IndUS Business Journal

India reversing missed opportunities of last 75 years, China chip era slowing down: Minister - IndUS Business Journal New Delhi– India is reversing the missed opportunities of the last 75 years and when it comes to semiconductors, China’s momentum is slowing down as they are not viewed as a trusted partner in the future of tech, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, has stressed....

EV startup Vidyut raises $10 mn to build full-stack ecosystem - IndUS Business Journal New Delhi– EV startup Vidyut on Tuesday said it has raised $10 million in its Series A fundraise (a mix of equity and debt funding) led by 3one4 Capital, and will deploy new funds to scale its new offerings that include EV insurance, lifecycle management and EV resale. The round also witnessed par...

Fintech platform Xalts acquires Contour Network to create ‘Plaid for Trade’ - IndUS Business Journal Singapore– Accel and Citi Ventures-backed fintech Xalts, used by financial institutions and businesses to build and manage digital finance applications, on Tuesday announced the acquisition of Contour Network, owned by a consortium of global banks, to accelerate digitisation in trade and supply ch...

1st human implanted with Neuralink brain chip able to control mouse via thoughts: Musk - IndUS Business Journal New Delhi– Elon Musk has said that the first human implanted with a brain chip from his brain-computer interface company Neuralink seems to have fully recovered and is able to control a computer mouse using thoughts. “Progress is good, and the patient seems to have made a full recovery, with neu...

Nifty hits fresh record high, up for sixth straight session - IndUS Business Journal Mumbai– Nifty extended its gains for the sixth consecutive session on Tuesday, once again touching a fresh record high in the last hour of trade, said Deepak Jasani, Head of Retail Research at HDFC Securities. At close, Nifty was up 74.70 points or 0.34 per cent at 22,197.00, while Sensex was up 3...

Walmart acquires US TV maker Vizio for nearly $2.3 bn to boost ad biz - IndUS Business Journal San Francisco– Retail giant Walmart on Tuesday said it is acquiring US-based TV maker Vizio in a deal valued at nearly $2.3 billion, in a bid to boost its ad business. The acquisition of Vizio and its SmartCast Operating System (OS) would enable Walmart to serve its customers in new ways, includin...

Bitcoin market cap scales $1 trillion - IndUS Business Journal London– The value of the world’s most popular cryptocurrency, Bitcoin, has more than tripled to $52,000 since November 2022. The year 2022 was marked by the high-profile implosion of crypto exchange FTX, which triggered liquidity crises at several smaller crypto firms, CNN reported. Following bi...

Elon Musk's X provides premium, paid services to terrorist groups: Report - IndUS Business Journal San Francisco– Elon Musk-run X (formerly Twitter) is providing premium, paid services to accounts for two leaders of a US-designated terrorist group and several other organisations sanctioned by the government, according to a new report from the Tech Transparency Project (TTP). The report identifi...

Indian food services market likely to surpass $100 bn by 2028: Report - IndUS Business Journal New Delhi– The overall food service market in India is likely to surpass $100 billion by 2028, growing at a compound annual growth rate (CAGR) of 8-12 per cent, a report said on Thursday. The Indian organised food services market is expected to double by 2028 from $30 billion to $60 billion, drive...

Nvidia market capitalisation surpasses Alphabet - IndUS Business Journal New York– Chip-maker Nvidia’s market capitalisation rose to $1.83 trillion on Wednesday, nudging past Alphabet’s $1.82 trillion market cap, a media report said. Santa Clara-based chipmaker’s shares rose 2.5 per cent to $739, while Alphabet shares ended the session at $145.94, CNN reported. E...

59% of domestic firms deployed AI as India on way to become responsible AI hub: IBM - IndUS Business Journal New Delhi– India is on the right path to become a global AI hub with creating a robust AI governance framework, and top factors driving adoption in the country are accessibility of AI tools, need to reduce costs and automate and increase in AI embedded into off-the-shelf business applications, IT ...

Tata Group, Assam govt to build Rs 25,000cr semiconductor packaging plant: MoS IT - IndUS Business Journal New Delhi/Guwahati– Assam will soon have its first-ever semiconductor packaging plant worth nearly Rs 25,000 crore built jointly by the state government and Tata Group, Union Minister of State for Electronics and IT Rajeev Chandrasekhar said on Thursday. Addressing the first-ever ‘Digital India ...

Elon Musk makes more than $400K an hour: Report - IndUS Business Journal New Delhi– Tech billionaire Elon Musk makes around $6,887 per minute, $413,220 per hour, $9,917,280 per day, and $69,420,960 per week, a new report revealed on Thursday. According to data acquired by Finbold, as of mid-February 2024, Musk’s net worth was reported at $198.9 billion. Musk’s net ...

Mark Zuckerberg tries Apple Vision Pro, says Quest 3 is better, less expensive - IndUS Business Journal New Delhi– Meta Founder and CEO Mark Zuckerberg tried Apple’s mixed reality (MR) headset Vision Pro and said on Wednesday that his company’s Quest 3 AR/VR headset is a better product, less expensive and more immersive. In a video message, Zuckerberg said that Quest 3 is seven times less expens...

Jeff Bezos sells 24 mn Amazon shares worth over $4 bn - IndUS Business Journal San Francisco– Amazon founder Jeff Bezos has sold 24 million shares of the company in recent days worth more than $4 billion. The first sale of 12 million shares was announced in a regulatory filing on February 9, followed by another 12 million share sale on Tuesday, reports BBC. Bezos has also ha...

Google rolls out Gemini AI on iOS, Android outside of US - IndUS Business Journal New Delhi– Google has started to roll out its AI service Gemini AI (formerly Bard) in English to more countries on iOS and Android. Gemini product lead Jack Krawczyk on Wednesday posted the development on X, saying mobile access to the English version of Gemini AI has started to roll out to other ...

Tesla Cybertruck owners complaining of rust-related issues on vehicle - IndUS Business Journal San Francisco– Several owners of Tesla Cybertruck are complaining about potential rust-related issues when it comes to the vehicle’s exterior. One member of the Cybertruck Owners Club forum said that after only two days of driving in the rain, he saw little orange flecks on his truck, reports Fu...

Firefox browser developer Mozilla lays off 60 employees - IndUS Business Journal New Delhi– Mozilla, the developer of Firefox browser, is reportedly laying off 60 employees, as the company plans to scale back its investment in several products. Mozilla said in a memo that it will focus on bringing “trustworthy AI into Firefox” and to do so, it will bring together Pocket, C...

Instacart to lay off 250 workers in restructuring exercise - IndUS Business Journal San Francisco– US-based grocery delivery company Instacart has announced to lay off about 7 per cent of its global workforce, or about 250 employees, as part of a restructuring plan. The announcement came as the company posted fourth-quarter earnings that were approximately in line with analysts.....

Paramount Global to cut 800 jobs as it looks to trim costs - IndUS Business Journal San Francisco– Paramount Global, the owner of broadcast and cable TV networks, has announced to lay off hundreds of employees as the media giant looks to trim costs and grow revenue. Chief Executive Officer Bob Bakish informed about the job cuts in an internal memo to employees. While the CEO did ...

Mobility fintech startup Moove raises $10 mn to expand India footprint - IndUS Business Journal New Delhi– Global mobility fintech startup Moove on Wednesday said it has raised $10 million in new debt funding from leading venture debt fund Stride Ventures to expand its India footprint. The fresh capital will be utilised to scale the Indian fleet to over 5,000 and expand into new markets incl...

Innovaccer aims to reach $200 mn in annualised revenue rate by year-end - IndUS Business Journal New Delhi– Healthtech unicorn Innovaccer is geared up to turn profitable in the next two quarters, aiming to reach nearly $200 million in annualised revenue rate (ARR) by the end of this year, its Co-founder and CEO Abhinav Shashank said on Wednesday. The company turned unicorn in 2021 with a $150...

Markets recover from day’s low led by buying in bank stocks - IndUS Business Journal Mumbai– The domestic market staged a recovery from day’s low, buoyed by renewed buying interest in banking stocks on Wednesday, said Vinod Nair, Head of Research at Geojit Financial Services. At close on Wednesday, Sensex was up 267.64 points, or 0.37 per cent, at 71,822.83, while Nifty was up 9...

Sony cuts PlayStation 5 sales forecast to 21 mn units, plans financial unit IPO - IndUS Business Journal New Delhi– Sony Group on Wednesday said it prepares for the spin-off and listing of the shares of Sony Financial Group in October 2025, as it lowered its revenue forecast after sales of its PlayStation 5 gaming consoles slowed down in the quarter ended December 31, 2023. The company said in its co...

Uber announces $7 bn share buyback as ride-hailing, food delivery biz recovers - IndUS Business Journal San Francisco– Ride-hailing major Uber on Wednesday announced it will buy back company shares worth up to $7 billion after strong recovery in business last year. The Board of Directors has authorised the repurchase of up to $7 billion of the company’s common stock, Uber said in a statement. “T...

RBI Governor Das tells CEOs of banks to put customers’ interest first - IndUS Business Journal Mumbai– RBI Governor Shaktikanta Das on Wednesday told the managing directors and CEOs of public and private sector banks that the customer grievance redress mechanism and protection of customers’ interests are of paramount importance for the safety and stability of the financial system and that...

Bosch to acquire minority stake in solar power companies; logs Rs 518cr Q3 net - IndUS Business Journal New Delhi/Chennai– Automotive components and consumer goods player Bosch Ltd will acquire a small stake in two solar power generation companies at an outlay of about Rs 4.88 crore. The company closed the third quarter of FY24 with a net profit of about Rs 518.1 crore (Q3FY23 Rs 318.9 crore) on an ...

Tesla trims Model Y prices in US to grow sales amid rising competition from China - IndUS Business Journal San Francisco– Elon Musk-run Tesla has temporarily slashed the prices of some of its Model Y vehicles in the US through the end of February as competition from China rises. The new price cuts come less than a month after the automaker cut Model Y prices in Germany. Tesla dropped the price of the M...

Hyundai’s accumulated sales set to reach 100 mn units in 2023 - IndUS Business Journal Seoul– South Korea’s top automaker Hyundai Motor is widely anticipated to reach accumulated shipments of 100 million units this year since its first sales in 1968, the company said on Monday. The carmaker sold a total of 97 million units of cars through 2023, including 73 million units sold over...

Google announces $27 mn funding to boost AI training for people in Europe - IndUS Business Journal London– Google on Monday announced the 25 million euros ($26.98 million) funding from Google.org to support artificial intelligence (AI) training and skills for people across Europe, with a particular focus on vulnerable and underserved communities. The company announced the funding as part of its...