😟Employees stuck in BYJU’S’ chaos

The most interesting news selected specially for you! 18 July 2024 [View in Browser]( Hello, Would you trust AI to find you the perfect match? Dating app Tinder released its newest AI-powered feature, Photo Selector, that scans the camera roll for the most ‘Tinder-worthy’ shots for profiles, even taking lighting and composition of photos into account. It wants to help singles pick their primary profile picture fast. While many of us still weigh the pros and cons of AI, the government and entrepreneurs are bullish on the technology. Google is [collaborating]( with MeitY Startup Hub to support 10,000 Indian startups in their AI journeys. Ola Co-founder and CEO [Bhavish Aggarwal]( too believes prioritising AI and new energy technologies can propel India towards a $50-trillion economy by 2047. However, AI is breathing down creators’ necks. OpenAI’s text-to-video AI generator Sora published new [videos]( flexing its visual muscles—from dreamscapes to skateboarding bears—and illustrating with these reality-bending videos its potential to disrupt filmmaking and advertising. Game creators too are wary of the technology’s popularity in light of gaming industry heavyweights such as Electronic Arts and Ubisoft investing in it to save development time and provide a more personalised user experience. Some [fear]( they could end up supplementing AI’s efforts. Gaming itself though remains highly popular despite ad breaks. A Comscore and Anzu report showed that 45% of gamers don’t mind watching regular or pop-up ads that offer them in-game rewards. Back home, while online gaming companies are hoping for a tax breather soon, the taxman isn’t going away anytime soon. Nazara Technologies shared in an exchange filing that two of its subsidiaries—Openplay Technologies and Halaplay Technologies—are facing [GST liability notices]( totalling nearly Rs 1,120 crore. The calculation of GST is based on sums pooled by players rather than gross gaming revenues, according to the company. Lastly, Tamil Nadu Story 2024—YourStory’s flagship platform to empower the startups and homegrown brands of Tamil Nadu—is just a day away. Check out what’s on the agenda [here](. In today’s newsletter, we will talk about - BYJU’S employees speed up job hunt - Safeguarding personal data during breach - Dharana Capital’s $50M bet on Urban Company Here’s your trivia for today: What is the most expensive share in the Indian stock market? --------------------------------------------------------------- Edtech BYJU’S employees speed up job hunt troubles, work culture, and industry decline have led many BYJU’S employees to depart, now with the NCLT admitting bankruptcy proceedings against the once edtech giant, remaining workers are stuck between a rock and a hard place. Jobs are tough to come by, and with the firm facing financial troubles, employees are unsure if their pending dues will be processed. Key takeaways: - On July 16, the NCLT admitted a plea filed by the BCCI to initiate a corporate insolvency resolution process for Think and Learn Private Limited, the parent company of BYJU’S. - At its peak, BYJU’S employed over 50,000 people, which has since nosedived and the current employee count is estimated to be around 7,000. - Those with tech and product backgrounds have largely transitioned to new roles, however, employees in the larger sales domain are facing greater difficulty in finding new opportunities. [Read More]( --------------------------------------------------------------- Funding alert 1) Urban Company: $50M|Secondary transaction 2) Auxilo Finserve: $30M|Undisclosed 3) Seeds Fincap: $8.5M| Series A --------------------------------------------------------------- Startup Safeguarding personal data in 2019 by Anshu Sharma and Prakash Khot, Skyflow is a data privacy vault built to simplify how companies isolate, protect, and govern their customers’ most sensitive data. Headquartered in Palo Alto, California, the company mainly offers a privacy-focused data storage solution for companies looking to securely implement LLMs to safeguard and manage sensitive customer information. Stay safe: - Skyflow’s technology ensures that in the event of a breach, its customers' personal information remains secure and inaccessible to unauthorised parties. - The platform is built by its proprietary technology called 'polymorphic encryption', a security technology that constantly changes how data is encrypted. - Skyflow raised $30 million to extend its Series B funding in 2021 led by Khosla Ventures, along with earlier investors Mouro Capital, Foundation Capital, and Canvas Ventures. [Read More]( --------------------------------------------------------------- Funding Dharana Capital’s $50M bet on Urban Company Capital, a Bengaluru-based investment firm, has acquired shares worth around $50 million in Urban Company through a significant secondary transaction. This is Urban Company's largest ESOP liquidity transaction, with shares acquired from employees and other shareholders. Transaction: - In May, Urban Company announced its fifth ESOP sale programme involving a secondary transaction of around Rs 203 crore. - This allowed current and former employees to liquidate their vested stocks, with Dharana Capital, Vy Capital, and Prosus purchasing these shares. - Founded in 2014 by Abhiraj Bhal, Raghav Chandra, and Varun Khaitan, Urban Company is a marketplace for home services, operating in 62 cities across India, the UAE, Singapore, and Saudi Arabia. [Read More]( --------------------------------------------------------------- From the CapTable The GIFT that keeps giving: How LRS expansion opens global doors for Indians Last week, the Reserve Bank of India (RBI) expanded the scope of the Liberalised Remittance Scheme (LRS). The policy, which allows Indians to transfer up to $250,000 outside of India, now permits Indian residents to open foreign currency accounts in International Financial Services Centres (IFSCs) such as the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat. Previously, remittances under LRS to IFSCs were restricted to investments in securities (excluding those issued by Indian entities outside IFSCs) and payment of fees for education to foreign institutions within these centres. Indian residents seeking to invest abroad had to navigate the cumbersome process of opening foreign bank accounts before accessing global equity markets. Similarly, parents financing their children’s education abroad were compelled to open foreign accounts. The new rule permits Indian residents to hold foreign currencies like US dollars or UK pounds in accounts at IFSCs. This regulatory change simplifies the management of foreign exchange transactions and facilitates seamless remittances, providing Indian residents with enhanced financial flexibility and integrating them more deeply into the global economy. Key Takeaways: - Last week, the RBI expanded the scope of the liberalised remittance scheme, which allows Indians to transfer funds up to $250,000 overseas. - The move allows Indians to open foreign currency accounts (FCA) in IFSCs like GIFT City. Previously, they needed to open international bank accounts. - Resident Indians can now use FCAs to send gifts abroad, purchase property, buy insurance, pay student loans, etc. - By attracting Indian residents to park their wealth in GIFT City, the RBI has neatly managed to make the area more attractive as a financial hub. [Continue Reading]( --------------------------------------------------------------- News & Updates - [Hard labour:]( Amazon’s warehouses are especially dangerous for workers during the company’s annual Prime Day event, as well as the holiday season, according to an investigation by the US Senate. A committee found that such events at Amazon are characterised by an “extremely high volume” of work and “intense pressure to work long hours and ignore safety guidelines.” - [Tech deal:]( GitLab, a US provider of cloud-based software development tools whose investors include Google parent Alphabet, is exploring a sale after attracting acquisition interest. It is working with investment bankers on a sale process that has reportedly attracted interest from peers, including cloud monitoring firm Datadog. - [Mo' money:]( When it comes to money buying happiness, more is better. That’s according to new research from Wharton School arguing that the correlation between wealth and well-being does not plateau once incomes reach a certain point. The research noted both millionaires and billionaires are significantly happier than people earning more than $500,000 a year. Here's what else we have for you Luxury redefined: How Luxelan is revolutionising Indian homes with AI- empowered interiors In association with Luxelan Luxury home acquired? Check. Dream come true? Not quite yet!! Luxelan leverages the power of AI to streamline the journey from owning your dream home to truly living in it.. They're India's 1st turnkey luxury design solution, eliminating vendor chaos and delivering pure luxury. Discover their secret to a hassle-free journey to luxury living. [Know More]( Did you know? What is the most expensive share in the Indian stock market? Answer: MRF Ltd. As of July 17, 2024, its share price was Rs 1,33,181.60 on the NSE. We would love to hear from you! 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