Connect with us

Entrepreneur Stories

Upgrad Raises $60 Million from Temasek at a $2.25 Billion Valuation!

Published

on

Upgrad Raises $60 Million from Temasek at a $2.25 Billion Valuation!,Startup Stories,Startup Stories India,Latest Technology News and Updates,2024 Technology News,Tech News,Upgrad,funding news,Temasek investment,startup valuation,education technology,EdTech funding,Series funding,online learning,investment round,valuation of Upgrad,venture capital,growth funding,tech startups,digital education,Upgrad Updates,Upgrad Latest News

Singapore’s sovereign wealth fund Temasek has injected an additional $60 million into the edtech startup Upgrad, maintaining its valuation at $2.25 billion, according to sources familiar with the development. This funding comes at a critical time as Upgrad is gearing up for an IPO within the next two years.

Strategic Moves by Upgrad

In a parallel move, Upgrad’s founder and chairman, Ronnie Screwvala, has purchased Bharti Enterprises’ 1% stake in the company for $20 million. This acquisition follows Upgrad’s 2022 stock-swap deal to acquire Centum Learning, a skilling and training solutions company. With this buyout, Screwvala now holds a 45% stake in Upgrad, further solidifying his control over the firm.

Leadership Changes

Screwvala, a veteran entrepreneur known for founding UTV, has taken a more hands-on role at Upgrad following the exit of co-founder Mayank Kumar, as reported by The Economic Times on October 16. His re-engagement aligns with Upgrad’s IPO ambitions and is expected to reassure public market investors about the company’s leadership and direction.

“The funding round has now closed. Ronnie’s increased stake reflects his commitment to the company’s future, especially with recent leadership changes,” said a source close to the developments.

Investment Landscape

Temasek and IFC continue to be significant investors in Upgrad, alongside Screwvala, who now stands among the few entrepreneurs with the largest personal stakes in a venture-backed startup. The total funding round of $80 million, which includes both the primary investment and Screwvala’s secondary share purchase, marks one of the largest recent funding rounds in the edtech sector.

Comparisons with Other Funding Rounds

This funding round is significant in a market that has seen a sharp decline in investment after the pandemic-induced boom. For context:

  • PhysicsWallah recently closed a $210 million funding round.
  • Executive education firm Eruditus raised $150 million at a valuation of $3.2 billion.

Prior to this equity funding, Upgrad also secured $35 million in debt financing from Evolution X, a joint venture between DBS and Temasek.

Market Trends and Challenges

Edtech startups have seen around $650 million in funding so far this year compared to $4.1 billion in 2021—the peak for the sector aided by COVID-19 tailwinds. However, this is still higher than just $315 million for edtech for all of 2023, reflecting an 87% decline from the $2.4 billion raised in 2022.

Focus on Enterprise Growth

“Centum Learning is now part of Upgrad Enterprise and that’s the fastest-growing vertical at Upgrad,” another source noted. A report from investor 360 One highlighted key achievements:

  • “Upgrad achieved profitability in its skilling, reskilling, and placement services in Q4.”
  • The consumer segment’s acquisition cost improved from ~30% in FY23 to ~22% in FY24.
  • Non-university program revenue in Q4 FY24 grew ~22% quarter-over-quarter and ~81% year-over-year.

Educational Offerings

Upgrad has established partnerships with over 20 tier-I and tier-II universities, offering more than 70 programs across various fields including data science, management, technology, law, and digital transformation.

Future Plans

As Upgrad moves closer to its IPO, its focus on sustainable growth and profitability appears well-positioned to attract both investors and public markets. The company’s strategy emphasizes leveraging partnerships and expanding its educational offerings to meet evolving market demands.

Conclusion

With Temasek’s investment and Screwvala’s increased stake, Upgrad is poised for significant growth in the competitive edtech landscape. The combination of strategic partnerships, innovative educational solutions, and strong financial backing will likely play a crucial role in shaping Upgrad’s future trajectory as it seeks to capitalize on emerging opportunities within both domestic and international markets.

As it prepares for an IPO, Upgrad aims to solidify its status as a leader in the education technology sector while addressing challenges posed by market fluctuations and evolving consumer needs.

Continue Reading
Advertisement
2 Comments

2 Comments

  1. zoritoler imol

    November 4, 2024 at 11:13 pm

    This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.

  2. Minnie Gabriele

    November 6, 2024 at 6:02 am

    Unleash the future of intelligent technology $2,500 in OpenAI credits >>> https://rebrand.ly/joinsecret

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneur Stories

WhatsApp Beta Users Face Disruptive Green Screen Bug on Android!

Published

on

WhatsApp Beta Users Face Disruptive Green Screen Bug on Android!

Android users participating in WhatsApp’s beta program are encountering a significant bug that renders the app unusable, following the release of the latest beta version 2.24.24.5. This issue, reported by multiple users and highlighted by Android Police, has led to widespread frustration among beta testers who experience a solid green screen when attempting to open any chat, effectively blocking access to the app.

New Features, But a Critical Bug

The latest beta version of WhatsApp introduces several new features aimed at enhancing user experience, including the ability to delete preset chat filters, utilize “Add Yours” stickers for Status updates, and search within channels. While these features offer exciting advancements, they come with the inherent risks associated with beta testing, such as potential bugs that can disrupt usability.

Bug Details and Temporary Solution

The green screen bug appears to be specific to version 2.24.24.5 of WhatsApp Beta. Many affected users have attempted conventional troubleshooting methods such as restarting their devices, clearing the app cache, and force-stopping the app; however, these solutions have proven ineffective. Currently, the only reliable workaround is to uninstall the beta version and revert to the latest stable version of WhatsApp available on the Google Play Store.

Developer Response Expected Soon

Given the volume of complaints surfacing on social media platforms, it is likely that WhatsApp’s developers are aware of this critical issue and may be working on a fix. Until a resolution is provided, users experiencing the green screen bug are advised to avoid using the beta version, as the stable release remains unaffected by this glitch.

User Experiences and Community Feedback

Reports indicate that users are not only facing a green screen but also experiencing force closures of the app upon startup attempts. Some users have shared their experiences on platforms like Twitter and Reddit, detailing their struggles with this bug and seeking advice from the community. The consensus is clear: while beta testing can be an exciting opportunity to preview new features, it also carries risks that can lead to significant disruptions in daily use.

Conclusion

As WhatsApp continues to innovate and roll out new features through its beta program, it must also address critical bugs that impact user experience. The green screen issue in version 2.24.24.5 serves as a reminder of the challenges associated with beta testing software. Users are encouraged to remain patient as developers work towards a solution while considering reverting to stable versions for uninterrupted service. As updates are anticipated soon, affected users should keep an eye on official channels for announcements regarding fixes and improvements.

Continue Reading

Entrepreneur Stories

Xerox Secures $1 Billion IT Services Deal with TCS and HCLTech!

Published

on

Xerox Secures $1 Billion IT Services Deal with TCS and HCLTech!

Xerox has announced a significant commitment of over $1 billion in IT services to Tata Consultancy Services (TCS) and HCLTech as part of a strategic partnership that will extend over the next 5 to 7 years. This announcement was made in a recent regulatory filing with the US Securities and Exchange Commission, detailing the financial scope and objectives of the agreements.

Breakdown of the Agreements

The partnership includes a $590 million contract with HCLTech for a five-year term and a $490 million deal with TCS over seven years. This collaboration is part of Xerox’s broader strategy to modernize its IT infrastructure and enhance operational efficiencies as it pivots towards digital services. Both TCS and HCLTech have previously indicated their commitment to expanding their partnerships with Xerox, which is headquartered in Connecticut.

In addition to these contracts, Xerox has also disclosed a $125 million commitment with Microsoft and a $50 million deal with SAP, each spanning seven years. The partnership with Microsoft focuses on leveraging Azure cloud services, while SAP will provide a cloud-based digital ERP platform aimed at streamlining operations.

Strategic Transformation Initiatives

The agreements come at a crucial time for Xerox as it embarks on a comprehensive transformation initiative. TCS is set to support Xerox in overhauling its IT infrastructure, migrating legacy systems to the cloud, and integrating generative artificial intelligence (AI) into its operations. Tino Lancellotti, Chief Information Officer at Xerox, emphasized that this digital transformation is vital for reinventing their operating model and enhancing client experiences.

HCLTech’s extended partnership also reflects its long standing relationship with Xerox, which has spanned over 15 years. The renewed collaboration aims to drive innovation and efficiency within Xerox’s operations.

Implications for Business Operations

These substantial investments are part of Xerox’s multi-year Reinvention initiative, which seeks to stabilize its core print business while expanding into digital and IT services. The company aims to reduce IT costs, standardize global processes, and simplify its application landscape by adopting advanced technologies.

The integration of SAP’s RISE platform is particularly noteworthy, as it will enable Xerox to streamline operations across various business functions, including finance, supply chain, and sales. This move aligns with Xerox’s goal of becoming a services-led organization that can adapt to evolving market demands.

Market Context

As the digital landscape continues to evolve, companies like Xerox are recognizing the necessity of transforming their business models to remain competitive. The total investment for these technology upgrades amounts to $525 million, with significant allocations directed towards TCS, SAP, and Microsoft. This strategic shift not only positions Xerox to enhance its operational capabilities but also reflects broader trends in the industry where traditional companies are increasingly adopting digital solutions to meet customer needs.

With these partnerships, Xerox is poised to leverage cutting-edge technology to drive sustainable growth while enhancing its service offerings in an increasingly competitive market. The finalization of these deals marks a pivotal moment for Xerox as it seeks to redefine its role within the technology landscape.

Continue Reading

Entrepreneur Stories

Google Developing Project Jarvis: An Autonomous AI Browser Assistant!

Published

on

Google Developing Project Jarvis: An Autonomous AI Browser Assistant

The world of artificial intelligence is rapidly evolving, and companies are pushing boundaries to create tools capable of navigating computers without human intervention. Recently, Anthropic made headlines with its Claude AI assistant, and now Google is joining the competition with “Project Jarvis,” a new AI-powered agent set to change how users interact with the internet.

Overview of Project Jarvis

According to a report by The Information, Project Jarvis is an autonomous “computer-using agent” designed specifically for the Google Chrome web browser. Inspired by the iconic AI assistant J.A.R.V.I.S. from the Iron Man films, Project Jarvis aims to help users streamline web-based tasks—such as research, online shopping, and travel booking—by independently managing these activities on their behalf. While not as advanced as Tony Stark’s famous assistant, Google’s Jarvis will handle multiple tasks autonomously, helping users manage online activities with minimal guidance.

Functionality and Operation

So, how does Project Jarvis work? The AI agent operates by capturing screenshots of the user’s browser screen, interpreting user commands, and carrying out various actions such as clicking buttons and completing text fields. However, early reports suggest it currently processes each action with a slight delay, taking a few seconds for each step.

The backbone of Project Jarvis is Google’s Gemini 2.0 AI model, which brings an intuitive edge to interacting with web content. With this enhanced model, Jarvis offers a more efficient browsing experience, allowing users to spend less time on mundane tasks.

Capabilities of Project Jarvis

Once launched, users could delegate a range of online tasks to Jarvis—researching for academic papers, searching for the best deals on e-commerce sites, or planning travel itineraries—allowing the AI to manage everything from browsing and comparing options to completing forms. With Project Jarvis, users could simply instruct the AI to gather information, navigate pages, and compile data on multiple choices, making web browsing easier and less time-consuming.

Key Features

  • Autonomous Task Management: Jarvis can perform complex tasks autonomously within the browser.
  • Contextual Understanding: By capturing screenshots and interpreting user commands, it can execute actions like clicking buttons or filling out forms.
  • Integration with Gemini 2.0: The advanced capabilities of Gemini 2.0 enhance Jarvis’s ability to understand context and provide relevant responses.

Competitive Landscape

Google’s entrance into this field intensifies the competition in AI-driven automation, an arena also populated by Microsoft’s Copilot Vision and OpenAI’s expanding AI toolset. As companies race to develop more sophisticated AI assistants capable of managing complex tasks, Project Jarvis represents Google’s commitment to leading in this innovative space.

Comparisons with Other AI Assistants

While both Google’s Project Jarvis and Anthropic’s Claude aim to facilitate tasks through interactions with web browsers and software applications, their primary distinction lies in their focus. Project Jarvis is particularly engineered for web browsers, mainly Chrome, while Claude seems to possess a wider scope of applications across various software tools.

Future Prospects and Release Timeline

Reports suggest that a preview of Project Jarvis could be available by December 2024, coinciding with the release of Google’s next flagship Gemini large language model. This timing indicates that Google is strategically aligning its advancements in AI technology with the rollout of this innovative tool.

User Experience Enhancement

One of Project Jarvis’s most exciting prospects is its potential to create a more seamless user experience. Users may find themselves delegating routine tasks such as email management or online research to the AI assistant, allowing them to focus on more critical activities.

Conclusion

Google’s Project Jarvis signifies a major advancement in AI technology, granting users the capability to automate day-to-day tasks within their web browser. By capturing and analyzing screenshots, Jarvis can execute actions like clicking buttons and typing into fields, streamlining activities such as research, shopping, and flight bookings.

As it joins an increasingly competitive AI landscape alongside offerings from Anthropic and Microsoft, all eyes will be on how Google’s new tool stacks up against similar technologies. The implications of Project Jarvis extend beyond mere convenience; it represents a shift toward more intelligent digital assistants capable of transforming how we interact with technology in our daily lives. Whether you are a busy professional or a casual internet user, tools like Project Jarvis are likely to become integral to your online experience soon.

Continue Reading
Advertisement

Recent Posts

Advertisement