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 Uber drivers earning over Rs 50,000 crore since 2013, AI not replacing human judgment, and Byju's company reorganization. 🤔 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Since 2013, Uber drivers in India have made over Rs 50,000 crore 🇮🇳 IndiaTech - Over the past ten years in India, 300 crore rides have been taken on the ride-hailing app, and drivers have earned more than Rs 50,000 crore through Uber.
- As a driver partner, the Uber app has paid out to almost 30 lakh drivers. The drivers have driven 3,300 crore km, which is the equivalent of going from Earth to the Moon 86,000 times. AI Doesn’t Replace Human Judgment in Legal Matters: Delhi High Court 🇮🇳 IndiaTech - Justice Prathiba M Singh expressed that AI can only aid preliminary understanding or research in legal processes.
- The comments came during a case filed by Christian Louboutin against Shoe manufacturer Shutiq, using AI chatbot evidence.
- She raised concerns over the accuracy of AI chatbots, emphasizing that AI tools could generate incorrect or fictitious results. Discover The Best AI Tools [NBW Newsletter Ad]( TAKE A LOOK AT INSIGHTFUL VISUAL STORIES ON NEXTBIGWHAT AI tool creates stunning graphics for both personal and commercial usage. [Check out]( Supply chain marketplace India Index bags $500K pre-seed funding 📈 India Business - Funding led by private investors from the US and India including key players from JSW Group and Motherson Group.
- The firm, founded by Samir N. Kapadia, assists in vetting supply chain partners for American buyers and Indian suppliers.
- India Index is used by startups and large enterprises to optimize trade relationships and capture export opportunities in the U.S. market. Vodafone Idea Launches OTT Service Amid Falling Earnings 📈 India Business - Vodafone Idea (Vi) has launched ‘Vi One’, an OTT service offering fibre, mobility and other services in 12 Indian cities.
- Despite declining earnings and subscriber base, Vi reports a 25% YoY growth in daily users in its various digital sectors.
- Vi’s total gross debt is Rs. 2,117.6 billion as of June 2023, largely owed to the Indian government, which also holds 33.1% shares in the company. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( TRAI report reveals decline in telecom revenue, rise in internet connections for Q1 2023 🇮🇳 IndiaTech - The Q1 2023 gross telecom revenue dropped 3.19% compared to the previous quarter.
- Internet connections saw an increase, from 865.9 million to 881.25 million, majority of which used broadband and mobile connections.
- Despite the revenue drop, data consumption considerably increased, contributing significantly to telecom companies’ earnings. Satellite Tech Firm SatSure Secures $15M in Series A Funding 🇮🇳 IndiaTech - SatSure raised $15 million in a Series A round led by Baring Private Equity Partners and Promus Ventures.
- The funds will be used to launch four high-resolution satellites by Q4, 2025 and expand in the US and Asia-Pacific regions.
- SatSure uses satellite imagery and AI to provide decision intelligence in various sectors including agriculture and banking. Key Business Heads Leave Byju’s Amid Company Reorganization 🇮🇳 IndiaTech - Three business heads, including Agarwal, have resigned from Byju’s as it restructures amidst financial struggles.
- Multiple issues plague the company, including criticism from investor Prosus NV and a resignation from designated auditor Deloitte due to delayed financials.
- Byju’s is aiming to file audited earnings for 2022 and 2023 and has established an advisory council to tackle governance problems. Tata Consultancy Services to Manage Recruitment for Maharashtra Health Department 🇮🇳 IndiaTech - TCS will handle the online recruitment process for nearly 11,000 positions in Maharashtra’s Health Department.
- The roles span 60 job types within categories C and D, including nurses and technical and non-technical staff.
- The department will also launch a toll-free helpline providing doorstep medical care during emergencies. True Balance Sees 76.6% Collection Growth & 17X Profit Rise in FY23 🇮🇳 IndiaTech - True Balance grew revenues to Rs 431 crore in FY23, with profits surging 17 times, backed by a 76.6% rise in collection.
- Principal income streams include interest, service commission, and loan processing fees, accounting for Rs 431 crore in total operating revenue.
- Despite high loan processing charges, the company successfully serviced a financial segment overlooked by traditional banks. FirstCry Founder Supam Maheshwari Investigated Over Alleged $50m Tax Evasion 🇮🇳 IndiaTech - Supam Maheshwari, founder of FirstCry, Globalbees Brands and Xpressbees, is being investigated by the Indian tax department for possibly evading over $50 million in taxes on FirstCry equity transactions.
- Investors including ChrysCapital Management Co and Sunil Bharti Mittal’s family office have also received tax-related enquiries.
- Maheshwari is currently in talks with the tax department to settle the probe; he has yet to issue a statement on the matter. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](