Zomato CEO Deepinder Goyal shared that he felt at a low point when Swiggy raised $1 billion while Zomato had just $35 million. Post-IPO, Goyal rejuvenated the company by replacing complacent executives. He also revealed he exited Shark Tank India due to Swiggy’s sponsorship.
Felt Zomato was dead when Swiggy raised $1 billion in 2018: CEO Deepinder Goyal at The ET Startups Awards
Scientists sound AI alarm after winning physics Nobel
“In the same circumstances, I would do the same again, but I am worried that the overall consequence of this might be systems more intelligent than us that eventually take control,” Hinton, 76, told reporters after the announcement. Hinton, known as “the Godfather of AI”, raised eyebrows in 2023 when he quit his job at Google to warn of the “profound risks to society and humanity” of the technology.
OpenAI to expand globally with four new offices
Californian company OpenAI, which makes generative AI chatbot ChatGPT, said Wednesday it was expanding its global reach with four new offices. OpenAI also makes programs that produces images and is working on a video generator.
Byju’s affiliate drained cash from US units in violation of bankruptcy rules: lawsuit
A lawsuit in Delaware claims that Byju Raveendran’s company illegally transferred nearly $700,000 from US affiliates amid bankruptcy proceedings. Lenders seek to recover $533 million allegedly hidden by Byju’s, involving complex legal battles in both the US and India.
Finance automation startup ZenStatement raises $1.6 million in seed funding
The round was led by 3One4 Capital and Boldcap VC, with participation from Dynamis Ventures and Atrium Angels. The funds will be used to increase its product offerings and build a sales and marketing team to expand its presence in India and overseas.
Sustainability push in GPU tender worries data centres
As per the new clause introduced by the Ministry of Electronics and Information Technology (MeitY) in a corrigendum to the bid issued in the last week of September, a bidder must confirm that the PUE for the data centres from which AI services on cloud would be delivered is not more than 1.35.
Product design startup Figr raises $2.25 million from Kalaari Capital, others
Figr has raised $2.25 million in a funding round led by Kalaari Capital. The funds will be used to improve its AI models, expand its team, and reach $1 million in annual recurring revenue within a year. Founded in 2023, Figr helps design teams create UI designs, wireframes, user flows, and design systems based on user input.
Legal AI company EvenUp valued at over $1 billion in latest funding round
Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire and B Capital Group also participated in the round, which brought the company’s total fundraise to $235 million, EvenUp said.
Pioneers in AI win the Nobel Prize in physics
Two pioneers of artificial intelligence – John Hopfield and Geoffrey Hinton – won the Nobel Prize in physics Tuesday for helping create the building blocks of machine learning that is revolutionizing the way we work and live but also creates new threats for humanity.
Boat reports 5% revenue decline in FY24, net loss halves
The wearable and audio products company’s audio business was flat in the second half of FY24, with a shift towards online sales. The headphone segment experienced a decline despite a low base, and the speaker business also posted flat results.