AMAZON NEW CEO
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Zepto a ‘hyperlocal Walmart of India’, says CEO Aadit Palicha
Zepto, a quick commerce platform in India, raised $665 million in funding, valuing the company at $3.6 billion. The CEO sees Zepto as a hyperlocal Walmart focusing on groceries and household essentials. The company plans to expand its dark stores to 700 to compete with rivals like Blinkit and Swiggy Instamart. Zepto aims to capitalize on the massive market opportunity in the top 40 cities of India.
![NIIT appoints Pankaj Jathar as CEO](https://img.etimg.com/thumb/msid-111401680,width-100,height-75,resizemode-4/news/company/corporate-trends/niit-appoints-pankaj-jathar-as-ceo.jpg)
NIIT appoints Pankaj Jathar as CEO
Jathar has experience in consumer-focused businesses, spanning e-commerce, startups and D2C ventures. He will be responsible for capitalising on new opportunities through the integration of GenAI to drive innovation and growth, the company said in a statement.
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Amazon lures cofounders from startup Adept to bolster AI efforts
Collaborating with Rohit Prasad, I contribute to Amazon's AI advancements under CEO Andy Jassy's leadership. The tech industry closely watches as companies like Amazon and Microsoft invest heavily in AI technology, facing regulatory scrutiny. Amazon's strategic hires and focus on integrating generative AI into Alexa showcase its commitment to enhancing AI capabilities and competing with industry leaders.
![Webtoon comic app Toonsutra registers over 1 million downloads](https://img.etimg.com/thumb/msid-111339485,width-100,height-75,resizemode-4/tech/technology/webtoon-comic-app-toonsutra-registers-over-1-million-downloads.jpg)
Webtoon comic app Toonsutra registers over 1 million downloads
Toonsutra aims to establish the world's largest fandom and pop culture community in India over 700 million mobile youth market. The company has partnership with some of the biggest global publishers and creators to bring over more than 550 titles and 250,000 episodes of content into local Indian languages.
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Amazon Pay India top up; GST summons for egaming firms
Amazon has pumped Rs 600 crore in its local fintech unit Amazon Pay India. This and more today’s ETtech Top 5.
![Doordash held talks with UK's Deliveroo on takeover](https://img.etimg.com/thumb/msid-111282020,width-100,height-75,resizemode-4/tech/technology/doordash-held-talks-with-uks-deliveroo-on-takeover.jpg)
Doordash held talks with UK's Deliveroo on takeover
Doordash showed interest in acquiring Deliveroo, but talks ceased over valuation. Deliveroo's shares closed at 127.5 pence, valuing the company at 2.1 billion pounds. Amazon, DST Global, and CEO Will Shu are key shareholders. Analysts noted the potential for cross-border M&A in the food delivery sector. Doordash's CEO, Tony Xu, aimed for global diversification through acquisitions.
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How capital surge may fuel discount war in quick commerce space
The $665 million funding round at Zepto may trigger a discounting war among players like Blinkit, Instamart, and Flipkart. Blinkit faces increased competition in logistics infrastructure as the quick commerce market heats up.
Amazon to launch 'Remarkable Alexa' with AI for a fee – Here's how much customers will pay
Amazon plans for a new and upgraded version of Alexa. The new version will have interesting features. In September 2023, Amazon posted plans on its website to improve Alexa.
Anthropic launches newest AI model, three months after its last
Anthropic, backed by Google, released the updated AI model, Claude 3.5 Sonnet, offering improved performance at a lower cost. CEO Dario Amodei highlighted the advancements, emphasizing the faster speed and affordability compared to Claude 3 Opus.
What's an employee red flag, 'thinking you know everything, says Whole Foods CEO Jason Buechel
Whole Foods CEO, Jason Buechel, warns against employees who resist change, citing it as a barrier to personal and organizational development. Buechel's emphasis on adaptability resonates with Amazon CEO Andy Jassy's advice on continuous learning and openness to new experiences.
Elon Musk responds to claims about Amazon tribe's porn addiction from Starlink internet: What did SpaceX CEO say?
Elon Musk has addressed false claims suggesting that the Marubo tribe in the Amazon became addicted to pornography after gaining access to Starlink internet. These claims originated from a New York Times article, which described some tribe members sharing explicit content in private chat groups. The New York Times later clarified that their article had been misrepresented, stating that the tribe is not addicted to pornography
Amazon acquires video streaming platform MX Player
Amazon has agreed to acquire MX Player to expand its video streaming services portfolio in India's market. MX Player will complement Amazon's Prime Video and MiniTV services. The deal values MX Player at $50-100 million.
Banks say growing reliance on Big Tech for AI carries new risks
European banking executives express concerns about banks' increasing dependence on big U.S. tech firms due to the boom in artificial intelligence, driven by the popularity of AI applications like OpenAI's ChatGPT for fraud detection and money-laundering.
SAP aims to double embedded AI use cases to 100 by year-end: SAP CEO
Klein was speaking at SAP’s annual conference Sapphire, where the company unveiled generative AI innovations and partnerships. Klein was speaking at SAP’s annual conference Sapphire, where the company unveiled generative AI innovations and partnerships.
IT CEOs' salary in FY24; Wipro offers 85% variable pay
Happy Wednesday! Top bosses at some of the country’s leading IT firms took home enhanced salary packages last fiscal. More on this on today’s ETtech Morning Dispatch.
5Paisa CEO Narayan Gangadhar quits after a year of joining firm
Gangadhar had quit Angel One to join rival broking platform 5Paisa only a year ago. According to sources, Gangadhar's resignation will come into effect on August 28.
Ola is shifting its IT ops to Krutrim from AWS cloud
This comes two weeks after Ola founder Bhavish Aggarwal snapped ties with Microsoft Azure after LinkedIn deleted his post related to "pronoun illness" of western AI models. Experts, however, say that losing Ola as a customer for AWS and Microsoft is only a needle in the haystack.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
Myntra gained market share, scaling beauty and home decor: CEO Nandita Sinha
Over the past year-and-a-half, online fashion retailer Myntra has gained market share even as rivals like Reliance Ajio and Nykaa Fashion have snapped at its heels, chief executive Nandita Sinha told ET in an interview–without naming the competition.
Prathyusha Agarwal to head Flipkart's Shopsy
Prathyusha Agarwal has joined Flipkart as vice president (VP) and head of Shopsy, a spokesperson for the firm confirmed to ET. She was previously the chief business officer of edtech firm Byju’s, with earlier stints at Zee Entertainment, Tata Cliq and Unilever.
Sundar Pichai and '3 Idiots': Google CEO references Aamir Khan's famous motor scene during interview. But why?
Sundar Pichai during a recent interview with content creator Varun Mayya referenced Aamir Khan's iconic motor scene from '3 Idiots' to emphasize the importance of deep understanding over rote learning. This snippet, shared on Instagram, quickly went viral, sparking discussions on Pichai's insights and the enduring impact of cinematic narratives in modern discourse. The interview showcased Pichai's unique perspective and contributions to the tech landscape.
New 'Lord of the Rings' film begins. When will Warner Bros. release 'The Hunt for Gollum'?
Peter Jackson and Andy Serkis will direct Warner Bros.' new 'Lord of the Rings' film 'The Hunt for Gollum'. Original trilogy filmmaker Peter Jackson and his partners Fran Walsh and Philippa Boyens will produce the film.
TikTok's boss goes from reserved tech executive to Met Gala chair
Amazon founder Jeff Bezos appeared as the ball's honorary chair in 2012. Four years later, when Apple was a Met Gala sponsor, its CEO, Tim Cook, showed up in tux and tails. And Instagram supplied cash in 2022. The 2024 event is sponsored, in part, by TikTok, the social media goliath whose future looks murkier than that of Condé Nast, the publisher of Vogue, The New Yorker and other magazines, which has laid off employees and shuttered or sold off some of its publications in recent years.
Amazon ad executive Colleen Aubrey steps aside for new role
Colleen Aubrey, a key Amazon executive, transitions to a new role after driving significant growth in advertising sales. Details of her next position are yet to be revealed.
Marvell wins new AI chip business, but at lower margins
Marvell said it expects the AI chip business to hit $2.5 billion in sales by its fiscal 2026. Marvell helps customers such as Amazon.com design custom chips for their cloud units and competes against rivals such as Alphabet supplier Broadcomm, which has said it expects $10 billion in AI chip sales this year.
ETtech Explainer: Why is Amazon’s $4-billion investment in Anthropic significant?
Amazon announced its $4-billion investment in Anthropic on Wednesday underscores the trend of big tech companies piggybacking on upcoming startups to advance their AI ambitions, particularly around generative artificial intelligence.
ETtech Explainer: All you wanted to know about Nvidia’s Blackwell AI chip
Nvidia highlighted that Blackwell chips enable organisations to develop and operate real-time generative AI on trillion-parameter large language models while reducing costs and energy consumption by up to 25 times compared to its predecessor.
Exclusive | Upstarts are everywhere, we have to be constantly on our toes in India: Uber CEO Dara Khosrowshahi
Dara Khosrowshahi took over as the CEO of Uber Technologies in 2017, when the mobility firm was in its most controversial period. The Iran-born executive, who replaced founder Travis Kalanick, is now being called tech’s newest turnaround chief. In an interview with ET’s Pranav Mukul, Samidha Sharma and Surabhi Agarwal, Khosrowshahi spoke about the company’s focus on only mobility, profitability and electric vehicle push.
Amazon joins companies arguing US labour board is unconstitutional
Amazon in a filing made with the National Labor Relations Board (NLRB) on Thursday said it plans to argue that the agency's unique structure violates the company's right to a jury trial.
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