Report Wire

Category: Technology

  • Flipkart Co-Founder Binny Bansal Officially Exits Board |

    New Delhi: Binny Bansal, co-founder of Flipkart has formally stepped down from the board of the e-commerce platform concluding a tenure of over 16 years. The other co-founder, Sachin Bansal departed from the board in 2018. Following his departure from Flipkart, Sachin established Navi a financial services company.

    Binny in a statement said, “Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,”. (Also Read: OpenAI Resolves “Laziness” Issue In GPT-4 Turbo Model And Introduces Lower Pricing)

    He further added “I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business,”. On Saturday, Kalyan Krishnamurthy, the CEO of Flipkart Group stated in a release that the company is the result of a brilliant idea and extensive effort crafted by dedicated teams with a commitment to revolutionizing the way people shop in India. (Also Read: Flipkart Presents Rs 13,000 Discount On iPhones; Check Details Here)

    He added “We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem,”. Earlier in the month, Binny revealed a new initiative named ‘OppDoor.’ This venture aims to assist e-commerce companies in global expansion by offering comprehensive end-to-end solutions.

    According to reports, OppDoor’s initial focus will be on supporting e-commerce companies in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia.

    In the previous year, Bansal divested his remaining stake in Flipkart, yielding approximately $1-$1.5 billion from his holdings. Binny, alongside Sachin Bansal, departed from Flipkart after its sale to Walmart in 2018 for approximately $16 billion. Binny has also invested in about 60 startups, including Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu, and others, according to reports.

  • Krutrim Becomes India’s 1st AI unicorn With Latest Funding |

    New Delhi: Homegrown AI company Krutrim on Friday became the country’s fastest unicorn and also the first AI unicorn in the country, after it closed its first round of funding. The funding round, led by investors such as Matrix Partners India and others, garnered an investment of $50 million in equity at a valuation of $1 billion.

    The funds raised will be instrumental in accelerating the company’s mission to revolutionize the AI ​​landscape, drive innovation, and expand its reach globally, it said in a statement. “India has to build its own AI, and we are fully committed towards building the country’s first complete AI computing stack,” said Ola’s Bhavish Aggarwal, Founder, Krutrim.

    Avnish Bajaj, Founder and MD, Matrix Partners India said they are privileged to deepen their partnership with Bhavish and Krutrim. Krutrim unveiled its base large language model (LLM) last month.

    With the largest representation of Indian data used for its training, it powers generative AI applications for all Indian languages. Trained by a team of leading computer scientists, based in Bengaluru and San Francisco, this model will also power Krutrim’s conversational AI assistant that understands and speaks multiple Indian languages ​​fluently.

    Trained on over 2 trillion tokens, Krutrim accomplishes better performance on multiple global LLM evaluation benchmarks including MMLU, HellaSwag, BBH, PIQA and ARC. Krutrim model can fluently switch between languages ​​and discuss nuanced topics ranging from poetry in Bengali, to Bollywood movies, to creative masala dosa recipes.

    Krutrim will be available in beta version for consumers in February 2024. Additionally, it will also be available as an API for enterprises and developers, seeking to create AI applications.

  • Flipkart Announces Annual Workforce Restructuring: 1,000 Employees To Be Let Go |

    New Delhi: In its annual restructuring move, e-commerce giant Flipkart, owned by Walmart, is set to part ways with approximately 1,000 employees, constituting around 5 percent of its workforce. The decision comes as part of the company’s routine performance-based job cost cuts, sources familiar with the matter informed Moneycontrol.

    Employee Count And Exclusion Of Myntra Staff

    As of now, Flipkart has a workforce of around 22,000 people based in Bengaluru, excluding employees from the e-commerce fashion portal Myntra. (Also Read: Azim Premji Gifts Rs 500 Crore Worth Wipro Shares To Sons Rishad And Tariq)

    No Immediate Response From Flipkart

    According to a Moneycontrol report, the website has reached out to Flipkart for comments on the development, but the company has not provided an immediate response to queries regarding the job cuts. (Also Read: Riding The Billions: Meet Indian Tycoon Whose Company Powers Luxury Giants BMW, Mercedes Benz, Rolls Royce And Net Worth Is Rs…)

    CEO’s Townhall Insights

    During a town hall with employees on January 25, Flipkart CEO Kalyan Krishnamurthy shared insights into the company’s financial health. He assured employees that the company’s financial situation is on the upswing and anticipates a significant improvement by the end of the year.

    Potential Impact On IPO Plans

    Krishnamurthy hinted at the possibility of delaying Flipkart’s Initial Public Offering (IPO) until 2025. The decision is attributed to the expectation of better unit economics by that time, positioning the company for a more favorable IPO.

    Positive Developments In Business

    Despite the restructuring, Krishnamurthy highlighted positive developments within Flipkart. He mentioned that the company’s United Payments Interface (UPI) project is taking shape and undergoing testing with a limited group of users.

    Additionally, he reported that Flipkart’s mobile app business is now turning profitable, indicating positive trends and growth in the business.

  • Passenger Booked Ola Cab For Rs 730, Get Jaw-Dropping Rs 5,000 Bill: Here’s What Happened NEXT

    The initial fare displayed was Rs 730. However, upon reaching his destination in Mathikere, the driver demanded a staggering Rs 5,000.

  • Apple Rolls Out iOS 17.3 Update With These Features; Check Here |

    New Delhi: To bolster the security features of its leading devices in markets, Apple, the tech giant, has officially released the highly awaited updates, iOS 17.3 and iPadOS 17.3. These updates bring improvements to the supported devices.

    The latest release includes a suite of new features, such as collaborative Apple Music playlists, AirPlay for hotel TVs, and the 2024 Black Unity wallpaper. Notably, Apple’s Stolen Device Protection steals the spotlight, adding an extra layer of security to protect user data. (Also Read: Google Layoffs: Employees Plan Protests; CEO Confirms More Job Cuts in 2024)

    Here’s a quick look at everything new with iOS 17.3

    Stolen Device Protection

    Within the Stolen Device Protection feature, it is now mandatory to use Face ID or Touch ID for accessing stored passwords. Additionally, any modifications crucial to settings, such as altering the Apple ID password or device passcode, are now subject to a security delay.

    Collaborative Apple Music Playlists

    In earlier beta releases of iOS, this feature enables users to either create new playlists or utilize existing ones, while also inviting friends or family to contribute songs to the playlist. Users on Apple Music can enhance their collaborative playlist experience by adding emoji reactions such as a heart or thumbs up.

    AirPlay for Hotel TVs

    The latest feature helps you to stream content from Apple devices like iPads, iPhones, and Macs in select hotels that Apple deems as AirPlay compatible.

    AppleCare and Warranty Information

    With this feature, users can now view coverage information for all devices associated with their Apple ID. (Also Read: Apple’s Vision Pro Unveils Future In These Areas; Check Details)

    2024 Unity Wallpaper

    With this update, Apple introduces the striking 2024 Unity wallpaper. This artwork, part of the Black Unity collection, celebrates Black history and culture.

  • Noise ColorFit Hexa Launched In India; Check Specifications And Price

    From January 24th onwards, the ColorFit Hexa will be accessible in four color options: Teal Blue, Classic Brown (leather), Classic Black (leather), and Jet Black.

  • Fact Check: Modi-Yogi Offering Free Rs 749 Recharge For Ram Mandir Celebrations? Truth Of Viral Message Here

    Further checks on the official website and social media accounts of the Bharatiya Janata Party (BJP) yielded no results related to the claimed offer.

  • Zomato Aims For 100% Deliveries Through EVs By 2033 |

    New Delhi: Online food delivery platform Zomato said that it aims for 100 per cent deliveries through electric vehicles (EVs) by 2033, leading to net zero emissions across the food ordering and delivery value chain.

    Crafted around the eight identified themes, Zomato has outlined specific and measurable targets to achieve the recently announced goals by the year 2030. The goals include supporting the growth of 300K restaurant businesses and food entrepreneurs, empowering 1 million gig workers, and supporting 300 million nutritious meals for underprivileged women and children, among others.

    “The release of Zomato’s goals for 2030, reinforces our commitment to protect and ensure sustainable growth of the platform economy and all its stakeholders. Our heartfelt gratitude to the esteemed government officials, industry leaders, and representatives from academia and civil society for their insights – which will play a key role in guiding our collective endeavors of becoming a more responsible and sustainable industry, said Rakesh Ranjan, CEO, Food Delivery, Zomato.

    “From a sustainability perspective, the government’s push towards EV adoption has received a commitment by platforms, including Zomato, that is looking at facilitating 100 per cent deliveries through EVs leading to net zero emissions across the food ordering and delivery value chain by 2033,” Ramesh Krishnamurthi, Additional Secretary, Ministry of Labor and Employment, said in a statement.

    Zomato said its sustainability initiatives are guided by the firm’s commitment to responsible and sustainable business growth while creating value for all its stakeholders.

  • Apple To Pay iPhone 7 Users Who Faced ‘Loop Disease’ Audio Issues |

    New Delhi: Apple has reached an agreement to settle a US class action lawsuit, in which the company will be paying $35 million to iPhone 7 and iPhone 7 Plus users, who were prone to audio issues due to a defective chip in the devices.

    The company has now started notifying eligible customers by email, reports MacRumors. Users who are eligible to receive payment from Apple must have owned an iPhone 7 or iPhone 7 Plus between September 16, 2016 and January 3, 2023. (Also Read: Realme 12 Pro Series To Launch On January 29 In India: Flipkart Listing Unveils These details)

    There must also be a documented complaint with Apple regarding the speaker issues, or users must have paid Apple to repair or replace the device. The deadline to choose a payment method, object to the settlement, or opt-out is June 3. (Also Read: OpenAI To Introduce ChatGPT In Classrooms: Here’s How It Will Help Students)

    The proposed settlement, which needs to be approved by a California court on July 18, offers up to $349 to those who paid Apple out of pocket and up to $125 to others, the report noted. In 2019, Apple was sued in several US states over the “loop disease” audio issue. The lawsuits claimed that Apple had breached warranties and violated consumer protection laws.

    Despite agreeing to a settlement, Apple denied all allegations of wrongdoing, and the court hearing the case has not ruled in favor of Apple or the plaintiffs. Meanwhile, Apple has demanded that Fortnite creator Epic Games pay them more than $73 million for legal fees amid their ongoing dispute over App Store payment methods.

    On January 16, the US Supreme Court refused to consider any side’s appeals, ending the three-year legal battle between Epic Games and Apple. But, after the case was over, Judge Yvonne Gonzalez Rogers ruled that Epic Games owes Apple $73 million in legal fees and other costs, reports Apple Insider.

  • FB, Instagram Collect All The Data They Can: Report |

    New Delhi: Meta-owned Facebook and Instagram are the two most privacy-invasive apps out there, a new report has revealed. The cybersecurity company Surfshark conducted research analyzing 100 popular apps, and they discovered that Facebook and Instagram were the most “data-hungry” of all.

    It ranked apps according to 32 criteria that are included in Apple’s privacy policy, such as payment information, browsing history, and exact location.” Since Instagram and Facebook are products of Meta Platforms, it’s no surprise these two apps collect and handle data the same. way,” the researchers said. (Also Read: ‘We Have To Make Tough Choices’: Google CEO Sundar Pichai Hints More Layoffs In Coming Time)

    “Both apps collect all 32 data points defined by Apple and are the only two to do so,” they added. Facebook and Instagram used seven of the 32 user data points, including name, physical address, and phone number — for tracking. (Also Read: YouTube Trims Workforce, Lets Go Of 100 Employees In Latest Layoff Season)

    The remaining were connected to user identity but not used for tracking, the report noted. Although

    Nearly half of the 22 data pieces it gathered and associated with individuals were used for tracking. Overall, 10 social media and messaging applications were included in the research, and it was discovered that these apps collected more user data than the average amount.

    Meanwhile, a US judge has ruled that Meta founder and CEO Mark Zuckerberg must participate in a deposition as part of an ongoing lawsuit in Texas concerning the company’s face recognition technology.

    According to a ruling made by Justice Jeff Rambin on Tuesday, the state court has rejected Meta’s recent appeal “seeking relief from an order compelling the oral deposition” of Zuckerberg at an undisclosed date, reports CNBC.