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Investors pour $27.1 billion into AI startups, defying a downturn
Investors poured $27.1 billion into AI startups in the United States from April to June, accounting for nearly half of all U.S. startup funding in that period, according to PitchBook, which tracks startups. In total, U.S. startups raised $56 billion, up 57% from a year earlier and the highest three-month haul in two years.
Ratan Tata prevents mass firing of 115 TISS staff, provides financial grants
Ratan Tata has emerged as a savior for TISS employees. Recently, the prestigious Tata Institute of Social Sciences laid off 115 staff members. However, this decision was quickly reversed after Tata, chairman of the Tata Education Trust, offered to extend financial grants.
EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary
EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."
Cash strapped Stability AI raises $80 million with new CEO and board
According to a person familiar with the matter, Stability AI has raised about $80 million in funding from a group of investors including Coatue Management, Lightspeed Venture Partners, and former Google CEO Eric Schmidt. The firm also released AI models to generate audio and video using text prompts and named former Facebook President Sean Parker as executive board chairman of its board.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
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Cashless claims to be cleared in 3 hours
Irdai has also mandated the insurer to decide on the cashless authorisation within one hour of receipt of the request.
India well poised to benefit from great opportunities coming from hotels and hospitality sector: Puneet Chhatwal, IHCL
And if things keep going this way, and it is anybody's guess, I know that there is a new book coming out in the market which predicts India at 47, with more than 50 trillion economy and there are others that are predicting at 27 or 28.
Cyclone Remal claims 27 lives in Mizoram; CM allocates Rs 15 crore relief fund
Cyclone Remal has claimed 27 lives in Aizawl district following landslides. Mizoram Chief Minister Lalduhoma has announced comprehensive relief measures to aid those affected by Cyclone Remal within the state.
Responsible Innovation, how a blueprint for collaborative action is advancing global healthcare
On the occasion of the Abu Dhabi Global Healthcare Week (ADGHW), Dr. Asma Ibrahim Al Mannaei, Executive Director of the Research and Innovation Centre, discusses the UAE's prioritisation of healthcare in driving investments and partnerships focusing on advancing technology and attracting top talent and fostering collaboration with India reflecting shared challenges and opportunities in healthcare. Overall, collaboration with global partners and investment in manufacturing capabilities exemplify the UAE's commitment to healthcare excellence and innovation, while initiatives like Malaffi enhance data-driven services. Read on to discover how ADGHW aims to faciliate responsible innovation in healthcare, even as the UAE emphasises patient rights protection in an era of advancing AI and data usage.
New study challenges benefits of healthcare privatisation
A study published in The Lancet Public Health journal highlights the negative effects of healthcare privatisation, particularly in high-income countries like the US, Germany, Canada, and South Korea. The research, led by the University of Oxford, suggests that privatisation seldom improves the quality of care but is associated with higher profits. It challenges the notion that market competition and flexibility in privately-owned healthcare systems lead to better outcomes.
Stupa Sports Analytics raises Rs 28 crore from Centre Court Capital, Peer Capital
Founded in 2020, Stupa Sports Analytics provides games federations and sports teams with analytics of player performance data, broadcasting capabilities and sports digitisation tools through its various platforms.
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.
West Bengal SSC recruitment scam: SC pauses Calcutta High Court order cancelling 24,000 jobs, allows CBI to continue its investigation
The Supreme Court issued an interim stay on the Calcutta High Court's decision to nullify the entire panel of 2016 SSC teachers' recruitment, which affected the appointments of 24,000 teachers and staff. The court directed the CBI to continue its investigation into the West Bengal teacher recruitment scam without taking coercive actions against officials or candidates. Describing the alleged scam as a "systemic fraud," the court emphasized the importance of maintaining digitized records for the appointment of 25,753 teachers and staff.
Innovaccer’s new funding round; ONDC’s logistics push
Happy Thursday! SaaS startup Innovaccer is in discussions to raise funding at a flat valuation of $3 billion. This and more in today’s ETtech Morning Dispatch.
CDS asks military, DRDO to work with startups to get cutting-edge space tech to reduce gap with adversaries
In an effort to boost collaboration between the Indian space and defence sectors, Chief of Defence Staff General Anil Chauhan today asked the three defence forces and DRDO to engage with the Space industry and startups to develop cutting-edge technology to reduce the gap with the adversaries.
Delaporte's note to Wipro staff; new CEO at Byju's Aakash
Amid a global generative artificial intelligence disruption, top-rung management professionals are driving demand for AI upskilling courses. This and more in today’s ETtech Top 5.
PPF deposit: Finding it difficult to deposit money in your PPF account online? Here are different ways to invest before the April 5 date
How to invest in PPF: Those investing in the Sukanya Samriddhi Yojana (SSY) and the Public Provident Fund (PPF) should ensure that their contributions are deposited into the accounts before April 5 in order to maximize returns for the ongoing financial year, 2024-25.
Regional airline FLY91 expects to have 350 staff in first year of operations
The carrier's MD and CEO Manoj Chacko said there is no need to raise funds now, as it will also be getting Viability Gap Funding (VGF) under the regional air connectivity scheme UDAN. "We also have VGF for the sectors we have won. If we take all the sectors we have secured and if we operate the full schedule, then on an annualised basis, it will be around Rs 200 crore," he told PTI in a recent interview.
BSNL mulls network upgrade, rationalisation of staff costs to compete with private players
The government is considering measures like network upgradation, employee cost rationalisation, and sales enhancement to improve BSNL's operational efficiencies. BSNL needs to reduce manpower costs and benchmark employee expenses with other telecom operators to compete effectively. However, the company is yet to start 4G services and is losing subscribers to rivals that have almost completed their 5G rollouts.
Banks, fintechs eye Paytm’s staff benefits business
Paytm's exit from the employee benefits market has opened up opportunities for rivals like Pluxee and Zaggle, as well as banks like Kotak Mahindra, Yes Bank, ICICI Bank, and IndusInd Bank.
EPFO plans to set up actuary, hire more staff
EPFO plans to overhaul its pension division by setting up an in-house actuary and hiring more staff due to the increased workload from the Supreme Court's order on higher pensions. The retirement fund body may ask exempted establishments to pay for administrative charges. The EPFO has received 1.74 million applications for higher pension validation, with 1.17 million pending.
Armed forces line up Rs 25,000 crore to boost defence space capabilities: CDS Gen Chauhan
Indian armed forces allocate Rs 25,000 crore for defence space requirements including surveillance satellites and secure communications networks. Chief of Defence Staff Gen Anil Chauhan urges private space sector to help make India self-reliant in this sector. He emphasizes the need for developing ISR capabilities, multi-sensor satellites, launch-on-demand services, and a robust ground station network. Gen Chauhan also highlights the importance of indigenous PNT services and strengthening the NAVIC constellation.
US suspends USD 3,00,000 funding to UNRWA amid investigation into alleged Hamas ties
Last week, the US announced the temporary suspension of funding after reports surfaced about UNRWA staff potentially being linked to the Hamas attacks. The total impact of the funding pause may depend on the amount authorized by Congress for the fiscal year.
Budget 2024: Domestic staff may get minimum wage, pension ahead of general elections
Union Budget 2024:The Labour Bureau, under the ministry of labour and employment, has conducted an all-India domestic workers' survey and is in the process of finalising it. The government will work on cost implications after examining the data and work profile before arriving at the contours of the proposed social security benefits.
Companies give crash course to make staff financially healthy and wise
P&G India, NetApp, MG Motor and Dell Technologies are among organisations enhancing their employee wellbeing offerings to include financial wellness and awareness. With a predominantly young workforce that is looking to understand not just personal finances better but also invest effectively for maximum returns, the focus is on driving knowledge around mutual funds, shares, derivatives, as well as government-provided investment plans, industry insiders said.
EPFO outreach to central board of trustees to build consensus on contentious issues
The first round of meetings, held twice with the central provident fund commissioner on November 9 and 14 and with labour minister Bhupender Yadav on Tuesday, saw the tripartite body discussing more than a dozen EPFO staff-related issues as the retirement fund body struggles to resolve administrative, human resources as well as infrastructure challenges, a CBT member of the trade union told ET.
Sri Lanka, IMF reach staff level agreement on first review of bailout
Sri Lanka and the International Monetary Fund (IMF) have reached an agreement on the first review of its extended fund facility arrangement, unlocking approximately $330 million for the country. Sri Lanka has been negotiating with creditors including China, Japan, and India since last September, alongside a $2.9 billion IMF bailout. The agreement is subject to approval by the IMF's management and executive board.
Byju’s staff to get their PF dues as company transfers Rs 123 crore to EPFO
According to people familiar with the development, Byju’s has made a payment of Rs 123.1 crore to the EPFO for a 10-month period from August 2022 to May 2023, while committing to pay the remaining arrears of Rs 3.43 crore within a couple of days.
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