool
Originally known as “Insights” and initially offered to Verified Organizations for monitoring trends, the tool has been rebranded and expanded to Premium+ subscribers. Radar is particularly useful for those who need immediate access to the latest information—journalists, content creators, marketers, or even casual users eager to stay ahead of social conversations will find it invaluable.
How Radar Works
Leveraging X’s massive and constantly updating data stream, Radar surfaces relevant content based on live events. By entering keywords or hashtags, users can access the latest posts related to their query, with results filtered by both time and relevance. This functionality allows Premium+ subscribers to follow discussions in real time, offering a more dynamic and immersive experience compared to what regular users receive.
Example Use Cases
For example, during a high-stakes sports match or an election night, Radar provides continuously updated posts, images, and videos, ensuring that users don’t miss out on key moments. This constant refresh of information gives Premium+ subscribers a competitive edge in staying informed.
A Premium Feature for Premium Users
By limiting Radar to Premium+ subscribers, X is positioning the tool as a high-value feature for its top-tier members. This move aligns with the platform’s strategy of offering exclusive tools to its paying user base. Alongside Radar, Premium+ members already enjoy perks such as an ad-free experience, longer post visibility, and the ability to edit posts.
Subscription Details
The Premium+ subscription is priced at $16 per month or $168 per year when purchased via the web. It also includes a verified checkmark. The introduction of Radar could attract more users to upgrade their subscriptions as the demand for real-time information continues to grow in today’s fast-paced digital landscape.
Competitive Landscape
As X continues to evolve its platform and introduce new features, Radar represents a significant step in the company’s effort to monetize its offerings more effectively. By catering to the needs of users who rely on immediate access to information, X is solidifying its position as a go-to platform for real-time updates.
Market Context
The launch of Radar comes at a time when competition in the social media space is intensifying with platforms like Bluesky and Threads emerging as alternatives. By providing enhanced functionalities like Radar, X aims to retain existing users while attracting new ones who seek timely insights into current events.
Conclusion
With the introduction of Radar, X is not only enhancing user experience but also reinforcing its commitment to providing valuable tools that meet the demands of modern digital communication. The focus on real-time engagement positions X favorably in an increasingly competitive market where timely information is paramount.
As this feature rolls out and evolves further, it will be interesting to see how it impacts user engagement on the platform and whether it successfully converts more users into paying subscribers.
Latest News
Zomato CEO Deepinder Goyal Launches New Health Tech Venture ‘Continue’ for Wellness Tracking!
Published
1 day agoon
October 22, 2024Deepinder Goyal, co-founder and CEO of Zomato, has entered the health tech space with a new venture called Continue, focusing on wellness tracking and mental health. According to a report by Moneycontrol, the startup, still in stealth mode, aims to become “The Ultimate Health Tracker,” though detailed information is yet to be disclosed.
Background of Continue
Continue was incorporated in April 2023 under the name Upslope Advisors Pvt Ltd. Filings with the Ministry of Corporate Affairs list Goyal as the Director, with two Zomato employees—Akriti Mehta and Simrandeep Singh—serving as Additional Directors. This new venture reflects Goyal’s deepening interest in promoting longevity and human wellness, particularly through mental health solutions.
Vision and Features
While the platform’s exact features remain under wraps, it is expected to offer tools for:
- Nutrition Tracking: Helping users monitor their dietary habits and nutritional intake.
- Sleep Monitoring: Providing insights into sleep patterns and quality.
- Preventive Healthcare: Encouraging proactive health measures to prevent illness.
There are indications that Continue may evolve into a comprehensive wellness platform addressing both mental and physical health needs.
Goyal’s Previous Involvement in Health Tech
Goyal’s interest in health tech is not new. He has previously invested in Ultrahuman, a wearable tech startup that enables users to monitor key health metrics such as sleep and heart rate. His personal fitness journey aligns with his growing involvement in wellness—Goyal has publicly shared that he lost 15 kilograms over the past four years by prioritizing his health alongside professional commitments.
Investment Background
Goyal first invested in Ultrahuman in 2021, increasing his stake over time. He is recognized as one of the most prominent angel investors in the company, holding more than 8% of its shares. Ultrahuman offers products like the Ultrahuman Ring, which tracks various health metrics, reinforcing Goyal’s commitment to integrating technology with personal wellness.
Clarification on Zomato’s Focus
Despite Goyal’s focus on Continue, Zomato clarified that this new venture is his personal project and unrelated to the company’s core operations. Zomato will remain focused on its four key business segments:
- Food Delivery
- Blinkit (grocery delivery)
- Hyperpure (restaurant supplies)
- Events Management
This distinction emphasizes that while Goyal is exploring new opportunities in health tech, Zomato’s primary business activities will not be affected.
Potential Impact of Continue
With Continue, Goyal is poised to make a significant mark in the health tech space, building on his expertise and passion for wellness. The venture could play a crucial role in addressing growing concerns about mental health and overall well-being, especially as more individuals seek holistic solutions for their health needs.
Market Context
The launch of Continue comes at a time when there is increasing consumer interest in health tracking technologies. According to recent reports, India’s digital healthcare industry is expected to grow tenfold from $2.7 billion in 2022 to $37 billion by 2030. This growth indicates a robust market opportunity for ventures like Continue that aim to integrate wellness into everyday life.
Conclusion
Deepinder Goyal’s launch of Continue signifies an exciting development in the intersection of technology and health. As he leverages his experience from Zomato and his personal journey toward better health, Continue has the potential to become a vital player in the wellness sector.
By focusing on innovative solutions for nutrition, sleep, and preventive care, Goyal aims to contribute significantly to improving individual well-being while fostering a culture of health consciousness among users. As details about Continue emerge, it will be interesting to see how this venture shapes the future of health tech in India.
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