In a significant development for the traditional food industry, two innovative startups in Assam are working on creating pitha-making machines. This breakthrough aims to elevate the popularity of this Assamese delicacy on both national and global stages.
The progress was highlighted during a startup skilling program organized by the National Institute of Electronics and Information Technology (NIELIT) in Guwahati. Satyen Madhav Mahanta, an entrepreneurial consultant, emphasized the potential opportunities the traditional food industry presents for startups. Alongside the pitha-making machine, advancements in packaging and standardized ingredient procedures are also being explored.
The two-day event, held at Assam Startup – The Nest, brought together industry experts and government officials to bolster the startup ecosystem in Northeast India. Dr. Y Jayanta Singh, Executive Director of Guwahati NIELIT, discussed the importance of Artificial Intelligence and the upcoming electronic semiconductor plant in the region, which promises to revolutionize the local economy and create numerous startup opportunities.
Anubhav Tiwari, Chief Innovation Officer of NIELIT, highlighted the untapped potential of Northeast India for startups and the importance of creating a supportive environment for new ventures. Satyanarayana Reddy M from Keystone Centre for Innovation and Teacher Education led a session on the effectiveness of prompt engineering in startup innovations, while Ankur Mehta from Plaksha University presented on the technical elements crucial for startup success.
The program also featured insights from Naveen KL, founder of Trice Systems Private Limited, who shared his entrepreneurial journey and offered valuable advice for aspiring startups. Chinmoy Prakash Phookan, MD of Assam Industrial Infrastructure Development Corporation, detailed the corporation’s initiatives to promote startup culture and highlighted successful projects that have positively impacted the local startup community.
A panel discussion with Rajarshi Sharma, Chief Operating Officer of Assam Startup, Dr. Hirak Ranjan Das, Innovation Manager at the Ministry of Education’s Innovation Cell, and Satyen Madhav Mahanta, addressed the challenges and opportunities for startups in the Northeast. Dr. Das noted the region’s low startup awareness and participation compared to other parts of India, underscoring the need for increased efforts to foster entrepreneurship.
With the collaborative efforts of NIELIT, AIIDC, and the Government of Assam, the future looks promising for aspiring entrepreneurs in Northeast India. This initiative marks a significant step towards leveraging the region’s unique potential and fostering a vibrant startup ecosystem.
Ola, the Bhavish Aggarwal-led ride-hailing giant, is set to re-enter the grocery delivery sector through the government-supported Open Network for Digital Commerce (ONDC) in the coming days. This move follows Ola’s significant success in the food delivery category on the same platform.
Currently, Ola ranks as the second-largest buyer-side platform in the food delivery segment on ONDC, trailing only behind Magicpin. The company processes between 15,000 to 20,000 food orders daily, capturing almost 30% of the demand in key markets such as Delhi-NCR and Bengaluru.
“Ola facilitates more than 30% of ONDC food orders in Bengaluru and Delhi-NCR, leveraging its core logistics expertise to offer EV-based logistics services at competitive prices to smaller sellers on the ONDC network,” shared a source familiar with the developments.
Ola’s venture into grocery delivery isn’t new. The company initially launched an online grocery store in Bengaluru in July 2015, following the launch of its food delivery app in March the same year. However, both services were discontinued within nine months. Ola attempted a comeback in 2021 with Ola Dash, launching services across Mumbai and Bengaluru through 15 dark stores. Despite initial success, Ola Dash was shut down within a year.
Last year, Ola joined ONDC to provide food delivery services, achieving remarkable 10X growth in recent months. The company plans to leverage the ONDC platform further to explore new growth opportunities.
The ONDC network, aimed at increasing e-commerce penetration in India to 25% within the next few years and reaching a gross merchandise value of $48 billion, has seen significant growth. It is expected to surpass 10 million transactions, including mobility and retail, for the first time in June, marking a fivefold year-on-year growth. In May, the network hit a new peak with five million retail orders, up from 3.59 million in the previous month.
While food delivery orders have declined, other categories such as grocery, fashion, home, and kitchen have seen increased activity on the ONDC platform. Companies like Paytm, Ola, PhonePe, Meesho, Magicpin, and Shiprocket have joined ONDC to challenge the dominance of major players like Amazon, Flipkart, Zomato, and Swiggy in India’s online retail sector.
With the government and various corporate and philanthropic organizations supporting the ONDC ecosystem, Ola’s re-entry into the grocery delivery market through this platform is poised to be a strategic move aimed at capturing a significant share of the online retail market.
Finnish telecommunications giant Nokia has announced its acquisition of Infinera, a prominent provider of open optical networking solutions and optical semiconductors. The acquisition, valued at $2.3 billion, marks a significant step towards expanding Nokia’s footprint in the lucrative North American market and strengthening its position in the global optical networking sector.
Under the terms of the agreement, Nokia will pay $6.65 per share for Infinera, representing a substantial premium of 28% over Infinera’s closing share price on June 26, 2024. The transaction will be predominantly cash-based, with Infinera shareholders having the option to receive up to 30% of the consideration in the form of Nokia’s American Depositary Shares (ADSs).
Nokia’s leadership, including President and CEO Pekka Lundmark and Network Infrastructure President Federico Guillén, expressed confidence in the strategic synergy between the two companies. They foresee the acquisition accelerating Nokia’s path to achieving a double-digit operating margin in its Optical Networks business and targeting EUR 200 million in net comparable operating profit synergies by 2027.
“This acquisition is pivotal in strengthening our optical business pillar, enhancing our technological capabilities, and broadening our growth opportunities across various customer segments,” stated Federico Guillén. The move underscores Nokia’s commitment to enhancing its competitiveness and expanding its technological leadership in the optical networking domain.
With regulatory and shareholder approvals pending, Nokia anticipates completing the acquisition by the first half of 2025. This strategic alignment between Nokia and Infinera is poised to create substantial value for shareholders and reinforce Nokia’s position as a global leader in optical networking solutions.
By integrating Infinera’s expertise in optical semiconductors and networking equipment with its own capabilities, Nokia aims to drive innovation, accelerate product development, and better serve the evolving needs of its global customer base, particularly in the rapidly growing webscale segment of the market.
The acquisition also reflects Nokia’s proactive stance in leveraging inorganic growth opportunities to solidify its market position and capitalize on the burgeoning demand for advanced optical network solutions worldwide.
In a significant advancement towards sustainable energy solutions, researchers at the Indian Institute of Science (IISc) have developed a groundbreaking biocatalyst capable of converting fatty acids into biofuels with high efficiency. This new biocatalyst, announced recently, has the potential to revolutionize the production of “drop-in” biofuels, which can seamlessly integrate with existing fuel infrastructure.
Led by Assistant Professor Debasis Das from the Department of Inorganic and Physical Chemistry (IPC) at IISc, the team has engineered an enzymatic platform that transforms inexpensive and abundant fatty acids into valuable hydrocarbons known as 1-alkenes. These hydrocarbons hold significant promise as sustainable alternatives to fossil fuels and are widely used in various industries, including polymers, detergents, and lubricants.
The core innovation centers around the enzyme “UndB,” known for its rapid conversion of fatty acids to 1-alkenes. However, the researchers encountered a challenge where the enzyme quickly became inactive due to a reaction byproduct. To address this issue, the team combined UndB with another enzyme, catalase, creating a fusion protein that significantly enhanced the process’s efficiency.
Published in Science Advances, the study highlights how adding catalase to the reaction mix increased the enzyme’s activity 19-fold, enabling the biocatalyst to convert a wide range of fatty acids into 1-alkenes with up to 95% efficiency. This new method produces pure 1-alkenes without any unwanted byproducts, making it ideal for biofuel production.
The engineered E. coli bacteria developed by the team act as a “whole cell biocatalyst,” efficiently producing these valuable hydrocarbons. This breakthrough not only addresses the growing need for sustainable fuel alternatives but also opens possibilities for producing other important chemicals, such as styrene.
With a patent application in progress, the IISc researchers are now seeking industry collaborators to scale up their platform for mass production. This development marks a significant stride towards a more sustainable future in energy and chemical production, demonstrating India’s potential to lead in innovative and eco-friendly technologies.
In a bold demonstration of India’s growing prowess in artificial intelligence, CP Gurnani, co-founder of AIonOS and former CEO of Tech Mahindra, has revealed the successful development of an Indian Large Language Model (LLM) for local languages and dialects. This significant achievement, completed in just five months and with a budget under $5 million, counters the skepticism expressed by OpenAI‘s CEO Sam Altman, who doubted India’s capability in this domain.
Speaking at the MachineCon GCC Summit 2024, Gurnani recounted the challenge posed by Altman and the swift response from Tech Mahindra’s innovation team. Gurnani recounted that he spoke with his chief innovation officer, who responded within six hours with a plan, highlighting the swift and efficient execution that followed.
Tech Mahindra’s new LLM, known as Project Indus, is tailored to engage with over 37 Indian languages and dialects. This initiative marks a significant step towards linguistic inclusivity in AI, addressing a substantial portion of India’s diverse population.
Gurnani emphasized that the success of this project underscores India’s potential to develop cutting-edge technology independently. He projected confidence in India’s ability to establish its own equivalents to global tech giants like NVIDIA within the next 5-7 years, furthering the nation’s self-reliance in the tech sector.
Tech Mahindra’s Strategic Collaborations
To bring Project Indus to fruition, Tech Mahindra partnered with industry leaders Dell Technologies and Intel. This collaboration utilized Dell’s advanced computing, storage, and networking capabilities, combined with Intel’s Xeon Processors and OneAPI software suite, ensuring the project’s optimal performance and scalability.
Nikhil Malhotra, Global Head of Makers Lab at Tech Mahindra, expressed enthusiasm for Project Indus, noting its potential to develop localized and industry-specific AI solutions. Malhotra explained that through Makers Lab, Tech Mahindra’s R&D arm, they created a roadmap, collected data from the Hindi-speaking population, and built the Indus model.
The collaborative effort aims to revolutionize AI-driven solutions across various sectors, including healthcare, rural education, banking, agriculture, and telecom. Denise Millard, Chief Partner Officer at Dell Technologies, highlighted the importance of accessibility and scalability in AI adoption, while Santhosh Viswanathan, Vice President & Managing Director for India at Intel, emphasized the project’s role in advancing AI frontiers.
Broader Implications and Future Prospects
Project Indus is a pivotal milestone in the global GenAI landscape, projected to expand to $1.3 trillion over the next decade. The model’s initial focus on Hindi and its dialects aims to bridge the linguistic gap, enabling broader access to AI technologies in India.
CP Gurnani’s announcement reflects a grand vision for India’s tech and AI future. By emphasizing “frugality, innovation, technology, and people leadership,” he draws parallels to the success stories of Indian companies like IndiGo and Airtel in competing with larger global entities.
As Tech Mahindra continues to develop and deploy advanced AI models, the success of Project Indus will be closely watched as a testament to India’s growing capabilities in the tech industry. The project not only defies previous doubts but also sets a new benchmark for innovation and self-reliance in the Indian AI landscape.
KarmaCheck, a background-checking startup founded by LinkedIn’s Eric Ly, has secured $45 million in a funding round led by Parameter Ventures, with participation from NextView Ventures, PruVen Capital, and Velvet Sea Ventures.
Founded in 2019, KarmaCheck has grown significantly under Eric Ly’s leadership, boasting over 100 employees and reporting a seven-fold revenue increase in 2023. Eric Ly commented on the funding round, highlighting the challenges in traditional hiring processes and the opportunity to simplify background checks for both employers and job candidates.
Based in San Francisco, KarmaCheck announced on Thursday its plans to utilize the funds to accelerate technological advancements and expand into new industry verticals. The company specializes in leveraging technology to streamline HR processes, including criminal background checks and education verifications, which have seen increased demand due to the rise of remote work post-pandemic.
Clients of KarmaCheck include prominent names such as Domino’s Pizza, McDonald’s, and various players in healthcare and the gig economy. The startup claims to deliver results nearly twice as fast as traditional methods.
KarmaCheck competes with established players like Checkr, First Advantage, and Sterling Check, with the latter two recently merging in a $2.2 billion deal.
In an exclusive interview with Startup77, Tonia Samsonova, founder of exactly.ai, discusses her journey from media entrepreneurship to pioneering AI-driven creativity. Samsonova’s vision for exactly.ai empowers artists like never before, ensuring they retain full ownership while harnessing AI’s potential to enhance their unique artistic expressions. Under her leadership, exactly.ai is reshaping the future of art, bridging technology and creativity to democratize access and foster innovation in the global art community.
What motivated you to transition from journalism and media entrepreneurship to founding exactly.ai? How did your previous experiences influence your decision?
Tonia Samsonova : My transition from journalism and media entrepreneurship to founding exactly.ai was motivated by a combination of frustration and inspiration. In my journalism career, I witnessed firsthand the decline of traditional media due to the rise of big data and the undervaluing of journalistic content. This experience led me to create my first social media platform, “The Question,” which aimed to bridge the gap between experts and the public by generating high-quality, educational content. This venture’s success and subsequent acquisition by Yandex deepened my interest in AI and machine learning, especially in how these technologies could enhance content creation.
After leaving Yandex and spending a period of time on maternity leave, I reflected on my journey and what my next steps would be—it was during this time that I came up with the idea of exactly.ai. My background in journalism and my experience with AI at Yandex significantly influenced my decision, as I saw a unique opportunity to merge technology with creativity, ensuring that artists retain control and ownership over their work while leveraging AI to enhance their artistic production.
exactly.ai focuses on empowering artists with AI tools while ensuring they retain ownership. What inspired you to create a platform specifically for artists, and how does exactly.ai differentiate itself in the AI art space?
Tonia Samsonova : The inspiration for creating a platform specifically for artists came from a desire to challenge the notion that AI could fully replace human creativity. While AI technologies like ChatGPT and DALL-E have made significant strides, they often overlook the unique artistic styles and visions of individual creators. exactly.ai was born out of a need to preserve and amplify these unique styles, allowing artists to train their own AI models.
exactly.ai differentiates itself by putting control back into the hands of artists. Unlike other platforms that use generic AI models, we enable artists to create personalized AI models that reflect their individual artistic vision. This approach not only maintains the integrity of their work but also opens up new avenues for collaboration and revenue generation. Artists can rent out their AI models, creating a new ecosystem where talent and technology seamlessly coalesce, democratizing access to top-tier creative talent.
You mentioned the ethical implications of AI in creative industries. How does exactly.ai address these concerns, particularly regarding copyright and creative ownership?
Tonia Samsonova : exactly.ai addresses these implications by prioritizing copyright and creative ownership. We ensure that artists retain full ownership of their work and the AI models they create. This is achieved through robust legal frameworks and clear terms of service that protect the intellectual property rights of our users.
In addition, our platform is designed with transparency in mind. Artists are fully aware of how their data is used and can control who accesses their AI models. This ethical approach not only protects artists’ rights but also fosters trust and encourages more creators to explore the potential of AI without fear of losing control over their work.
Could you elaborate on how exactly.ai enables artists to train their own personalized AI models? What are the key features that artists find most empowering about your platform?
Tonia Samsonova : exactly.ai enables artists to train their own personalized AI models through an intuitive and user-friendly interface. Artists can upload their work, which the AI then analyzes to learn their unique style. This process is supported by advanced machine learning algorithms that adapt to the nuances of each artist’s techniques and preferences.
Key features that artists find most empowering include the ability to customize and tweak their AI models to ensure fidelity to their artistic vision. Additionally, our platform offers tools for artists to collaborate with others, share their models, and monetize their creations. The ability to control and rent out their AI models opens up new revenue streams and expands their reach, making their art accessible to a broader audience without compromising on quality or ownership.
How does exactly.ai contribute to the democratization of AI in the art world? Are there specific success stories or feedback from artists using your platform that you can share?
Tonia Samsonova : exactly.ai contributes to the democratization of AI in the art world by making advanced AI tools accessible to artists of all levels. Our platform is designed to be user-friendly and affordable, breaking down barriers that often prevent smaller or less tech-savvy artists from leveraging AI in their work.
One of our success stories is from an independent illustrator who used exactly.ai to create a personalized AI model that mirrored her unique style. This allowed her to produce high-quality art more efficiently, leading to an increase in commissions and collaborations. Another artist reported that the platform enabled them to experiment with new styles and techniques, enhancing their creative process and expanding their portfolio.
Considering the rapid evolution of AI technology, what future trends or developments do you foresee in AI-powered art creation, and how is exactly.ai positioned to lead or adapt to these changes?
Tonia Samsonova : In the future, I foresee AI-powered art creation becoming even more integrated into the creative process, with AI serving as a collaborative partner rather than a replacement for human creativity. Developments in AI will likely include more sophisticated models capable of understanding and replicating complex artistic techniques and styles.
exactly.ai is positioned to lead these changes by continuously improving our algorithms and expanding our platform’s capabilities. We ensure we remain at the forefront of AI research by incorporating the latest advancements to enhance our users’ experience.
As a serial entrepreneur and a mother of four, how do you balance your professional commitments with your personal life? What advice do you have for aspiring entrepreneurs, especially those interested in blending creativity and technology?
Tonia Samsonova : Balancing professional commitments with personal life is undoubtedly challenging, but it’s about setting priorities and being disciplined with time management. I make it a point to carve out dedicated time for my family and ensure that my work does not encroach on that. It’s also important to delegate and trust your team, allowing you to focus on strategic decisions without getting bogged down in day-to-day operations.
For aspiring entrepreneurs, especially those interested in blending creativity and technology, my advice is to stay curious and never stop learning. The intersection of these fields is constantly evolving, and staying ahead requires continuous education and adaptation. Additionally, surround yourself with a supportive network of mentors and peers who can offer guidance and encouragement. Finally, don’t be afraid to take risks and pursue your passion; innovation often comes from stepping outside your comfort zone.
What are your long-term goals for exactly.ai? Are there any upcoming features or expansions that artists and stakeholders can anticipate?
Tonia Samsonova : Our long-term goal for exactly.ai is to become the leading platform for AI-driven art creation, where artists and brands can seamlessly collaborate and innovate. We aim to build a global community of creators who can leverage AI to enhance their work and reach new audiences.
Upcoming features include enhanced collaboration tools that allow artists to work together in real-time, as well as expanded monetization options for their AI models. We are also developing advanced customization features that will give artists even more control over their AI models, enabling them to push the boundaries of their creativity. These expansions will not only enhance the user experience but also solidify exactly.ai’s position as a leader in the AI art space.
In your journey from Russia to London and now as a founder in the tech industry, what have been the most rewarding and challenging aspects, and how have they shaped your entrepreneurial mindset?
Tonia Samsonova : The most rewarding aspect of my journey has been the ability to create and innovate across different fields and cultures. Moving from Russia to London opened up new opportunities and perspectives, allowing me to blend my experiences in journalism, media, and technology. This diverse background has been instrumental in shaping my entrepreneurial mindset, encouraging me to think globally and embrace interdisciplinary approaches.
The most challenging aspect has been navigating the uncertainties and setbacks that come with entrepreneurship. Each challenge, whether it was fundraising difficulties or market skepticism, taught me valuable lessons in resilience and adaptability. These experiences have reinforced the importance of perseverance and continuous learning, qualities that are essential for any entrepreneur. They have also highlighted the significance of building a strong support network and maintaining a clear vision and mission for my ventures.
Through these challenges and rewards, I have learned that success in entrepreneurship is not just about achieving goals but also about the journey and the growth that comes with it.
Mumbai-based edtech unicorn upGrad, founded by Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli, has successfully raised Rs 287.5 crore (approximately $35 million) in debt funding from EvolutionX, marking its first such funding round this year.
This funding round adds to upGrad’s previous total funding of over $265 million, which includes a $36.5 million right issue from Temasek, founder Ronnie Screwvala, and others in March last year.
According to regulatory filings accessed from the Registrar of Companies, upGrad’s board approved the issuance of 28,75,000 debentures at an issue price of Rs 1,000 each to raise the funds. The company plans to allocate these funds towards supporting its growth initiatives, operational expenses, and general corporate purposes.
The Temasek-backed upGrad has been actively pursuing growth opportunities, including discussions to raise $100 million for the acquisition of online education firm Udacity.
As per startup data intelligence platform TheKredible, Temasek holds the largest external stake in upGrad at 20.7%, while Ronnie Screwvala, co-founder and chairperson, retains a significant 22.4% ownership.
In 2022, upGrad expanded into the offline higher education sector, investing $30 million to establish ten global campuses across India, the US, and other regions.
Despite achieving a notable 72% increase in operational revenue to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22, the company also reported an 82% rise in losses to Rs 1,114 crore in FY23. upGrad is yet to disclose its annual results for FY24.
Nodwin Gaming, the esports and events division of Nazara Technologies, has finalized a significant acquisition by acquiring German esports and gaming marketing agency Freaks 4U Gaming in a share swap deal valued at approximately Rs 271 crore (30.3 million euros).
Nazara Technologies disclosed in a stock exchange filing that Nodwin’s Singapore unit will initially increase its stake in Freaks 4U Gaming to 57%, with plans to acquire the remaining 43% at a later stage. Nodwin had previously held a 13.51% stake in Freaks 4U.
Nazara Technologies’ CEO, Nitish Mittersain, had previously indicated plans for multiple acquisitions, including gaming studio acquisitions for Nazara Publishing, as part of a broader strategy to expand into markets like India, Europe, and North America.
Freaks 4U Gaming specializes in providing marketing services to major gaming companies and events, boasting clients such as Riot Games, EA Sports, Epic Games, and Tencent. The firm reported a revenue of 26.9 million euros in 2023.
“Since acquiring a minority stake in Freaks 4U Gaming, Nodwin has been actively collaborating with their management on integrating the two businesses. Together, they have successfully delivered high-profile projects like the PUBG Mobile Global Open and Esports World Cup (EWC),” stated Nazara Technologies in a press release.
Nodwin Gaming has emerged as a key revenue contributor for Nazara, generating Rs 427 crore in the last fiscal year. Nazara Technologies reported a total revenue of Rs 1,138 crore for FY24.
In addition to the acquisition of Freaks 4U Gaming, Nodwin Gaming has recently expanded its portfolio through acquisitions of entities such as Comic Con India, Publishme (a marketing firm focused on West Asia and Turkey), Branded (based in Singapore), and Ninja Global (a Turkish esports and gaming firm).
Private equity firm TPG has announced a strategic move to acquire a majority stake in Altimetrik, a prominent digital business services company with operations in India and the United States.
The investment, facilitated through TPG Asia’s private equity platform, aims to strengthen Altimetrik’s market presence and propel its revenue ambitions to achieve $1 billion annually over the next three years.
Puneet Bhatia, co-managing partner and India country head at TPG Capital Asia, expressed confidence in Altimetrik’s value proposition, citing its robust methodology, engineering capabilities, and talent development initiatives as pivotal strengths aligning with TPG’s investment strategy.
Under the leadership of CEO Raj Sundaresan, supported by founder and executive chairman Raj Vattikuti and Adam Caplan, president of digital business and artificial intelligence, Altimetrik plans to leverage this partnership to drive innovation in digital business solutions and enhance customer outcomes.
TPG highlighted the global surge in digital technology and AI spending, projecting it to exceed $3.4 trillion by 2026. The investment aims to facilitate Altimetrik’s expansion into new sectors such as banking, healthcare, and insurance, leveraging its existing workforce of over 6,000 employees across global offices and development centers.
Altimetrik, with headquarters in India and a presence in Bangalore, Hyderabad, Chennai, Pune, Jaipur, and the US, is poised to capitalize on emerging opportunities in digital transformation with strategic support from TPG.
