Today's Tech Check- "Latest Headlines: Karnataka's Fact-Checking Unit, IvyCap Ventures Raises INR 2,100 Crore, Cadbury Fungus Scare, FirstCry's IPO Countdown, and Anand Chandrasekaran's Bold Venture!
30th April
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1. “Karnataka Launches Fact-Checking Unit: A Bold Move Against Fake News & Misinformation”
Karnataka Government launches fact checking unit: To combat fake news and misinformation, especially on social media.
Funding: Allocated INR 3.19 Cr for the operation of the unit.
Information Disorder Tackling Unit (IDTU): Comprises three teams for fact-checking, analytics, and capacity building.
Firms Involved: Gauri Media for Kannada content; Logically Infomedia Private Limited, Trylika Technologies, and NewsPlus Communications for English content, analytics, and capacity building.
Operations: Began in March, prior to the Lok Sabha elections' model code of conduct. Each firm will handle up to 100 fake news cases per month.
Technology Development: Logically Infomedia Private Limited tasked with developing a web portal.
Future Plans: Post-Lok Sabha elections, to discuss a public portal for submitting and publishing verified information.
Existing Resources: Karnataka State Police and check4spam.com operate a current fact-check portal.
Context: This initiative follows the Supreme Court's stay on the Union government’s Press Information Bureau’s Fact Checking Unit. Facebook parent Meta expands its fact-checking program in India with PTI.
#B2G #News #elections #SupremeCourt #Facebook #Lok Sabha
2. “IvyCap Ventures Triumphs: Seals Third Fund at a Whopping INR 2,100 Crore!”
IvyCap Ventures closes its third fund at INR 2,100 Cr ($251 Mn), total assets under management now at INR 5,000 Cr ($600 Mn).
The fund, known as IvyCap Ventures Trust Fund 3, was launched in 2022 with commitments from institutions including IIT Alumni Trust and family offices.
Plans to invest in about 25 early-stage startups, with each investment ranging between INR 30-50 Cr.
40% of the fund already deployed in startups such as Celcius, Agraga, Eggoz, and more.
Founded in 2011 by Vikram Gupta, IvyCap Ventures has about 50 companies in its portfolio across various sectors.
20% of the capital allocated for investment in existing portfolio companies, and INR 100 Cr set aside for seed-stage startups.
First close of the third fund was at INR 1,608 Cr in February 2022. Its first fund was launched in 2014 at INR 240 Cr, and the second fund was at INR 530 Cr.
Norwest Venture Partners also closed its 17th fund at $3 Bn last week, eyeing startups in India, the US, and Israel.
#Israel #startup #News #VenturePartner #B2B
3. “Hyderabad Man Discovers Fungus on Cadbury Dairy Milk: Netizens React with a Viral Twist 'Kuch Fungus Ho Jaye”
Hyderabad customer found fungus on Cadbury Dairy Milk chocolate, within expiration date.
User @goooofboll shared images on X, chocolate showed signs of fungus and damage.
Product manufactured in January 2024, meant to expire 12 months post-manufacture.
Post received over 600,000 views, prompting discussions and suggestions for action.
Suggestions included filing a consumer court case and explanations about "chocolate bloom."
Cadbury Dairy Milk (Mondelez India Foods Private Limited) responded, acknowledging the concern and requesting further details to address it.
#Article #customer #News
4. “IPO Countdown: FirstCry's Financial Snapshot Reveals INR 278 Cr Loss in the First Nine Months of FY24”
FirstCry, a Pune-based kids-focussed retailer, reported a INR 278.2 Cr loss for nine months ending December 2023 in FY24.
The company's loss in FY23 was INR 486 Cr, a sharp increase from INR 78.6 Cr in FY22.
Revenue for the first nine months of FY24 was INR 4,814 Cr, as per its draft red herring prospectus (DRHP).
Operating revenue jumped 135% to INR 5,632.5 Cr in FY23 from INR 2,401.2 Cr in the previous fiscal year.
Refiled DRHP with SEBI due to missing disclosures in its December filing.
Total expenditure for the nine-month period in FY24 reached INR 5,159.8 Cr.
Procurement costs and employee benefits were major expenses.
Founded by Supam Maheshwari and Amitava Saha in 2010, FirstCry is preparing for an IPO.
The company has raised over $700 Mn from investors like SoftBank, and aims to raise INR 1,816 Cr in its IPO, with current shareholders participating in an offer-for-sale (OFS).
#war #employeebenefits #company #News #employee #fiscal #B2C
5. “Anand Chandrasekaran Exits General Catalyst to Spearhead His Innovative AI Startup: A Bold Move into a Promising Future”
Anand Chandrasekaran leaves his position as partner at General Catalyst to concentrate on his AI startup, Crescendo.
Chandrasekaran transitions to a venture advisor role at General Catalyst while focusing on Crescendo, a company he co-founded in November 2023.
Crescendo, founded in San Francisco, specializes in AI-driven customer service solutions, supported by General Catalyst and Alorica.
Key Crescendo founders include Alorica’s Andy Lee, Zendesk’s Matt Price, and ex-Genesys Slava Zhakov, with Chandrasekaran serving as president.
Chandrasekaran invested in startups like Loop Health and Orange Health during his tenure at General Catalyst and has been a significant figure in the Indian startup ecosystem for about a decade.
Before General Catalyst, Chandrasekaran had roles at Facebook, Five9, Yahoo, and Snapdeal, and founded Aeroprise.
The move reflects a growing trend among Indian startups to leverage generative AI for business automation, aligning with findings from the IBM Global AI Adoption Index 2023.
#company #customer #AI #startup #Facebook #automation #News #customer service #generative #business
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