Zepto Unicorn 🦄, Uday Kotak Goals 💰, AI Regulation 🧑‍💻

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include Zepto's unicorn status, Uday Kotak on development goals, and N Chandrasekaran on AI regulation. 🦄 🤔 🤖 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Instant Grocery Delivery Startup Zepto Becomes First 2023 Unicorn From India With $200M Infusion 🇮🇳 IndiaTech - Zepto, an instant grocery delivery startup, has become India’s first unicorn of 2023. It attained this status after raising $200 million in a new funding round, bringing its valuation to $1.4 billion. - Despite the protracted slowdown in the Indian economy, Zepto has managed to thrive while other instant delivery startups have struggled. The startup is aiming to go public by 2025. - Zepto plans to stay disciplined even with the new capital, focusing on supply chain and customer facing product improvement. Uday Kotak: $4.5 trillion Required to Fund Global Development Goals Over Next Decade 📈 India Business - Around $4.5 trillion will be needed globally in the next 7-10 years to meet development goals. - Uday Kotak, Chair of the B20 India Task Force, proposed the creation of a ‘global acceleration fund’. - The fund would be financed by businesses globally, with each contributing 0.2% of profit to social development goals. Behind ISRO’s engineering thinking and some lessons for India’s startup ecosystem [NBW Newsletter Ad]( What does Rs 615 crores mean in today’s tech economy? While startups love the IIT tags, ISRO has been largely comprised of regional, unsung engineering college alumnis. [Read now]( Ayushman Bharat Digital Mission launches first health microsite in Aizawl, Mizoram 🇮🇳 IndiaTech - Aizawl is first to get a microsite under the Ayushman Bharat Digital Mission, focusing on local healthcare facilities. - State Mission Directors of ABDM will implement most microsites, with financial support and guidance from the National Health Authority. - Microsites aim to encourage patients to link health records to their Ayushman Bharat Health Accounts, potentially creating sensitive health data pools. Chingari fires over 50% workers in second round of layoffs 🇮🇳 IndiaTech - Employees from areas like product, customer service, design, and marketing were let go by Chingari, which earlier this year let go 20% of its employees. - In order to reduce corporate expenses during a severe cash crunch, Chingari also requested that some of its staff accept wage cuts of up to 50%. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Tata Sons chairman N Chandrasekaran urges regulation of generative AI 🇮🇳 IndiaTech - N Chandrasekaran said that one of the seven task forces that made recommendations as part of India’s B20 leadership was to create a unified regulatory framework for generative artificial intelligence. - He added, “Digital transformation by adopting AI at a scale is one of key objectives of this summit. So much can be done on generative AI.” India should export people with AI skills: Microsoft President 🇮🇳 IndiaTech - Microsoft President and Vice Chairman Brad Smith, “The future of India in many ways will involve not just bringing talent to the countries but bringing more talents with a background in AI.” - He added, “There is no doubt, you can go anywhere in the world and if you find a talented company, I bet you will find a talented person who grew up in India.” RBI Committee Member Predicts Lower Inflation as Vegetable Prices Stabilize 📈 India Business - Inflation in India will be within RBI’s comfort zone once vegetable prices decline, says Ashima Goyal, RBI committee member. - The RBI has kept policy rates steady, and expects vegetable prices to drop by September. - Government’s supply-side measures and fiscal prudence, alongside possible fuel price reduction, can improve household inflation expectations, says Goyal. Antfin Plans to Decrease Its Stake in Paytm 🇮🇳 IndiaTech - Antfin plans to sell 3.6% stake in Paytm for $234 million, reducing its stake to under 10%. - The sale follows Alibaba’s full stake sale in Paytm in February and Softbank’s stake reductions. - Paytm CEO Vijay Shekhar Sharma recently became its largest single shareholder after purchasing a 10.3% stake from Antfin. IIT Professors Discuss Reasons for Students Opting for Non-Core Jobs, Suggest Reforms 🇮🇳 IndiaTech - IIT faculty is blamed for disconnect with society or industry and obsolete admission process. - Pressure, brand value, and confusion regarding engineering branches are among reasons for students not pursuing engineering. - Reforms suggested include a flexible curriculum, non-JEE admissions, and lateral entry as per the National Education Policy 2020. Anonymous IIT-Bombay alumnus donates $18.6 million for creating Green Energy and Sustainability Research Hub 🇮🇳 IndiaTech - The donated funds of $18.6 million (Rs 153 crore) are aimed at helping to create a Green Energy and Sustainability Research Hub. - This donation is among the largest received by the institute, despite the donor choosing to remain anonymous. - The hub’s creation is expected to bolster IIT Bombay’s role in tackling the global climate crisis. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](