NEW AMAZON CEO
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
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.
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.
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.
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.
Amazon mulls $5 to $10 monthly price tag for unprofitable Alexa service, AI revamp
Known internally as 'Banyan,' the project would represent the first major overhaul of the voice assistant since it was introduced in 2014 along with the Echo line of speakers. Amazon is keeping pace with competitors in generative AI, given that Google, Microsoft, and OpenAI have received significant praise for their advanced chatbots. These systems can swiftly generate coherent responses to complex prompts or inquiries.
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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
Jeff Bezos’ ex-wife MacKenzie Scott donates whopping amount to Black mothers, goes viral. Details here
After receiving $38 Billion as the divorce settlement, Jeff Bezos’ ex-wife MacKenzie Scott has donated to organizations working for decreasing maternal mortality rates, and groups working in the fields of arts, education, affordable housing, and public health.
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.
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.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in 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.
Nvidia's profit soars, underscoring its dominance in chips for artificial intelligence
Nvidia's profit soared, driven by AI dominance and CEO Jensen Huang's vision of 'AI factories' creating artificial intelligence. The company reported a sevenfold increase in net income and a 10-for-1 stock split, with shares rising 6% in after-hours trading.
BIS certification must for sale of used imported electronic products: DGFT
In the Directorate General of Foreign Trade (DGFT) notification on May 20, the Centre has specified that import of second-hand products, whether or not refurbished, repaired or reconditioned, notified under the Electronics and Information Technology Goods (Requirement of Compulsory Registration) Order, 2021, is prohibited unless they are registered with BIS and comply with the labelling requirement published by BIS.
The great internet ad scam: Trusting the efficacy of online ad spend is irrational — it’s a bubble waiting to pop
What if all this spending is based on misconceptions about personal behaviour and the illusion of precision that these platforms offer? From an advertiser's perspective, the more funds that go into creating compelling content and targeting the right potential buyers, the better. Everything else is a waste. But reality is different.
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.
Amazon India gets funds; IT margins hit
Amazon has ploughed fresh funds in its Indian marketplace entity. This and more in today’s ETtech Top 5.
Tata Play will now give Amazon Prime benefits & liberty to choose your own OTT bundles
Tata Play has partnered with Amazon Prime to provide Tata Play DTH and Tata Play Binge customers with various options to access Prime's content and perks, including same-day delivery. Tata Play CEO Harit Nagpal stated the goal is to enhance user convenience and introduce a new bundled apps category. The collaboration offers different subscription packs, starting from Rs 199 per month, with access to Prime Lite on Tata Play. Binge subscribers can choose from multiple popular apps at different price points. Customers can subscribe to six or all 33 OTT apps, including Prime Video. The partnership aims to offer comprehensive value, combining video, shipping, and shopping benefits.
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.
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.
Mukesh Bansal’s Cultfit gets new CEO; Google unveils Arm-based chip
Cultfit has formally appointed Naresh Krishnaswamy as CEO. Details on this and more in today’s ETtech Top 5.
Startups tap new pools of capital; consumer lending apps hit profitability
Capital pools have diversified amid the broader tech slowdown with large global, crossover and hedge funds mostly staying away from cutting new cheques. Domestic firms and family offices such as those run by Zerodha cofounder Nikhil Kamath, Manipal Group chairman Ranjan Pai, and Premji Invest have backed startups including Subko, Quorum Club, Kites Seniorcare and The Sleep Company.
When Amazon's new AI tool answers shoppers' queries, who benefits?
Rufus, as the software is known, will help users, according to Amazon, by guiding them to the toaster ovens or dinosaur toys that best fit their needs. Yet Amazon has a history of steering customers towards products that most benefit Amazon, either because they are more profitable or are backed by advertising dollars.
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