This is the second consecutive quarter of headcount growth for the company, following a dip of nearly 800 employees in Q4 of FY24. Tech Mahindra’s Q2 headcount addition was the highest among the top five IT services firms, which include Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro.
Tech Mahindra adds 6,653 employees in Q2, leading the pack
Japan shifting back to nuclear to ditch coal, power AI
Japan pulled the plug on nuclear power after the 2011 Fukushima disaster, but with the G7’s dirtiest energy mix, it is seeking to cut emissions, and atomic energy is making a steady comeback, in part because of AI.
Former OpenAI technology chief Mira Murati to raise capital for new AI startup, sources say
While the talks are in the early stages, Murati’s new venture could raise over $100 million given her reputation and the capital needed to train proprietary models, one of the sources said, cautioning that the figures have not been finalized.
Meta releases AI model that can check other AI models' work
The release follows Meta’s introduction of the tool in an August paper, which detailed how it relies upon the same “chain of thought” technique used by OpenAI’s recently released o1 models to get it to make reliable judgments about models’ responses.
Quick commerce’s burning brighter as players add more fuel
Zomato’s decision to raise additional funds via QIP, despite holding $1.5 billion in cash, has sparked intrigue in the quick commerce sector, with some viewing it as a strategic move to overshadow Swiggy’s impending IPO. The slug of capital that will be needed to sustain growth in the high-burn quick commerce sector is resembling the trajectory of ecommerce a decade ago.
ETtech Deals Digest: Startup funding rises 84% on year to $534 million this week
This week startups, across seed, early and late-stage rounds, raised funds through 28 deals, compared to 33 deals in the year-ago period.
Instant food brand Yu raises Rs 55 crore from Ashish Kacholia, Asian Paints Promoter Group
With plans to grow its distribution network and launch new products, including 100% fruit juices, the startup aims to triple its current annual revenue of Rs 50 crore within two years. Yu operates in over 7,500 stores across India and has entered the South African market, while also being present on e-commerce platforms.
8i Ventures exits M2P Fintech with 12 times return
The Mumbai-based VC firm had initially invested Rs 9.7 crore in M2P Fintech through its debut fund. That investment grew to Rs 115.9 crore, delivering an internal rate of return (IRR) of 131%. According to the firm, the exit generated 1.27 times the total corpus of Fund I on a pre-tax basis while using only 10% of its capital.
Google shifts Gemini app team to DeepMind
Gemini is Google’s most advanced AI technology, developed by DeepMind. The Gemini app is the direct consumer interface to the latest Gemini models. The Gemini app team, led by Sissie Hsiao, will join Google DeepMind under the leadership of its CEO Demis Hassabis.
Meta partners with Hollywood's Blumhouse to test out its AI movie generation model
The announcement comes after Meta unveiled Movie Gen, which it said can create realistic-seeming video and audio clips in response to user prompts, earlier this month. In a blog post, the social media company said Blumhouse had selected filmmakers Aneesh Chaganty, The Spurlock Sisters and Casey Affleck to try out Movie Gen and use clips generated by the tool in their short films.