Latest news with #MorningDispatch.
Time of India
15 hours ago
- Business
- Time of India
Qcomm's worker woes; Capillary's IPO moves
Next Qcomm's worker woes; Capillary's IPO moves Want this newsletter delivered to your inbox? Also in the letter: Quick commerce players running out of delivery riders as demand shoots up Tell me more: Recruitment platform Vahan, which works with leading gig economy firms, confirms the pressure. Hiring is getting harder as 'manpower availability is not rising in proportion to demand.' Dark store managers echoed the concern. Several said they need more riders, with daily orders nearing 1,500. Quote, unquote: Ground reality ET spoke to delivery partners in Bengaluru and New Delhi, most of whom said that falling per-order payouts are making the job unsustainable. A Flipkart Minutes rider said promised referral bonuses aren't being honoured, pushing many to switch platforms for better pay. Harsh weather conditions are adding to the strain on operations. Also Read: Loyalty tech firm Capillary Tech files draft IPO papers; eyes Rs 430 crore via fresh issue IPO details: Fresh issue: Rs 430 crore. Rs 430 crore. Offer for sale: 18.3 million shares. 18.3 million shares. Promoter Capillary Technologies Pte, backed by Peak XV Partners and Avataar Venture Partners, will offload 14.2 million shares. JM Financial, IIFL Capital, and Nomura are book-running lead managers. Second attempt: Objectives: Cover its cloud infrastructure costs. Invest in product and platform R&D. Fund inorganic growth through acquisitions. The funds will be deployed between fiscal years 2026 and 2028. Foxconn plans to make iPhone enclosures in India Foxconn India footprint: iPhone assembly unit at Sriperumbudur, Tamil Nadu. New facility in Devanahalli, near Bengaluru. New AirPods assembly unit in Hyderabad. Progress so far: Quote, unquote: Tariff troubles: Applied Materials says Bengaluru chipmaking centre to rake in $2 billion Other Top Stories By Our Reporters Fresh exits at Krutrim: Groww to apply for corporate bond trading licence: AI, automation, geopolitics in focus at TCS AGM: Insurtech firm Renewbuy bags $10 million: Global Picks We Are Reading Happy Friday! Quick commerce platforms are facing challenges in hiring and retaining delivery drivers amid rising competition. This and more in today's ETtech Morning Dispatch.■ Foxconn expands in India■ Krutrim exits, layoffs■ Groww expands offeringsIndia's booming quick commerce sector is grappling with a critical operational challenge: hiring and retaining delivery partners . As demand for rapid deliveries surges, incumbents are scaling up and new players are joining the race. But recruitment has struggled to keep pace with growth.'Bikers are getting more demanding for all of us. It's becoming tough to hire and retain. These aren't good signs. It's reasonably acute, though not unmanageable yet,' said an executive at a quick commerce Reddy, founder, Capillary TechnologiesCustomer engagement and loyalty tech provider Capillary Technologies India has filed its draft red herring prospectus (DRHP) with Sebi for an initial public offering (IPO), joining a growing list of new-age companies eyeing the public company initially filed its DRHP in December 2021, but the proposal did not receive Sebi's nod. ET had first reported in November that Capillary Technologies was reviving its IPO plans and was aiming to file this Technologies will use the proceeds from the fresh issue to:Apple's largest supplier, Foxconn, is setting up a unit in Oragadam, Tamil Nadu, to manufacture iPhone enclosures, as ET first reported on September 25 last year. The move is part of the Taiwanese contract manufacturer's broader efforts to expand and diversify its operations in has commenced at the ESR Industrial Park in Oragadam, close to Foxconn's upcoming display module facility, according to one person aware of the developments."This gives Apple more leverage and also provides Foxconn with ease of integration and boosts value addition," said Neil Shah, vice president, Counterpoint Research. "This improves supply chain effectiveness for Foxconn as well as Apple."Apple is keen to move iPhone production to India to avoid potential US tariffs on Chinese-made devices. However, US President Donald Trump has threatened a 25% duty on devices made overseas. Despite this, Foxconn is pressing ahead with its expansion plans for Rengarajan, head of semiconductor products group, Applied Materials IndiaAmerican chip equipment manufacturer Applied Materials plans to establish a chip manufacturing centre in Bengaluru for $400 million over four years, Suraj Rengarajan, managing director at Applied Materials India, told ET. The company expects the plant to attract investments up to $2 Aggarwal, founder, KrutrimThree senior executives heading engineering and AI product execution at Bhavish Aggarwal's Krutrim have left , as the company laid off over a dozen people from their linguist teams across multiple languages early this week, sources familiar with the matter told Groww is planning to seek Sebi's approval to offer trading in corporate bonds through its mobile application, according to two people in the Consultancy Services (TCS) will focus on four strategic pillars: establishing a large pool of AI agents to work alongside the human workforce, delivering solutions for a human-plus-AI model, investing in AI data centres, and partnerships, said director Keki Mistry during the company's 30th annual general meeting (AGM).Insurance broking startup Renewbuy has secured $10 million (approximately Rs 86 crore) in a funding round from its existing investors, London-based Apis Partners and 360 One (previously IIFL Wealth).■ How much energy does AI use? The people who know aren't saying ( Wired ■ Samsung is desperate to compete on chips. Workers say it comes at a cost. ( Rest of World ■ I tried the future of smart glasses at WWDC. They weren't made by Apple ( CNET
Time of India
5 days ago
- Business
- Time of India
Q-comm's discount push, startup hiring picks up
Q-comm's discount push, startup hiring picks up Also in the letter: Qcomm players dole out discounts even as cash burn, competition pinch Tell me more: Breaking it down: Why it matters: Expertspeak: Also Read: Startups fire up hiring engine in hunt for senior executives Driving the news: What's happening: By the numbers: The big picture: The payout: Quick commerce industry's hygiene headache explained Tell me more: Recent inspections revealed lapses at a Zepto facility in Mumbai and a Blinkit store in Pune, both found in violation of food safety rules, according to Maharashtra's FDA. India's national food safety authority, FSSAI, now plans to step up inspections across the sector. An estimated 5,000 dark stores are currently operating in the country. What about regulations? Ground reality: ETtech visited dark stores in Bengaluru, Mumbai, and Delhi for a first-hand assessment. In Bengaluru, dark store managers said companies provide general guidelines, but no checklist — digital or printed — was available on request. In Mumbai, an Instamart manager confirmed that expired products are separated and collected by a vehicle each morning. Also Read: Other Top Stories By Our Reporters Online pharmacies could face stricter check-ups: Gujarat eyes 1,500 apartments to house Tata fab employees, suppliers: Global Picks We Are Reading Quick commerce firms are offering record-high discounts at a time when cash burn and competition continue to rise. This and more in today's ETtech Morning Dispatch.■ Explained: Q-comm's hygiene woes■ ePharma regulations■ Dholera semicon fabEven as platforms attempt to rein in cash burn, discounting in the quick commerce sector has reached record highs , driven by intensifying discounts across categories have climbed to 20-25% off the maximum retail price (MRP), up from under 10% two years ago, according to people in the know. This includes essential categories such as dairy and groceries, available across platforms like Zepto, Instamart, Flipkart Minutes, and care products see the steepest discounts, reaching up to 35%. Other categories, such as packaged foods, staples, home care, and beverages, are also being heavily marked down, analysts user experience broadly similar across apps, price has emerged as a key differentiator. However, this pricing play comes at a cost. For a segment already under pressure from mounting losses, sustaining discounts is adding strain.'Rising competition is the reason for increasing discounts within quick commerce. Today, there are eight players; unless we see a convergence towards four-five players, this kind of discounting will persist,' said Karan Taurani, executive vice president at Elara startups that have raised fresh capital in recent months are driving a revival in senior-level hiring across the Trump's tariffs and ongoing geopolitical instability cast a shadow over the medium-term hiring outlook, the current momentum suggests a temporary across sectors — including Flipkart, PhonePe, Lenskart, Snabbit, Battery Smart, Nawgati, Better Nutrition, Snitch, Univest, Ekincare, Fleetx, and Vetic — are actively filling leadership roles or plugging key vacancies ahead of planned hiring mandates could rise 30–40% over the previous quarter, according to Ashish Sanganeria, senior partner at executive search firm Transearch. Mandates refer to search firm agreements to fill high-level roles.'Companies are strengthening their leadership teams after securing fresh capital, gearing up for their next phase of growth,' said Anuj Roy, managing partner at Fidius search firms estimate salaries for senior hires range from Rs 80 lakh to Rs 4 crore in cash alone, excluding Esops. Many startups — including Snabbit, Battery Smart and Better Nutrition — are also offering generous stock options to drive long-term value Zepto, Instamart, Flipkart Minutes, and BigBasket have opened hundreds of dark stores to meet rapid delivery timelines. But in the rush to scale, some players are cutting corners on hygiene and food rules exist, compliance is proving difficult. FSSAI-registered auditors say companies are struggling to adhere to norms as store counts health ministry is drafting stricter guidelines to tighten scrutiny on mushrooming online pharmacy platforms delivering medicines within 10–60 minutes amid a surge in unverified prescriptions, government sources told Gujarat government is helping set up 1,500 houses in Dholera for expatriates and employees of the Tata Electronics semiconductor fab project, along with other downstream suppliers, people aware of the developments told us.■ The app going against Uber by putting people over algorithms ( Rest of World ■ Would you switch browsers for a chatbot? ( The Verge ■ How Covid-19 Changed Hideo Kojima's Vision For Death Stranding 2 ( Wired
Time of India
13-06-2025
- Business
- Time of India
Groww FY25 profit triples; Qcomm growth beyond metros
Next Groww FY25 profit triples; Qcomm growth beyond metros Want this newsletter delivered to your inbox? Also in the letter: Groww triples FY25 profit, raises fresh funds at $7 billion valuation ahead of IPO By the numbers: Net profit rose 3X to Rs 1,819 crore in FY25. Revenue grew 31% to Rs 4,056 crore. Closed $200 million funding at a $7 billion valuation, led by Singapore's GIC with Iconiq Capital joining. ET first reported about the funding round on March 26. Catch up quick: The reverse flip impact: Why it matters: Also Read: S Quick commerce fuels niche D2C boom in smaller cities Uptick in revenue contribution: Shift from ecommerce: Qcomm expansion: Also Read: Centre's no MDR stance derails fintech's UPI monetisation plans Driving the news: Despite operating without MDR for several years, the payments industry hadn't given up hope that it would be reinstated, at least for large transactions, the chief executive of a major payment processor told us. A senior banker noted that reintroducing MDR was always going to be challenging after the government accustomed the merchant ecosystem to free digital payments. Tell me more: Indian digital businesses are innovating faster with Data + AI: Databricks founder India market: AI backing: Also Read: Other Top Stories By Our Reporters India needs infra to train larger AI models: Krutrim exec | Paytm, Mobikwik shares tumble after finance ministry rules out MDR on UPI transactions: HCLTech bags engineering deal from Volvo Group: Global Picks We Are Reading Happy Friday! IPO-bound fintech major Groww has reported a three-fold jump in its net profit for FY25. This and more in today's ETtech Morning Dispatch.■ No MDR: Fintechs face revenue loss■ Databricks founder on India■ Krutrim launches AI agent(L-R) Harsh Jain, Neeraj Singh, Lalit Keshre and Ishan Bansal, founders, GrowwBengaluru-based wealth platform Groww posted a sharp jump in profitability ahead of its public confidentially filed IPO papers with Sebi in May, aiming to raise $700 million– $1 billion. Its valuation has more than doubled from $3 billion in 2021, when it last raised a major round. In FY24, Groww had posted a net loss of Rs 805 crore due to a one-time Rs 1,340 crore tax payout linked to shifting its domicile from the US back to has pulled ahead as India's largest stockbroker by active NSE clients (13 million), outpacing rivals Zerodha and Angel One. Its financial performance makes it one of the most profitable IPO-bound fintechs in expansion of quick commerce into smaller cities and towns is fuelling demand for niche direct-to-consumer (D2C) brands in categories ranging from intimacy products and sexual wellness to curly hair care and fitness accessories, where convenience and discreet delivery are key which sells intimacy products, gets almost a third of its revenue from non-metro regions, while men's sexual health and wellness brand Bold Care derives over 40% of its total revenue from tier II and III cities, company executives to Satish Meena, adviser at Datum Intelligence, a set of customers who previously shopped on ecommerce platforms are shifting to quick commerce for certain categories of products for instant gratification. Many consumers who haven't used ecommerce before are also trying rapid delivery because of its ease and brands focus on smaller cities, quick commerce platforms are also ramping up their presence in these regions. BigBasket said it is recording about 50,000 orders per day from tier-II cities, with tier-III cities contributing around 7,000 daily the finance ministry clarified that there was no plan to reintroduce the merchant discount rate (MDR) on payments via Unified Payments Interface (UPI), fintechs' monetisation plans went for a toss Stocks of listed payment firms dived a day after the ministry said such speculations were 'completely false, baseless and misleading'.This comes months after industry chatter grew about the government considering bringing back MDR, but only for large purchases. Industry insiders also pointed out that fintech firms have been encouraging customers to move to instruments like mobile wallets or prepaid payment instruments (PPIs) and credit cards, i.e. MDR-generating Ghodsi, founder, DatabricksDigital businesses in India are AI-hungry and ahead of global peers in terms of innovation with data and artificial intelligence (AI), Ali Ghodsi, founder and chief executive of Databricks, told the sidelines of the company's summit in San Francisco, Ghodsi said Databricks is bullish on Asian markets India, South Korea, Australia and New Zealand, which are moving faster than the rest of the world on AI because of the relaxed regulatory close the AI talent gap, Databricks also announced the free edition of its platform, along with a $100 million global investment in data and AI education. This initiative gives students, professionals, and institutions free access to Databricks tools and Aggarwal, founder, KrutrimOla's AI arm Krutrim is looking at getting the base infrastructure , from semiconductor to hardware, to be the fast and cost-effective model as the company scales up its AI services, said A Navendu, senior vice president and head of sold Paytm and Mobikwik shares on Thursday, a day after the Finance Ministry denied reports of charges on UPI transactions. Paytm shares dropped 10% in trade today, before recovering later. Mobikwik's market value dropped to Rs 2,121 crore, before recovering slightly to Rs 2,128 IT player HCLTech bagged an engineering services deal from Swedish truck maker Volvo Group, the third largest software services exporter announced on Thursday.■ The problem of AI chatbots telling people what they want to hear ( FT ■ Vibe coding is coming for engineering jobs ( Wired ■ Are we ready to hand AI agents the keys? ( MIT Technology Review
Time of India
12-06-2025
- Business
- Time of India
Payment aggregators under RBI lens; Pine Labs, Meesho's IPO plans
Payment aggregators under RBI lens; Pine Labs, Meesho's IPO plans Want this newsletter delivered to your inbox? Also in the letter: RBI keeping a close watch on newly-licensed payment firms What's happening: Driving the news: KY-See: The other side: Also Read: Pine Labs gears up for Rs 5,000-6,000 crore IPO Why it matters: The details: IPO size: Rs 5,000-6,000 crore Rs 5,000-6,000 crore Target valuation: $4–5 billion (flat to last private round) $4–5 billion (flat to last private round) Bankers: Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies FY24 revenue: Rs 1,743 crore (up around 10% YoY) Rs 1,743 crore (up around 10% YoY) FY24 loss before tax: Rs 339 crore (up around 50% YoY) Founding history: Adding context: Between the lines: Meesho flip back likely this week, IPO filing to follow Details The Bengaluru-based company is targeting a $700-800 million IPO. The company converted into a 'public limited' entity from a 'private limited' one, ET had reported on June 10. Meesho is also in the process of redomiciling to India from the US. Also Read: Indian SaaS startups eye Cayman Islands route Global factor: From US to here: Flipping back: Also Read: Other Top Stories By Our Reporters Credgenics' profit triples to Rs 25 crore in FY25; revenue up 40% | Early investors await Meta-Scale deal windfall: Report | Zetwerk kicks off work on manufacturing facility in Bengaluru: Global Picks We Are Reading Happy Thursday! After approving about 54 companies to become payment aggregators, the central bank is tightening its reins in the sector. This and more in today's ETtech Morning Dispatch.■ Startups' Cayman Islands route■ Credgenics FY25 report■ Scale AI investors' paydayThe Reserve Bank of India (RBI) has intensified its oversight of newly licensed payment aggregators (PAs), conducting regular audits and closely scrutinising their operational central bank has granted licences to 54 companies to operate as online payment aggregators. It is now focused on ensuring these new players fully comply with established sector its regulatory lens now widened to cover digital payments, the RBI is actively working to plug potential gaps that fraudsters could exploit to access the broader banking ecosystem, sources told executive said the aim is to eliminate fraudulent merchants from the your customer (KYC) compliance is under particular scrutiny. The RBI had earlier issued a draft proposal requiring full KYC for every merchant onboarded by payment aggregators. While this has not yet been fully rolled out, the regulator has begun checking whether companies' on-ground agents are following KYC executive at a PA firm said bank audits are routine, but RBI inspections are more rigorous.'We have added professional independent directors to the board now and have changed many approval systems in a way that abides by regulatory protocol. There is more hygiene that the RBI is trying to bring in,' said another chief executive officer at a Mumbai-based digital payments Rau, CEO, Pine LabsPine Labs is preparing to file its draft IPO papers with Sebi by the end of June, according to people familiar with the matter, as the fintech firm targets a public listing later this move places Pine Labs among the growing cohort of Indian fintech players heading for the public markets in 2025, alongside Groww and PhonePe . The planned offering follows its recent shift of domicile back to Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay. Initially a loyalty and card-based payments solution, the company pivoted in the late 2000s to focus on merchant Labs had confidentially filed for a US IPO in 2022, aiming to raise $500 million. However, it deferred the plan due to market by Peak XV Partners, Alpha Wave PayPal , and Vitruvian Partners , the company has steadily expanded into online payments, buy now, pay later (BNPL), account aggregation, and gift cards. It has used acquisitions such as Fave, Setu Mosambee , and Qwikcilver to fuel this Barnwal and Vidit Aatrey, founders, MeeshoMeanwhile, ecommerce marketplace Meesho could see the process of its redomiciling from the US to India conclude as early as this week, paving the way to file draft papers for its IPO this month, sources told Cayman Islands are emerging as a preferred destination for Indian software startups chasing global markets, offering greater flexibility in raising capital, whether from India or self-governing British Overseas Territory is a 'region of interest' for software-as-a-service (SaaS) companies scaling up their international ambitions. Venture capitalists are also nudging startups in this direction. Accel, a key investor in Freshworks, is among those encouraging firms to register in the tax-neutral destination, sources told recently, most SaaS firms opted to register in the United States, driven by the fact that much of their revenue came from American clients. Freshworks became the first Indian SaaS company to list on the US markets . Others like Chargebee, Icertis, and Innovaccer followed suit, incorporating in the with India becoming a more attractive market and a US listing increasingly out of reach, companies are exploring alternatives. 'You need to be at least $500 million ARR and still need to be growing 30-40%. It has just become nearly impossible currently,' Alok Goyal, partner at Stellaris Venture Partners, told several firms are considering relocating their domicile to India, despite the associated costs. InMobi, MoEngage, and CleverTap are among those in the process of Goel, CEO, CredgenicsDebt collection platform Credgenics reported a nearly three-fold increase in net profit to Rs 25 crore for the financial year 2024-25, thanks to lenders seeking more efficient mechanisms for recovery amid stress on unsecured loans and rising default is planning to invest $15 billion in Scale AI, bolstering its artificial intelligence (AI) talent pool and securing substantial returns for some early investors in both companies, according to The Information. Investors poised to benefit from the deal include Peter Thiel's Founders Fund, Chase Coleman's Tiger Global and venture capital firm manufacturing services company Zetwerk Electronics on Wednesday officially started work on setting up its manufacturing facility in Devanahalli, Bengaluru.■ WhatsApp joins legal challenge against UK demand for Apple 'back door' ( FT ■ AI is making health care safer in the remote Amazon ( Rest of World ■ Sam Altman thinks AI will have 'novel insights' next year ( TechCrunch
Time of India
10-06-2025
- Business
- Time of India
Cred's down round; Blinkit's food safety woes
Cred's down round; Blinkit's food safety woes Want this newsletter delivered to your inbox? Also in the letter: Cred secures $72 million from GIC, other existing investors at lower valuation of $3.5 billion Deal details: The entire round was raised as primary capital. This marks a drop from Cred's earlier $6.4 billion valuation in 2022. As per filings reviewed by ET, Lathe Investment, a wholly-owned subsidiary of Singapore's sovereign fund GIC, led the round with Rs 354 crore. RTP Global invested Rs 74 crore, Sofina Ventures put Rs 25.8 crore, and Kunal Shah's family office, QED Innovation Labs, contributed Rs 162 crore. Also Read: Nexus Venture to invest Rs 125 crore in Rapido ahead of food delivery launch Driving the news: Deal details: Rapido will charge commissions ranging from 8% to 15%. These rates are well below the 16% to 30% typically charged by Swiggy and Zomato, based on terms agreed with the National Restaurants Association of India (NRAI). Orders below Rs 400 will attract a fixed Rs 25 fee, while those above will be charged Rs 50. Deep tech startup Vecmocon Tech raises $18 million: Micro-drama OTT platform Flick TV raises $2.3 million: Maharashtra FDA suspends food licence of Blinkit dark store in Pune What happened: Tell me more: Food items placed directly on the floor No pest control audit certificate Workers in the food handling areas without protective caps Food products stored on dusty racks Cold storage facility lacking a calibration certificate On alert: Multiple packaged food brands have flagged poor hygiene and upkeep across some dark stores. Authorities are now increasing scrutiny of such facilities, with FSSAI launching surprise audits across metro cities and tier-2 markets. What else: Zepto Daily Pass (a subscription offering discounts and free delivery) is automatically added to carts, while free delivery coupons must be applied manually. Customers are charged goods and services tax (GST) on the rain fee, which was meant to incentivise delivery partners, prompting backlash on social media. Kaynes Semicon, L&T Semiconductor Technologies to acquire Fujitsu General's OSAT business Deal details: Fujitsu is transferring its power module production facilities to Kaynes. Kaynes, which already manufactures for LTSCT, will produce these modules LTSCT's behalf. The transaction is expected to close on June 23, subject to regulatory approval under Japan's Foreign Exchange and Foreign Trade Act. Why now: Other Top Stories By Our Reporters Situation involving Wolfspeed will have no impact on India OSAT: Renesas Shares of Eternal, Swiggy drop as Rapido undercuts food delivery commission: Krutrim announces agentic AI assistant 'Kruti', to launch on June 12: Global Picks We Are Reading Happy Tuesday! Cred announced a fresh funding round, but at a lower valuation. This and more in today's ETtech Morning Dispatch.■ Kaynes, L&T Semicon's new deal■ Renesas on Wolfspeed impact■ Swiggy, Eternal suffer on the boursesFintech major Cred has raised Rs 617 crore ($72 million) in a fresh funding round at a reduced valuation of $3.5 billion. ET first reported about Cred's valuation cut on April Venture Partners will invest Rs 125 crore (around $15 million) in mobility unicorn Rapido as a part of a larger round from last year that valued the company at $1.1 billion , according to a filing with the Registrar of Companies (RoC).The funding comes just ahead of Rapido's entry into food delivery , with a Bengaluru pilot set to launch later this month or early July. Rapido has finalised partnership terms with restaurants, offering commissions significantly lower than those of Swiggy and tech startup Vecmocon Technologies has raised $18 million in a funding round led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and Aavishkaar Capital. The latest raise includes $8 million in fresh capital, and builds on the $10 million raised in November 2024. That earlier round was also led by EIF, alongside Blume Ventures and British International Investment (BII).Micro-drama OTT platform Flick TV has raised $2.3 million in seed funding led by Stellaris Venture Partners. The startup is looking to capture India's growing appetite for short-form, mobile-first video content in Food and Drug Administration (FDA) has suspended the food licence of quick commerce platform Blinkit at its Balewadi store in Pune for non-compliance with food safety June 5, the Maharashtra FDA officials inspected a Blinkit facility near Mitcon College in Balewadi and found it operating without a licence from the Food Safety and Standards Authority of India (FSSAI) for production, distribution or sale of food inspection also uncovered several food safety violations, including:This comes a week after Zepto's facility in Dharavi had its food business licence suspended for similar is also facing mounting criticism online over its use of alleged dark patterns. Two common user complaints:Mysuru-based Kaynes Semicon and Bengaluru-based L&T Semiconductor Technologies (LTSCT) are acquiring the outsourced semiconductor assembly and test (OSAT) power modules business of Japan's Fujitsu General for Rs. 118.34 Panicker, chief executive, Kaynes Semicon, told us, 'The new OSAT facility being set up in Sanand, Gujarat, is launching its operations with a focus on the global power device packaging market.'This move is backed by two major developments: a multi-million-dollar, high-volume service agreement with its customer Alpha and Omega Semiconductor (AOS) and the acquisition of three power packaging lines from Fujitsu Electronics Limited, Japan, he explained.| Japanese chipmaker Renesas has stated that the situation involving Wolfspeed will have "no impact" on its OSAT project in India . Reports of a potential bankruptcy filing by the US-based silicon carbide (SiC) wafer maker have been sending shockwaves through the global semiconductor industry, with experts suggesting that it could affect Murugappa group-owned CG Power's forthcoming outsourced semiconductor assembly and test facility (OSAT) in of Zomato's parent company, Eternal, and its rival, Swiggy, fell by as much as 2.5% and 4% on Monday following an ET report stating that Rapido plans to launch its food delivery services this month, offering significantly lower commissions to restaurants compared to the two major Aggarwal's artificial intelligence (AI) company Krutrim on Monday announced its agentic assistant 'Kruti' , months after the founder first teased the chatbot. In a post on X, Krutrim said Kruti, India's first agentic AI assistant, "listens, adapts and acts proactively, purposefully and in your language".■ Sam Altman's eyeball-scanning digital ID project to launch in UK ( FT ■ Inside the race to find GPS alternatives ( MIT Technology Review ■ Silicon Valley led the quest for driverless cars. But Chinese robotaxis are catching up fast ( Rest of World
